Expert Advisor reveals what’s really happening with the rate rise and how to beat it
This short guide summarises the April 1st 2023 rate rise and 4 ways you can save hundreds
Health insurance premiums will rise by an average of 2.9% on 1 April
Some funds will go up on April 1st and some funds will delay their rise
Some funds will go up more than others and some policies will go up more than others
Premium Increases and Deferred Increases:
Industry-wide average premium increase predicted to be between 2-3%, below inflation rate of 7.3%
Some providers are expected to defer increases to later in the year
Providers with the lowest increases this year are Health Care Insurance and Police Health, while CBHS Corporate has the largest increase for the third year in a row with a 5.38% price hike
Several big insurers have announced above-average increases, while Medibank, Bupa, NIB, and HCF will delay their health insurance premium increases
Pre-paying just delays the rate rise for you:
Pre-paying a full year's premium can lock in coverage at that year's prices
14.4 million Australians have private health insurance and access over $22 billion in health and medical benefits each year
Government and Private Health Insurer Partnership:
The government and private health insurers are working together to achieve better value for policyholders while ensuring the cost of providing high-quality care is funded
The government's reform program includes reducing private health prostheses prices and enhancing the Medical Costs Finder
Pandemic Impact:
The pandemic lifted insurers' bottom-lines with fewer consumers making claims due to a pause on elective surgery
Private health insurers are enjoying a membership rebound as a blowout in public hospital wait times pushes more Australians into the system
About 758,000 Australians have signed up for private health insurance since September 2020 and private health insurers have witnessed nine consecutive quarters of membership growth
Find A Better Deal For March 2023
Conclusion:
Private health insurance premiums will increase in April, but the increase is the lowest in 22 years and below the rate of inflation
Consumers can compare policies and pre-pay to lock in coverage at current prices
The government and private health insurers are partnering for better value and quality care, while pandemic impacts have led to a rebound in membership growth.
You let your private health fund get away with increasing your premium every year.
If your health fund is putting your price up without giving you better value for money, it’s time to give them a call to see what else they can offer you. If they don’t offer anything, it’s time to start shopping around… We help 75% of our members find a new policy that’s better value for money
Find A Better Deal For March 2023
Don’t let your health fund get away with it,
Use our online private health expert to find a better deal.
