With health insurance premiums rising on April 1, members, as well as those looking for their first private health cover policy, will be scouring the market for a deal.
A 5.59 per cent rise will make more Australians compare their health cover options.
Many people consider private health insurance a necessity, helping to reduce the burden placed on the public healthcare system and avoiding penalties for taking out cover too late. However, a 5.59 per cent rise will make more Australians compare their health cover options.
After all, the Australian insurance market is deregulated, and health funds are in direct competition to offer you the best options for the best price. It helps, then, to look at which insurers are putting up their prices the most, and which are only opting for moderate rate changes.
Here are the three Australian health funds with the lowest premium increases:
1) Doctor's Health Fund (3.76 per cent)
The Doctor's Health Fund will put up its premiums by 3.76 per cent as of April 1, making it the insurer with the least significant change this year.
"Our main focus is on providing quality health cover with better benefits for the services that are most important to doctors and their families," a media release from the health fund notes.
2) Grand United Corporate Health (4.26 per cent)
Corporate health insurance fund GU Health will increase its premiums by 4.26 per cent. The insurer specialises in finding business insurance products and policies to suit a company and its staff members, giving corporates a little more to think about when weighing up whether or not to switch provider.
3) Lysaght Peoplecare (4.38 per cent)
Peoplecare is another health fund raising its premiums by less than the average, this time at 4.38 per cent. The insurer is open to all Australians and provides fully covered ambulance care, as well as a level of nationwide cover that spans 30,000 doctors in 500 private hospitals.
Weighing up your options
By mid-March, all policyholders, regardless of their health fund, should have received a letter detailing their personal change in contribution towards their health insurance. This could be a great time to talk to your health insurance broker.
HICA knows Australian health insurance, and our experts can help find the best cover to suit your budget. You may also like to make changes to your policy to keep the costs down. We can help you do this while keeping the all-important issue of quality in mind.
To speak to a professional, call us on 1300 44 22 01. Doing so before April 1, and paying for your premium annually, could secure you a better rate for a strong level of cover.