My increase is higher/lower than the government announced. Why?

Your premium increase could be higher or lower than the ‘headline rate’, depending on your cover. The figures announced by the government are averages that do not include the Government Rebate or Lifetime Health Cover loading.

Product premiums are assessed individually and multiple factors can affect the premium. These factors can include:

  • Your individual cover (single, couple, family, single parent)
  • The state you live in
  • Overall claiming activity by members
  • The number of members on your cover
  • The Australian Government Rebate on Private Health Insurance
  • Lifetime Health Cover loading

Examining and applying increases to each product individually allows us to ensure that all products remain viable.

By way of example, more members are claiming more frequently from their extras policies – and this is great!

However, as costs for dental, optical, physio and chiro have increased, we need to increase premiums so our policies are sustainable into the future. The same is true for hospital cover. While claims have increased, so have costs – to ensure our products are sustainable; premiums need to increase to ensure security for all members.