The Australian Government is ensuring Australians get value for money from their private health insurance as the annual industry average premium is set to rise by 2.9 percent.
This year’s 2.9 percent increase is well below the 10-year average of 4.4 percent.
Around 14.4 million Australians have private health insurance and access more than $22 billion in health and medical benefits each year.
This increase will apply from 1 April 2023, but some private health insurance providers are expected to defer the rise to later in the year.
Other providers continue to offer reduced premiums, cashbacks, expanded benefits and other measures, introduced in response to the COVID-19 pandemic.
The Government and private health insurers are working together to achieve better value for policyholders while also ensuring the cost of providing high quality care which includes the wages for nurses and medical workers in private hospitals are funded.
The Australian Government’s reform program includes reducing private health prostheses prices to better align with the Australian public hospital market and enhancing the Medical Costs Finder, a tool to improve transparency of out-of-pocket costs for medical specialist services and provide greater confidence about the value of private healthcare.