HBF keeps premium increase to minimum
The Federal Health Minister, Nicola Roxon, has today announced premium increases approved for all Australian health funds.
The average increase for HBF members will be 5.85%. This compares with an average of 5.57% for all Australian health funds.
Managing Director, Rob Bransby, said that the fund had worked hard to keep its premium increase to a minimum.
“As a not-for-profit health fund, we don’t need to factor in a profit for shareholders – the only motivation for any increase is to be able to pay the additional benefits our members need” Mr Bransby said.
“Over the past eight years, HBF has actually had the lowest average premium increase of any major health fund” Mr Bransby said.
In 2009/10 HBF paid a total of $877 million in benefits to members – an increase of 12% over the previous year. In 2010/11 HBF expects its total benefits to increase by a further 10%, driven mainly by benefits for hospital treatments.
“This year’s premium increase prepares the way for another year when we know we’ll need to provide more for HBF members going to hospital” Mr Bransby said.
The latest changes in premiums for all health funds take effect from 1 April 2011.
[ends]
Media contact: Andrew Walton tel : 0438 925 050
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