HBF lowest premium increase of major Australian funds: 4.95%
The average premium increase for HBF members will be the lowest of any major health fund in Australia.
After a year in which benefits paid to HBF members rose by 10% HBF has limited its average premium rise for members to 4.95% - well below the average increase of 5.78%. Managing Director, Rob Bransby, said that the fund had been able to keep its premium increase to the absolute 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.”
And HBF members are making greater use of their health insurance than ever before. The total amount paid in health benefits to HBF members has grown from $537 million in 2004 to $775 million in 2009.
Rob Bransby said that HBF believed that claims would continue to grow, as members made more and more use of their private health insurance.
“We’ve seen claims increase year on year – the fact is that as the pressure on the public health service grows members are making significantly more use of their health insurance.”
During the past year HBF’s membership has grown to record levels and HBF attracted half of all new policies taken out by West Australians in 2009. WA remains the only state where over 50% of the population has private hospital cover.
Examples of HBF's premium increases:
| Family / Individual | Type of cover | Monthly Premium Up to 1 April | Monthly Premium After 1 April | Monthly increase ($) | Increase (%) |
| Family | Top Hospital (no excess) | $283.82 | $296.40 | $12.57 | 4.4% |
| Individual | Young Single Savers Twin Pack | $65.65 | $68.47 | $2.82 | 4.3% |
| Individual | Essentials Saver | $26.43 | $27.52 | $1.08 | 4.1% |
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