Federal health minister Greg Hunt has approved an average 2.7 per cent increase across all health funds, the lowest in 21 years.
Australians with private health insurance will pay more for their premiums next year, but some funds will defer the increase.
While premiums are scheduled to rise in April, Mr Hunt said many consumers would not be charged the rise until later in 2022 as some insurers agreed to defer their premium rises after saving hundreds of millions of dollars due to pandemic restrictions. Dr David said premiums were rising at half the rate of public hospital funding - 6.5 per cent a year - and at about a quarter of the rate of Commonwealth spending on the Medicare Benefits Schedule, which would rise by 11.3 per cent.
In 2019-20, health insurers paid $2.1 billion for more than three million medical devices used to treat Australian patients, representing 14 per cent of hospital benefits paid out that financial year. Bupa, Australia’s largest insurer, will lift premiums by 3.18 per cent and HCF will increase its premiums by 2.72 per cent. HBF costs will go up by 3.62 per cent.
Medibank chief executive David Koczkar said the pause meant customers would save $1.79 a week on hospital policies and 15 cents on extras, over the year from April.
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