Private health insurance premium increases 2015

Federal Health Minister Sussan Ley has approved a private health insurance premium increase by a weighted industry average of 6.18 per cent for more than 13 million Australians from 1 April 2015.

 

The lowest premium increases was 3.98 per cent at Doctors Heath Fund, while the highest was 7.92 per cent at Westfund. There were no health funds with premium reductions.

 

Premium Increases:

Insurer

Average increase

with Rate Protection

ACA Health Benefits

4.96%

Australian Unity Health

6.26%

BUPA

5.59%

CBHS Health Fund

6.58%

Cessnock District Health

6.99%

CUA Health

6.35%

Defence Health

5.62%

Doctors Heath Fund

3.98%

GMHBA

6.43%

Grand United Corporate Health

4.32%

HBF Health

5.96%

HCF

6.57%

Health Care Insurance

6.12%

Health Insurance Fund

4.49%

Health Partners

5.76%

Health.com.au

6.81%

Healthguard Health Benefits

5.31%

Latrobe

6.15%

Lysaght Peoplecare

6.08%

Medibank Private

6.59%

Mildura District Hospital Fund

6.14%

National Health Benefits Australia

6.26%

Navy

4.50%

NIB Health Funds

6.55%

Phoenix Health Fund

6.48%

Police Health

4.48%

Queensland Country Health

4.77%

Queensland Teachers Union

6.36%

Railway and Transport Health Fund

6.17%

Reserve Bank Health Society

4.88%

St Luke’s

6.27%

Teachers Federation Health

6.86%

Transport Health

4.84%

Westfund

7.92%

Industry Weighted Average

6.18%

 

The total benefits paid to private health insurance members grew by over $1 billion – or 7.4 per cent – to about $17.3 billion in the 12 months to December 2014.

 

Ms Ley encouraged people unhappy with their current fund to check out the competition using the Government’s independent comparison website - http://www.privatehealth.gov.au/

 

Ms Ley said, “With over 30 private health funds now operating in the Australian market, my strong advice to consumers is shop around to get the best deal if you are unhappy with your health fund’s offering.

 

“If you want independent advice on health insurance that is free of commissions, go to www.privatehealth.gov.au.”

 

The full list of average premium increases for individual health funds is available at the Department of Health's website. http://health.gov.au/internet/main/publishing.nsf/Content/privatehealth-average-premium-round

 

27 February 2015.