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The federal government has approved an average premium increase of 2.74% cent for members of private health insurance funds. Among for-profit funds, NIB’s premiums will rise by 4.36% from 1 April, while Medibank will increase its premiums by 3.25%.
Nonprofit rival HBF will have one of the lowest increases, at just 0.94%.
Comparison website iSelect has estimated that the average family will pay an additional $122 in annual premiums.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.