The news is out: 2023 is the year of health insurance premium increases*. It’s unsurprising, with the price of everything seemingly on the rise these days.

Despite health insurers claiming this year’s increase is ‘only slightly higher’, it’s another hit to our wallets that the majority of us just cannot take. What is ‘only slighter higher’, you may ask? The industry average health insurance premium increase is 2.90% this year.

If you’re with one of the ‘Big Five’ health insurers*—think BUPA, Medibank, HCF, nib and HBF—you’re looking at an average premium increase of 3.38%*.

Now, there are several health insurers out there, so what if you’re not with the ‘Big Five’?

If you are over 65 and you’re NOT with one of the ‘Big Five’ health insurers, your premium could still be increasing by an average of $167 per year*; in fact, it likely already increased in April or September this year.

For those of you with one of the ‘Big Five’, your premiums could be increasing by $194 per year*. A cost that we know isn’t something a lot of our members just have ‘lying around’.

Did you know that on 1 September 2023, HCF increased their premiums by 3.33%*? And other insurers aren’t far behind. BUPA increased their premiums on 1 October 2023 by 3.39%*, while nib is increased their premiums on 1 October 2023 by 2.72%*.

The ‘Big Five’ 2023 insurance premium increases. Image Credit: SDC

Of the increase, the Hon. Mark Butler MP said*: ‘Private Health Insurers must ensure their members are getting value for their money, and when costs rise, they want to know higher premiums are contributing to system-wide improvements, like higher wages for nurses and other health workers.’

‘All Australians deserve access to affordable treatments and the devices they need to stay healthy and live full and productive lives.’ he continued.

What can you do?
There is some good news. Your health insurer* will let you know your policy’s exact increase before the increase takes effect—and if you can afford to prepay a full year’s premium, you can lock in 12 (or in some cases up to 18) months of cover at the current year's prices.

For example, nib allows you to prepay 13 months, and HCF and HBF allow 18 months*. If you’re a nib member, you can lock in your current premium until November 2024, potentially saving hundreds of dollars*. But we know this isn’t financially feasible for many of our members, so what are the other options?

Luckily, it’s not all doom and gloom. Over the past four years, we know over 44,000 Australians over the age of 50* who have managed to save an average of $259.50* on their health insurance just by comparing and switching their cover with Compare Club*.

How to save
It broke our heart when we were told this, but Aussies over 60 are often left to fend for themselves, unknowingly paying for health cover they will never be able to use. Compare Club* have seen Aussies in their 60s, 70s and even 80s paying for pregnancy and IVF cover without even knowing it, and this should never be the case.

Compare Club can help* our dear members compare multiple health insurers, cover options and pricing all in one place. Their service can save you time, but the biggest benefit for most is how much money you can save off your yearly premiums*, especially when health insurance premiums aren’t the only thing increasing in cost! Compare Club* can help you find health insurance that is more affordable and better suited to your needs*.

Why Compare Club?*
You get the peace of mind that comes with working with trusted professionals who have the years of experience* needed to navigate the complicated health insurance system and keep you from any further confusion. For example, many Aussies worry about not being with ‘one of the big five’ when there is no such thing as a ‘dodgy’ health fund in Australia, as the industry is heavily governed.

How do we know they’re trusted? They’re one of our long-term partners* with whom we have personally compared health insurers! You can read about Maddie’s experience here*.

The team at Compare Club* will make sure you have the health cover you need while paying a price you’re comfortable with*.

So, if you’re sick of endlessly researching health insurers, are looking to save money or simply find cover better suited to your needs, Compare Club is ready to help*.

It’s worth comparing your health insurance* to see if you can save money. You won’t lose anything by comparing; you only stand to save*! After all, if you don’t like the quote you receive from Compare Club*, you don’t have to do anything.

*Please note, members, that this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We do this to assist with the costs of running the SDC. Thank you!

 

[Ezzy]

I have had to cut my private medical to the quick to make up for the increase in rent to $835 a week. 21% which, according to the power to be, is a reasonable rental.

May sound reasonable to them but 21% & $835 per week does seem a bit excessive to me.
What would a motel charge for one week? Know this would be cramped though.

 

[Ezzy]

I have a Temporary Resident Visa and I am with Alliance on an Overseas Visitor Health Care Policy. Last February, they notified me of an increase from $118 per month to over $330 per month! I paid a full year's premium at the old rate before the increase came into effect, but I will be facing the increased price next February! I have been with them since I arrived here in 2017.

That is almost a 100% increase. This is unacceptable. Lucky to get in before the increase & pay for the full year.

