Don’t let the recent price hikes catch you off guard. Discover how comparing your options with Health Deal can help you find the best coverage at the best price. As of April 1, health fund premium increases have taken effect for several Australian health insurance providers. If you haven’t started comparing your options yet, it’s crucial to act now to ensure you’re not overpaying for coverage. In this article, we’ll provide the latest information on premium changes and explain how Health Deal can help you find the best health insurance plan, potentially saving you money in the process.
The Reality Check: Premium Increases That Have Already Taken Effect
Since April 1, the following health funds have already implemented their premium increases, with rates ranging from 1.69% to 5.38%:
|
Health Fund
|
Increase
|
|
ACA
|
3.92%
|
|
AIA
|
1.69%
|
|
CBHS Corporate
|
5.38%
|
|
Doctors Health
|
2.15%
|
|
HBF (includes CUA)
|
4.49%
|
|
HIF
|
3.10%
|
|
Health Partners
|
2.93%
|
|
LaTrobe
|
2.15%
|
|
Mildura
|
2.48%
|
|
Peoplecare
|
2.79%
|
|
Phoenix Health
|
3.72%
|
|
Queensland Country Health
|
3.17%
|
|
RBHS
|
3.18%
|
|
Westfund
|
2.65%
|
The Impact of Health Insurance Premium Rises
It’s essential to be aware of how health insurance premium rises can impact you and your family. These increases are often driven by various factors, such as the rising cost of healthcare services, advancements in medical technology, and an aging population. Although premium increases can be frustrating, they help ensure that health funds can continue providing quality services and maintain financial stability.
By staying informed about the reasons behind premium increases and the specific adjustments for each health fund, you can make better decisions regarding your insurance needs. Keep in mind that every policyholder’s situation is unique; what may be an affordable increase for one person might be a financial strain for another. This is why comparing your options and understanding the nuances of premium rises becomes crucial in finding the most suitable coverage at the best possible price.
So, don’t wait any longer! Compare your options with Health Deal today to ensure you’re not paying more than you should for your health insurance.
The Clock Is Ticking: Upcoming Premium Increases in 2023
For policyholders with the following health funds, there’s still time to compare and potentially save before these premium increases take effect later in the year:
|
Health Fund
|
Effective Date
|
Increase
|
|
Medibank / ahm
|
1-Jun-23
|
2.96%
|
|
Teacher’s Health
|
1-Jul-23
|
2.50%
|
|
St Lukes
|
1-Jul-23
|
2.86%
|
|
HCF
|
1-Sep-23
|
3.33%
|
|
Nib
|
1-Sep-23
|
2.72%
|
|
GMHBA / Frank
|
30-Sep-23
|
2.33%
|
|
BUPA
|
1-Oct-23
|
3.39%
|
|
CBHS
|
1-Oct-23
|
4.46%
|
|
Defence Health
|
1-Oct-23
|
3.48%
|
|
Navy Health
|
1-Nov-23
|
2.94%
|
|
Australian Unity
|
1-Nov-23
|
3.76%
|
With these price hikes looming, it’s more important than ever to compare your options using Health Deal. You don’t want to be caught off guard by sudden increases in your insurance costs!
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