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Private health insurance premiums are set to rise by more than 3 per cent from today, the biggest increase in five years. The federal government last month approved an average industry premium rise of 3.03 per cent. But some major insurers have confirmed prices will increase by as much as 4.1 per cent. For NIB customers, premiums will increase by 4.1 per cent. For BUPA customers - by 3.61 per cent, HBF 3.95 per cent and Medibank Private 3.31 per cent.
“I asked insurers to go back and sharpen their pencils and put forward a more reasonable offer for the 15 million Australians with private health insurance.” Butler said the government had given $7.3 billion to policyholders through its private health insurance rebate. It’s estimated more than $23.5 billion in health and medical benefits were paid out by private insurers in the past year. “Private health insurers must ensure their members are getting value for money,” Butler said.
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