Everything You Need To Know About Private Health Insurance Hikes – Australia

Australia’s population is rapidly aging and the cost of healthcare is increasing. It’s costing providers more and, if approved by independent regulators, the additional cost is passed on to consumers.

When deciding whether to obtain private health insurance, you have to consider the expense and the perks. Having coverage means being able to choose your doctor, have a choice to be treated in a private or public hospital, and reduced waiting time in the queue.

Making an annual payment and paying by direct debit can result in discounts and will lock in the rate before it can increase. If you wait until you’re older than 31, you’ll end up paying the Lifetime Health Cover on your hospital policy–which can be up to 40%.

It’s important to research the policies you’re considering, keeping in mind that comparison websites don’t offer independent advice. The website privatehealth.gov has a database of all the policies available in Australia and offers free, unbiased information.

After choosing a policy, make sure to review it annually to ensure you’re getting a good value and you’ll be covered for the things you might need. With research, you may find that another provider can offer the same benefits at a lower price. Some insurers are also willing to honor any waiting periods you’ve already undergone. Since a health insurance policy isn’t a fixed contract, making a switch isn’t overly difficult.

Key Points:

  • 1Due to the rapidly aging population in Australia, private health insurance rates are increasing.
  • 2Private health insurance offers benefits such as a shorter queue or the ability to choose a provider.
  • 3The expected increase will be about $2 a week for singles or $4 a week for families; depending on your income, it may exempt individuals from the Medicare Levy Surcharge.

Providing insurance is costing insurers more so we have to foot some of that bill.”

HealthStatus has been operating since 1998 providing the best interactive health tools on the Internet, millions of visitors have used our health risk assessment, body fat and calories burned calculators. The HealthStatus editorial team has continued that commitment to excellence by providing our visitors with easy to understand high quality health content for many years.

User Reviews


Your email address will not be published

6 + 8 =