About the premium rate rise
Private Health Insurance premiums will increase by an average of 5.06% from 1st April 2012.
Generally private health insurance funds are permitted each year by the Minister for Health and Ageing to alter the premiums of their policies. This is usually due to increased medical treatment and other costs. We note that selected health funds may also make changes in specific policy details and coverage, including changes to rebates or annual limits, or in the services covered by the policy/health fund.
However, it is important to note that not all health funds will increase their premiums by an average or same amount. There are funds whose average premium increase may be less than the industry average amount, and it is likely there will be funds whose average premium increase will be greater than the average amount.
iSelect recommend 2 great ways to avoid paying the higher premium:
- Lock in your premium prior to the rate rise taking effect by paying in advance; and\or
- See if you can find a policy that better suits your needs.
How does your fund's rate rise rate?
Find your fund's average price increase* (32kb, 1 page)
SOURCE
* Dept. Health and Ageing website 28 March 2012 (www.health.gov.au)
Health InsuranceiSelect - a better way to buy private health insuranceCompare, select and save from a great range of competitive options matched to your needs and budget. |