 

[Gsr]

We have always had private health cover but have changed funds a few times. We have increased our excess to help bring the cost down and the only extras we use are dental and optical, so we have cut the rest. We are in Apia which is aimed at older people so you can opt out of the services you no longer need such as pregnancy etc. our policy is going up less than $5 a month. We are keeping our private health cover as long as we can.

 

[Babbie]

Private health ripping of customers for profit

No one forces you to take out private health insurance. I think it is important to me, others may not think it is worth it for themselves. We all have CHOICE. Don’t like it, leave it and stop whinging.

 

[Oaklegs]

The news is out: 2023 is the year of health insurance premium increases*. It’s unsurprising, with the price of everything seemingly on the rise these days.

Despite health insurers claiming this year’s increase is ‘only slightly higher’, it’s another hit to our wallets that the majority of us just cannot take. What is ‘only slighter higher’, you may ask? The industry average health insurance premium increase is 2.90% this year.

If you’re with one of the ‘Big Five’ health insurers*—think BUPA, Medibank, HCF, nib and HBF—you’re looking at an average premium increase of 3.38%*.

Now, there are several health insurers out there, so what if you’re not with the ‘Big Five’?

If you are over 65 and you’re NOT with one of the ‘Big Five’ health insurers, your premium could still be increasing by an average of $167 per year*; in fact, it likely already increased in April or September this year.

For those of you with one of the ‘Big Five’, your premiums could be increasing by $194 per year*. A cost that we know isn’t something a lot of our members just have ‘lying around’.

Did you know that on 1 September 2023, HCF increased their premiums by 3.33%*? And other insurers aren’t far behind. BUPA is increasing their premiums on 1 October 2023 by 3.39%*, while nib is increasing their premiums on 1 October 2023 by 2.72%*.

View attachment 29030

The ‘Big Five’ 2023 insurance premium increases. Image Credit: SDC

Of the increase, the Hon. Mark Butler MP said*: ‘Private Health Insurers must ensure their members are getting value for their money, and when costs rise, they want to know higher premiums are contributing to system-wide improvements, like higher wages for nurses and other health workers.’

‘All Australians deserve access to affordable treatments and the devices they need to stay healthy and live full and productive lives.’ he continued.

What can you do?
There is some good news. Your health insurer* will let you know your policy’s exact increase before the increase takes effect—and if you can afford to prepay a full year’s premium, you can lock in 12 (or in some cases up to 18) months of cover at the current year's prices.

For example, nib allows you to prepay 13 months, and HCF and HBF allow 18 months*. As nib is only increasing its premium on 1 October, if you’re a nib member you can lock in your current premium until November 2024, potentially saving hundreds of dollars*. But we know this isn’t financially feasible for many of our members, so what are the other options?

Luckily, it’s not all doom and gloom. Over the past four years, we know over 44,000 Australians over the age of 50* who have managed to save an average of $259.50* on their health insurance just by comparing and switching their cover with Compare Club*.

How to save
It broke our heart when we were told this, but Aussies over 60 are often left to fend for themselves, unknowingly paying for health cover they will never be able to use. Compare Club* have seen Aussies in their 60s, 70s and even 80s paying for pregnancy and IVF cover without even knowing it, and this should never be the case.

Compare Club can help* our dear members compare multiple health insurers, cover options and pricing all in one place. Their service can save you time, but the biggest benefit for most is how much money you can save off your yearly premiums*, especially when health insurance premiums aren’t the only thing increasing in cost! Compare Club* can help you find health insurance that is more affordable and better suited to your needs*.

Why Compare Club?*
You get the peace of mind that comes with working with trusted professionals who have the years of experience* needed to navigate the complicated health insurance system and keep you from any further confusion. For example, many Aussies worry about not being with ‘one of the big five’ when there is no such thing as a ‘dodgy’ health fund in Australia, as the industry is heavily governed.

How do we know they’re trusted? They’re one of our long-term partners* with whom we have personally compared health insurers! You can read about Maddie’s experience here*.

The team at Compare Club* will make sure you have the health cover you need while paying a price you’re comfortable with*.

So, if you’re sick of endlessly researching health insurers, are looking to save money or simply find cover better suited to your needs, Compare Club is ready to help*.

It’s worth comparing your health insurance* to see if you can save money. You won’t lose anything by comparing; you only stand to save*! After all, if you don’t like the quote you receive from Compare Club*, you don’t have to do anything.

*Please note, members, that this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We do this to assist with the costs of running the SDC. Thank you!

 

[Oaklegs]

Having reached the age of 86 and applying for my annual driving test medical it was revealed that I needed to have a heart pacemaker installed so that my heartrate of 43bpm was adjusted as my heart was stopping quite often. I was amazed to find that the pacemaker cost was $72,000 and this was funded by HBF so I can understand why my premiums have increased. The surgeons bills have yet to arrive.

