Each year all health insurers review their premiums. These changes are reviewed and approved by the Federal Government and Minister for Health and come into effect on 1 April each year. In 2020, we postponed premium increases for 6 months due to COVID-19 and changes came into effect on 1 October instead.
Premium increases reflect rising health costs, due to a range of factors including:
- increased use and cost of health services
- the growing use and cost of medical technology
- Australia's ageing population and
- an increase in chronic health conditions