Follow us on LinkedIn, Instagram, Facebook, YouTube and Twitter
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.
Editor’s Note: You can now download our app on the Google Play Store or the Apple Store, or write your next best-selling novel with our sister app Toolis, available on the Apple Store and Google Play Store or purchase something from us at www.tapiroo.com, yayaezzy.com or at lazybumskincare.com.au.
We are happy to note that we are also now on Amazon Australia. Purchase our products as a show of support to us. They are Yaya, Ezzy, Tante June and Xeno backpacks or our beauty products such as LazyBum Skincare Facial Cleanser, LazyBum Skincare Toner and Moisturiser and Blitz Hair Oil Spray.
Also, check out our rate card and media kit here if you would like to advertise with us on this website. Thank you!
Like What You Read?
Howdy! Thanks for dropping by and reading our stuff. DailyStraits.com is an independent website that covers all things business and entrepreneurship related. If you like what you read, a little donation from your good self will go a long way in helping us run this site successfully. Thank you!
$5.00
Welcome to dailystraits.com. Please send all interview requests and press releases to editor@dailystraits.com.