Health insurance premiums are going up again on 1 April 2014 and it's the biggest increase in a decade. Some funds will raise their prices as little as 2.98% and as much as 7.99%. The average increase is 6.20%. It is likely that your fund is no longer price competitive. Check out the price increase history for the last three years on selected funds.
2014 Health Insurance Increases
NIB Health Funds Ltd 7.99%
Hospitals Contribution Fund of Australia Ltd 6.89%
Australian Unity Health Ltd 6.62%
Phoenix Health Fund Ltd 6.52%
Medibank Private Ltd 6.49%
BUPA Australia Pty Ltd 6.35%
St Luke’s Medical & Hospital Benefits Association Ltd 6.33%
Lowest Increase 2.98%
2013 Health Insurance Increases
Lysaght Peoplecare Limited 6.81%
Transport Health Pty Limited 6.77%
NIB Health Funds Limited 6.50%
Latrobe Health Services Limited 6.21%
Medibank Private Limited 6.20%
ACA Health Benefits Fund Limited 5.89%
BUPA Australia Pty Limited 5.80%
Lowest Increase 3.23%
2012 Health Insurance Increases
CUA Health Limited 7.85%
Transport Health Pty Limited 7.69%
Phoenix Health Fund Limited 6.98%
The Hospitals Contribution Fund of Australia Limited 5.94%
Lysaght Peoplecare Limited 5.93%
HBF Health Limited 5.85%
Cessnock District Health Benefits Fund Limited 5.83%
Lowest Increase 2.19%
The rise follows the trend of health insurance premiums outstripping inflation each year over the past decade and these ongoing increases in health insurance premiums do make it difficult for some to fit the cost within their budget. It can be tempting to drop or reduce your cover to keep private health insurance affordable, a better strategy is to shop around for great value and make sure that the insurance you have suits both your lifestyle and your medical needs.
There is a compelling reason to have health insurance. Some of the most common hospital procedures, if provided in a public hospital can have very lengthy waiting lists. Alternatively if the medical treatment is provided in a private hospital the cost could easily be tens of thousands of dollars. Because your greatest asset you have is your ability to earn an income you want to be able to protect your health by being able to access the best treatment as soon as possible and make a quick recovery and be back at work.
When it comes to health insurance there is a lot of mumbo jumbo which makes it hard to work out that not all policies are equal, so using our service to get an expert needs analysis and recommendation provided will ensure you have a policy that represents fantastic value for your needs and exactly the right cover for your situation.
The table above compares 3 different health funds for both Top Hospital and Basic Hospital. As you can see the annual cost difference between the lowest and the highest is a massive $3,112.68!!!!
If you are interested in a personal appraisal of your situation please call us on 1300 861 143 or email us at email@example.com the following details.
Do you have Private Health Cover? If so Current Health Fund (if any), name of cover and cost per month & how long you have been covered by Private Health Cover
Your age (to determine any loading)
Annual combined income (to determine any rebates)
Are you looking for single or family cover?