Why do Private Health Insurance premiums go up on April 1st? Every year in Australia, Private Health Insurance premiums increase to align with wage growth and inflation rates. Due to the COVID-19 pandemic, insurers spread out their annual rate adjustments across 2021-2023 and sometimes skipped them altogether. However, in 2024, premiums returned to normal, with all Private Health Insurance companies implementing increases on April 1st. This year’s premium hike averages 3.03%, the steepest rise since the pandemic period. Minister for Health and Aged Care Mark Butler MP notes that while this increase resembles pre-pandemic levels last seen in 2019, it…

The 1 April 2024 Private Health Insurance (PHI) premium increase represents a return to norms with all Funds increasing rates on the same day, the first time this has occurred in five years. In this blog, we examine this premium round and investigate the noteworthy trends, product dynamics, competitive intensity and scale pricing strategies in the market. Trends in premium changes The following figures are average premium increases on products that cover singles across all states and excess levels. Unless otherwise stated, open and closed products are included and corporate products are excluded. Hospital and Combined Gold Hospital saw the…

With the multitude of health insurance companies and brands available in Australia, choosing the right one can be challenging. It is crucial to select a health fund that provides reputable hospital coverage, fair extras rebates, flexible policy options, and exceptional customer service. In this article, we will examine the top five health funds in Australia for 2024. Our rankings are based on key performance data that is Publicly available from the latest annual State of the Health Funds Report by the Commonwealth Ombudsman for Private Health Insurance Who are the *best health insurance funds in Australia? Different Private Health Funds…