What are private health insurance premiums?

Before increasing premiums, your insurer must submit details of the proposed increase to the Australian government. In any submission, your insurer must provide detailed financial information and benefit projections to justify any increase. An accredited professional actuary must certify this information.

The Australian Department of Health and Aged Care along with the Australian Prudential Regulation Authority (APRA) examine the proposed increase.

The Minister of Health approves the rate increase. If your insurer cannot provide sufficient information to show the Minister that an increase is necessary to meet its obligations to pay benefits to members, there is no change to the premium.

Talk to your insurer or other insurers about a cheaper policy that still meets your needs.

Increase your excess or your co-payment if you are admitted as a private patient to hospital.

Reduce the number of benefits you receive as part of your Extras Cover.