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Melbourne, Feb 7: Data from financial marketplace and advice company Compare Club shows Australian families with health insurance could see their premiums increase by an average of $141 this year, while retirees could see an average increase of $167, after the federal government announced an average rise of 2.9 per cent for policy holders.
The announcement comes less than six months since the majority of health fund members were hit with premium increases between October 2022 and January 2023.
Most couples and families, after this increase, will be paying around $300 more than what they were paying in September 2022.
Implementation dates of the increase will vary by fund, with some funds sticking to the traditional April 1 date, and others delaying to later in the year.
Compare Club’s modelling for 2023’s premium increases reveals that Australians with health insurance could be facing a large hike in the cost of the policies when taking two rate rises into account.
Meanwhile, in a statement, Bupa will delay this year’s premium rise for three months until July 1 this year saving its members $75 million.
Bupa’s decision to delay rate increases from April 1 until July 1, follows the Federal Health Minister’s approval of an average premium increase of 3.39 per cent for Bupa policies.
This brings the total announced customer support since the pandemic started to $875 million through cashbacks, premium deferrals, and financial assistance for impacted customers and other support programs.
Bupa Health Insurance Managing Director Chris Carroll said Bupa has honoured its commitment not to profit from COVID-19 and would continue to look at ways for members to get value from their health insurance.
“With many of our customers feeling the impacts of the rising cost of living, delaying premiums for three months offers our members an immediate reprieve and this is just one of the many ways we’re giving back to our members,” Carroll said.
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