8 health funds are increasing their premiums this week: Is yours one?
See who is upping their prices... and which funds are delaying.
More than a million Australians are facing higher health insurance premiums on 1 April.
Health funds increase the cost of their coverage on an annual basis.
However, just as insurers did in 2022, most have postponed their premium increases in 2023.
Yet there are still 8 funds that'll be charging more from Saturday.
Is your insurer putting up its premiums this week?
These providers are upping their prices on 1 April:
| Health Fund | April 2023 increase |
|---|---|
| HBF | 4.49% |
| HIF | 3.10% |
| Mildura Health Fund | 2.48% |
| onemedifund | 2.86% |
| Peoplecare | 2.79% |
| Queensland Country Health Fund | 3.17% |
| RBHS | 3.18% |
| Westfund | 2.65% |
The latest industry stats from APRA show 11.81 million people have hospital-only or combined hospital and extras cover in Australia.
The funds above represent 1 in 10 health insurance consumers, which means more than a million people will be affected by the rises.
Most will be customers of HBF, a major fund with a 7.3% market share.
Which health funds have delayed their increases?
Not-for-profit HCi and Police Health both won't increase their premiums at all.
Meanwhile, 21 providers have delayed their price rises:
| Health Fund | 2023 increase | Date of increase |
|---|---|---|
| Australian Unity | 3.76% | 1 November |
| Navy Health | 2.94% | 1 November |
| Bupa | 3.39% | 1 October |
| CBHS Corporate | 5.38% | 1 October |
| CBHS Health Fund | 4.46% | 1 October |
| Defence Health | 3.48% | 1 October |
| ACA Health Benefits Fund | 3.92% | 1 October |
| Doctors' Health Fund | 2.15% | 1 October |
| GMHBA | 2.33% | 1 October |
| Health Partners | 2.93% | 1 October |
| HCF | 3.33% | 1 September |
| nib | 2.72% | 1 September |
| rt health | TBC | 1 September | Transport Health | 2.49% | 1 September |
| AIA | 1.69% | 1 July |
| Nurses & Midwives Health | TBC | 1 October |
| Pheonix Health Fund | 3.72% | 1 July |
| St.LukesHealth | 2.86% | 1 July |
| Teachers Federation Health | 2.5% | 1 July |
| TUH | 0.81% | 1 July |
| Medibank (ahm) | 2.96% | 1 June |
| Latrobe Health Services | 2.15% | 17 April |
Confusion about premium increases
A recent Finder survey suggests many Australians are unaware of the price rises.
In total, 24% of respondents said 'no' when asked if their health insurance coverage had gone up in the past 12 months – a further 13% weren't sure.
Cost-saving examples
The median cost of an HCF gold policy on Finder is $340.80* per month. With HCF delaying its 3.33% price increase to 1 September, a customer would save $56.23 over those 5 months.
However, HCF lets you lock-in its rates for 18 months. Depending on the policy you have, you could save up to $202 by prepaying at today's rates.
*This example is based on a single person living in NSW taking out an HCF Hospital Premium Gold $500 Excess + HCF Mid Extras policy.
On average, premiums will go up by 2.9% in 2023.
The increase is a slight rise on last year's 2.7%. The largest increase this year will be CBHS Corporate, at 5.38%.
How can I save on my health insurance?
Amid price rises, an easy way to save on your cover is to switch funds.
Other ways to save include:
- Split your combined hospital and extras policy and choose 2 standalone policies.
- Prepay for 12 months or more of cover right before your fund increases its premiums – some funds let you pay in advance for up to 18 months.
- Choose a higher excess. In general, choosing a higher excess will lower your premium.
- Take advantage of the latest health insurance deals and sign-up offers, which include up to 8 weeks of free cover in some cases.
Find better health insurance for your needs now.
