The Australian government has approved an industry-average 3.03% increase in insurance premiums, lower than inflation and wage growth but the largest percentage increase since 2019. Private health insurers are expected to ensure value for money and system-wide improvements.
Insurance premiums will rise by a little over 3 per cent from the start of next month after the government signed off on the increases. Insurers, eventually approving an industry-average 3.03 per cent hike – lower than inflation and wage growth but still the largest percentage increase since 2019. 'I asked insurers to go back and sharpen their pencils and put forward a more reasonable offer for the 15 million Australia ns with private health insurance,' he said.
'While we know that any increase will be hard to bear during a global cost of living crunch, the Albanese government has ensured that health insurance premiums will fall relative to Australians' wages. Private health insurers must ensure their members are getting value for money. When costs rise, Australians want to know that higher premiums are contributing to system-wide improvements, like higher wages for nurses and other health workers and ensuring that affordable services are available.' While 3.03 per cent is the average increase across the industry, the exact hike differs from provider to provider
Insurance Premiums Australia Government Increase Private Health Insurance Value For Money System-Wide Improvements
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