Premium Increase and Benefit Changes 2024

Supporting our members through every step of their health journey is a privilege we take seriously.

We regularly review our premiums and benefits to ensure we’re continuing to meet our members' needs when it comes to managing their health and wellbeing.

We keep your premium increases as low as possible while ensuring benefit changes are sustainable to the fund. In fact, this is the third year our premium changes are below the industry average. It’s all part of our commitment to you to deliver great value health cover while expanding access to quality and affordable healthcare.


We're here to support you 

Below, we've prepared some additional information on the recent premium and benefit changes. Rest assured, our team is here to assist you every step of the way. We've put together a series of commonly asked questions to provide even more support, addressing key concerns and helping you make well-informed decisions.

Cover review and support options 

Life, health and health cover needs change over time which is why it's always a good idea to review your cover. If you'd like to discuss your unique needs and the best options available, please get in touch. Our team can help you review your level of cover, compare pricing and make changes.

Common questions

Why do health insurance premiums change?

Premium increases are a result of various factors that contribute to the rising cost of healthcare each year. Some of these include:

  • Advances in medical technology
  • Inflation in medical and hospital costs
  • Increased community demand for hospital and general treatment services
What factors determine the cost of health insurance premiums?

Health insurance premiums can vary significantly depending on factors such as age, location, level of cover, and the pricing structure. Premiums can range from affordable options to more comprehensive policies with higher costs. Government incentives such as Lifetime Health Cover loading (LHC), Age-Based Discounts (ABD), and the Australian Government Rebate can have an impact on your premium too. Our online cover tool can help you compare covers to ensure you're on the right level of cover for your needs. Learn more. Alternatively, get in touch.

I rarely claim but my premium is increasing. Why?

All private health insurers in Australia operate under the ‘Community Rating’ system – it’s a government requirement.

Community Rating means all consumers are entitled to buy the same product, at the same price and are guaranteed the right to renew their policy. There are some exceptions to this, for example Lifetime Health Cover and Age-Based Discounts.

A health fund cannot refuse to insure you or refuse to sell you any policy you want to buy on the basis of your health or how likely you are to claim.

Basically, regardless of how you use (or don’t use) your cover, we don’t charge you differently based on your health status or age.

What we're doing to keep your premium increase to a minimum

Many of our members have experienced financial hardship due to the rising cost of living. That's why we're doing everything we can to keep our premium increase as low as possible while ensuring benefit changes are sustainable to the fund. In fact, this is the third year our premium changes are below the industry average. It’s all part of our commitment to you to deliver great value health cover while expanding access to quality and affordable healthcare.

Last year, we were fortunate to be in a position for a second time to provide members with some relief. Last May, we returned approximately $5.2 million, and again in August, our largest giveback of approximately $6 million – totalling up to $11.2 million in claims savings returned to members.

How to get the most value from your membership

Review your policy in Members Online or the Westfund app

  • Make sure your policy still meets your healthcare needs.
  • Check the excess on your policy. For example, paying a higher hospital excess can lower your premium.
  • If your income has changed, make sure you’re getting the rebate you’re entitled to.

Make the most of our find a provider tool

Find a provider in our network. We’re proud to have a strong network of optical, dental and physiotherapy providers who work with us to help lower or eliminate out-of-pocket costs on selected treatments.

Our handy ‘find a doctor or hospital’ search tool can help you review and choose a specialist based on their bio, location and how often they participate in the Access Gap Cover Scheme. This scheme means specialists have agreed to charge our members no gap or a lower gap for their procedure, helping you reduce your medical out-of-pocket costs.

Explore new digital health programs available with your membership on our new Health Co-op

We’ve brought together some of the best digital healthcare programs and providers who are united by our mission to make great healthcare accessible to all.

We’re focused on connecting our members to evidence-based, high quality and affordable healthcare solutions no matter where they live.

The Westfund Health Co-op will continue to grow and evolve in line with the needs of our members. We encourage all members to visit the Co-op so make sure you keep an eye out for our newest resources.

Refer a Friend and earn up to $500 in egift cards

Our Refer a Friend program lets you refer up to 5 friends each year, earning you up to $500 in eGift cards (terms and conditions apply). Learn more

When does the premium change take effect?

Premium changes are effective as of 1 April 2024. Payments made on or after this date will be calculated at the new rate.

When will I know my new premium?

We let members know in March of their new premium from 1 April 2024 via email or mail (depending on their communication preference). Search for "Changes to your Westfund premium and benefits" or "Changes to your Westfund premium" in your inbox if your preference is email. Please check your junk folder if you don't see the email in your inbox. 

What is rate protection? How far ahead can I pre-pay?

Our members can lock in their current rate by paying their premiums up to 18 months in advance.

If you want to do this, you just need to make a payment before 31 March 2024.

I can’t afford this increase. What are my options?
We’re here to discuss any possible impacts of this premium increase and any options available, including:
  • Changing how often you make your payments. By making payments more often, each payment can be more manageable.
  • Choosing a cover with an excess. Our excess options on selected covers include Nil, 250, 500 and 750.
  • Choosing a Hospital only cover
  • Choosing an Extras only cover
Please do not hesitate to get in touch to discuss your options.
Is my direct debit/payroll payment automatically adjusted?

Yes – we’ll take care of your payroll or direct debit payments for you. Just a reminder, if you pay via BPAY, you'll need to adjust your payment from 1 April 2024 to ensure your policy remains up to date.

Benefit Changes 2024

There were changes to certain benefits from 1 January 2024. For an outline of these changes, please follow the button below.