2016: Private health insurance premiums are on the rise again
View the 2017 health insurance premium increases here.
Each year the federal government approves changes to the private health insurance premiums charged by insurers. Find out what health insurance costs in 2016.
The price increase of health insurance premiums is an annual event, with private health insurers assessing their likely contribution income weighed against the rising cost of health treatment and submitting an application for premium changes to the federal government. The changes, once approved, take effect on April 1st each year.
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Health insurance premium increases in 2016
Fund by fund, the 2016 health insurance premium increases are listed as follows:
Health Fund | 2016 Increase | Health Fund | 2016 Increase |
---|---|---|---|
ACA Health Benefits Fund Ltd | 6.19% | Latrobe Health Services Ltd | 5.52% |
Australian Unity Health Ltd | 5.05% | Lysaght Peoplecare Ltd | 4.38% |
Bupa Australia Pty Ltd | 5.69% | Medibank Private Ltd | 5.64% |
CBHS Health Fund Ltd | 5.92% | Mildura District Hospital Fund Ltd | 6.74% |
Cessnock District Health Benefits Fund Ltd | 6.19% | National Health Benefits Australia Pty Ltd | 5.28% |
CUA Health Fund Ltd | 8.95% | Navy Health Ltd | 5.50% |
Defence Health Ltd | 5.48% | nib Health Funds Ltd | 5.55% |
Doctor’s Health Fund Pty Ltd | 3.76% | Phoenix Health Fund Ltd | 5.72% |
GMHBA Ltd | 5.44% | Police Health Ltd | 4.81% |
Grand United Corporate Health Ltd | 4.26% | Queensland Country Health Fund Ltd | 4.91% |
HBF Health Ltd | 4.94% | Queensland Teachers’ Union Health Fund Ltd | 7.15% |
Health Care Insurance Ltd | 6.90% | Railway & Transport Health Fund Ltd | 5.61% |
Health Insurance Fund of Australia Ltd | 6.55% | Reserve Bank Health Society Ltd | 5.37% |
Health Partners Ltd | 7.14% | St Luke’s Medical & Hospital Benefits Association Ltd | 5.89% |
Health.com.au Pty Ltd | 8.81% | Teachers Federation Health Ltd | 4.97% |
Hospitals Contribution Fund of Australia Ltd | 5.42% | Transport Health Pty Ltd | 6.49% |
Westfund Ltd | 5.94% | ||
Industry weighted average 5.59% |
Source: www.health.gov.au
A large portion of the premiums are, of course, returned to members in the form of medical care; click here for further details.
Cost of Private Health Insurance
Knowing what average premium increases have been is moderately useful, but what does private health insurance cost?
The cost of private health insurance will depend on the specific health insurance fund and policy you choose, as well as how many people are being insured under that policy. AS a general indication though, CANSTAR’s 2016 Health Insurance Star Ratings report assesses the price and features of 628 health insurance policies from 24 providers, across 287 consumer profiles that cover various demographics across the states and territories in Australia.
CANSTAR has calculated the average premiums across the health policies we assessed for this rating, based on a combined hospital and general package, as follows:
2016 Health Insurance Premiums – Hospital and Extras Packages. | |||||||
---|---|---|---|---|---|---|---|
NSW | NT | QLD | SA | TAS | VIC | WA | |
Young Singles – Female | $1,818 | $1,313 | $1,831 | $1,758 | $1,792 | $1,866 | $1,737 |
Young Singles – Male | $1,818 | $1,313 | $1,831 | $1,758 | $1,792 | $1,866 | $1,737 |
Young Couples – Non Obstetrics | $3,673 | $2,689 | $3,699 | $3,573 | $3,618 | $3,779 | $3,479 |
Young Single Parents – Non Obstetrics | $3,340 | $2,502 | $3,312 | $3,179 | $3,278 | $3,384 | $ 3,358 |
Young Family – Non Obstetrics | $3,813 | $2,871 | $3,874 | $3,739 | $3,780 | $3,962 | $3,700 |
Couples and Families – With Obstetrics | $4,318 | $3,271 | $4,450 | $4,235 | $4,277 | $4,480 | $4,011 |
Established Singles – Female | $1,992 | $ 1,479 | $2,048 | $1,960 | $1,998 | $2,063 | $1,970 |
Established Singles – Male | $1,992 | $1,479 | $2,048 | $1,960 | $1,998 | $2,063 | $1,970 |
Established Couples | $4,000 | $3,004 | $4,108 | $3,944 | $4,006 | $4,156 | $3,921 |
Established Single Parent | $3,513 | $2,657 | $3,553 | $3,369 | $3,476 | $3,600 | $3,554 |
Established Families | $3,984 | $3,034 | $4,127 | $3,924 | $3,961 | $4,173 | $3,905 |
Mature Singles | $2,128 | $1,601 | $2,174 | $2,137 | $2,159 | $2,176 | $2,169 |
Mature Couples | $4,278 | $3,265 | $4,374 | $4,307 | $4,338 | $4,387 | $4,338 |
Based on packaged cover policies considered for 2015 CANSTAR Health Insurance Star Ratings. Premiums include Base Tier Australian Government Rebate of 26.791%. “Mature” profile only includes products that include cover for cardiac and hip/knee replacements. “Established” profile only includes products that include cover for cardiac.
You can read our Health Insurance Star Ratings report here. If you are in the market for health insurance, below is a snapshot of the current low premium policies available with direct links to the providers website. Please note that this table has been formulated based on a single male seeking hospital cover in NSW. Results are sorted by monthly premiums (lowest to highest) You can use this table to compare health insurance policies here.
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