 

[Leenie]

Having reached the age of 86 and applying for my annual driving test medical it was revealed that I needed to have a heart pacemaker installed so that my heartrate of 43bpm was adjusted as my heart was stopping quite often. I was amazed to find that the pacemaker cost was $72,000 and this was funded by HBF so I can understand why my premiums have increased. The surgeons bills have yet to arrive.

Australia seems to pay the highest price for pacemakers ,hip and knee replacements etc we are being gouged by these companies for parts that other countries pay very little for,surely the fed gov can get better deals than what we are getting now.

 

[IAN3005]

The news is out: 2023 is the year of health insurance premium increases*. It’s unsurprising, with the price of everything seemingly on the rise these days.

Despite health insurers claiming this year’s increase is ‘only slightly higher’, it’s another hit to our wallets that the majority of us just cannot take. What is ‘only slighter higher’, you may ask? The industry average health insurance premium increase is 2.90% this year.

If you’re with one of the ‘Big Five’ health insurers*—think BUPA, Medibank, HCF, nib and HBF—you’re looking at an average premium increase of 3.38%*.

Now, there are several health insurers out there, so what if you’re not with the ‘Big Five’?

If you are over 65 and you’re NOT with one of the ‘Big Five’ health insurers, your premium could still be increasing by an average of $167 per year*; in fact, it likely already increased in April or September this year.

For those of you with one of the ‘Big Five’, your premiums could be increasing by $194 per year*. A cost that we know isn’t something a lot of our members just have ‘lying around’.

Did you know that on 1 September 2023, HCF increased their premiums by 3.33%*? And other insurers aren’t far behind. BUPA is increasing their premiums on 1 October 2023 by 3.39%*, while nib is increasing their premiums on 1 October 2023 by 2.72%*.

View attachment 29030

The ‘Big Five’ 2023 insurance premium increases. Image Credit: SDC

Of the increase, the Hon. Mark Butler MP said*: ‘Private Health Insurers must ensure their members are getting value for their money, and when costs rise, they want to know higher premiums are contributing to system-wide improvements, like higher wages for nurses and other health workers.’

‘All Australians deserve access to affordable treatments and the devices they need to stay healthy and live full and productive lives.’ he continued.

What can you do?
There is some good news. Your health insurer* will let you know your policy’s exact increase before the increase takes effect—and if you can afford to prepay a full year’s premium, you can lock in 12 (or in some cases up to 18) months of cover at the current year's prices.

For example, nib allows you to prepay 13 months, and HCF and HBF allow 18 months*. As nib is only increasing its premium on 1 October, if you’re a nib member you can lock in your current premium until November 2024, potentially saving hundreds of dollars*. But we know this isn’t financially feasible for many of our members, so what are the other options?

Luckily, it’s not all doom and gloom. Over the past four years, we know over 44,000 Australians over the age of 50* who have managed to save an average of $259.50* on their health insurance just by comparing and switching their cover with Compare Club*.

How to save
It broke our heart when we were told this, but Aussies over 60 are often left to fend for themselves, unknowingly paying for health cover they will never be able to use. Compare Club* have seen Aussies in their 60s, 70s and even 80s paying for pregnancy and IVF cover without even knowing it, and this should never be the case.

Compare Club can help* our dear members compare multiple health insurers, cover options and pricing all in one place. Their service can save you time, but the biggest benefit for most is how much money you can save off your yearly premiums*, especially when health insurance premiums aren’t the only thing increasing in cost! Compare Club* can help you find health insurance that is more affordable and better suited to your needs*.

Why Compare Club?*
You get the peace of mind that comes with working with trusted professionals who have the years of experience* needed to navigate the complicated health insurance system and keep you from any further confusion. For example, many Aussies worry about not being with ‘one of the big five’ when there is no such thing as a ‘dodgy’ health fund in Australia, as the industry is heavily governed.

How do we know they’re trusted? They’re one of our long-term partners* with whom we have personally compared health insurers! You can read about Maddie’s experience here*.

The team at Compare Club* will make sure you have the health cover you need while paying a price you’re comfortable with*.

So, if you’re sick of endlessly researching health insurers, are looking to save money or simply find cover better suited to your needs, Compare Club is ready to help*.

It’s worth comparing your health insurance* to see if you can save money. You won’t lose anything by comparing; you only stand to save*! After all, if you don’t like the quote you receive from Compare Club*, you don’t have to do anything.

*Please note, members, that this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We do this to assist with the costs of running the SDC. Thank you!

I reduced mine from $384 to $98.00 per month

 

[Ezzy]

Having reached the age of 86 and applying for my annual driving test medical it was revealed that I needed to have a heart pacemaker installed so that my heartrate of 43bpm was adjusted as my heart was stopping quite often. I was amazed to find that the pacemaker cost was $72,000 and this was funded by HBF so I can understand why my premiums have increased. The surgeons bills have yet to arrive.

