With the start of the new month just around the corner, Australian private health insurance policyholders are reminded that their costs are about to rise.
An average premium increase of 5.06 per cent was approved by the federal health minister Tanya Plibersek on February 28 – the lowest rise in four years.
Ms Plibersek stated that seven insurers would be reducing their premiums, while another 24 were asked by the health department to resubmit their applications to provide further evidence to justify the increase requested.
However, it is estimated Australian families could pay an average of $136 more per year for their private health cover from April 1.
Some policyholders may wish to use the new premiums as the opportunity to compare health insurance policies to find the best one that suits their needs – and budget.
A specialised health insurance broker may be able to discuss your options, ensuring that you are not paying too much for your cover.