Plenty of Australians (just shy of 50%) have private health insurance hospital cover, while more than 55% have extras cover. Each year the federal government approves health insurance premium prices rises fund by fund and this is becoming more and more common as claims go through.
The overall increase on April 1 this year was 3.95% – the lowest in 17 years, but a substantial increase nonetheless. For the consumer, it’s worth keeping in mind that an average figure masks a wide range of individual changes. This makes it more important to review your position each year and ensure you are getting value for money.