You have made an excellent point. Thankyou for sharing this here.

None of us knows if opting out of a Health Fund & saving that money will ever be enough to pay for an unexpected cost like this should it occur.

I am only 71y.o., have a minor heart problem, have kept my Health Insurance to date but never gave this item a thought & am flabbergasted at the cost.

 

[Oaklegs]

You have made an excellent point. Thankyou for sharing this here.

None of us knows if opting out of a Health Fund & saving that money will ever be enough to pay for an unexpected cost like this should it occur.

I am only 71y.o., have a minor heart problem, have kept my Health Insurance to date but never gave this item a thought & am flabbergasted at the cost.

It is not only the surgery and the pacemaker but it comes with a WIFi monitor in my bedroom and a life time of monitoring from now on.

 

[Oaklegs]

Australia seems to pay the highest price for pacemakers ,hip and knee replacements etc we are being gouged by these companies for parts that other countries pay very little for,surely the fed gov can get better deals than what we are getting now.

It is not only the surgery and the pacemaker but it comes with a WIFi monitor in my bedroom and a life time of monitoring from now on.

 

[Ezzy]

It is not only the surgery and the pacemaker but it comes with a WIFi monitor in my bedroom and a life time of monitoring from now on.

Thankyou for clarifying that important point.

 

[Leenie]

Wow I just received a letter from Bupa letting me know I won’t have to pay the October increase how very considerate of them , that’s a first in 53 yrs of high cover.

 

[Penny4]

Wow I just received a letter from Bupa letting me know I won’t have to pay the October increase how very considerate of them , that’s a first in 53 yrs of high cover.

Bupa will get a call from me. I got notification that in October, we will have to pay $29.37/month more.

 

[Leenie]

Bupa will get a call from me. I got notification that in October, we will have to pay $29.37/month more.

Go get em they overcharge now.

 

[Suzanne rose]

I'm with AHM and it hasn't gone up.

I pay just under $340 a month.

To be honest what I gave seen others go through including my mother who are not in a fund I'm too scared to not be in one.

When needed both hubby and myself have gone straight in for surgery, no waiting .

Hubby had his gallbladder removed within 5 days. Yet my daughter who was in far more pain waited nearly 18 months for surgery

 

[Ezzy]

Only yesterday (Tuesday Oct. 10th) l saw a Surgeon & due to a cancellation go for surgery tomorrow.

l am astounded with how much HBF will & will not pay for this procedure on my foot. Of a $2,300 fee l am $1,100 out of pocket. Medicare will pay 2/3 of the rebate & HBF only 1/3. Bit of a shock for me! The biggest bonus was the hospital who will charge $2,800 for Day Surgery of which l am fully covered.

Monday 9th saw me visit the Dentist for a check, scale & clean. To my delight the whole $203 was covered by Private Cover. (I was able to tuck my Credit Card safely back into my wallet).

 

[Penny4]

Only yesterday (Tuesday Oct. 10th) l saw a Surgeon & due to a cancellation go for surgery tomorrow.

l am astounded with how much HBF will & will not pay for this procedure on my foot. Of a $2,300 fee l am $1,100 out of pocket. Medicare will pay 2/3 of the rebate & HBF only 1/3. Bit of a shock for me! The biggest bonus was the hospital who will charge $2,800 for Day Surgery of which l am fully covered.

Monday 9th saw me visit the Dentist for a check, scale & clean. To my delight the whole $203 was covered by Private Cover. (I was able to tuck my Credit Card safely back into my wallet).

Good luck for tomorrow on your foot.

 

[Ezzy]

Good luck for tomorrow on your foot.

Thankyou for your kind wishes.

 

[Leenie]

Only yesterday (Tuesday Oct. 10th) l saw a Surgeon & due to a cancellation go for surgery tomorrow.

l am astounded with how much HBF will & will not pay for this procedure on my foot. Of a $2,300 fee l am $1,100 out of pocket. Medicare will pay 2/3 of the rebate & HBF only 1/3. Bit of a shock for me! The biggest bonus was the hospital who will charge $2,800 for Day Surgery of which l am fully covered.

Monday 9th saw me visit the Dentist for a check, scale & clean. To my delight the whole $203 was covered by Private Cover. (I was able to tuck my Credit Card safely back into my wallet).

Its the greedy surgeons who have you out of pocket as they don’t accept what the health funds offer and Medicare Is part of the problem with their low payments. Bupa advised they pay more and surgeons usually accept their offer over Medicare payment. Now private hospitals. are talking about closing their ICU , our health system is falling apart.