Westfund Health Insurance is proud to announce we will deliver the lowest premium increase for 2019 of all health insurers.
Westfund’s average premium increase rate of just 1.64 per cent is the lowest across the industry and is well below the industry average of 3.25 per cent.
With 37 private health funds in Australia, increases range from Westfund’s low headline rate of 1.64 per cent through to the top of 5.91 per cent.
Westfund CEO, Matt Banning, said that Westfund recognised the need to absorb the impact of rising healthcare and claims-related costs to shield its members from increasing rates.
“Our extremely modest headline rate demonstrates our commitment to providing value for money. We are pleased to be in a position to be able to absorb rising costs this year and deliver the lowest premium increases to our members.
As a not-for-profit insurer, our commitment is to our members not our shareholders. This provides us with a strong platform to continue to put our members first, which is why we are 4.7 stars on Product Review in Australia.
“Being regionally-based, aligns our values with those of our members, ensuring they are at the forefront of all decision making.
All health insurance annual premium increases will come into effect across from 1 April 2019.