Media Article

HBF announces lowest average premium increase of five major health funds

The premium increase is lowest of the five largest health funds and in line with underlying inflation.
By HBF
2 minutes
25 February 2025
Father giving  his son a piggy back

Summary

  • 2.80% average premium increase for HBF’s approximately 1.2 million members, effective 1 April 2025
  • Increase is lowest of the five largest health funds, less than the industry average of 3.73%, and in line with underlying inflation
  • Extends HBF’s track record of keeping premium increases as low as possible for members, with HBF’s 10-year average annual increase of 3.44% also below the major health funds and industry average over the same period
  • Focus on keeping premium increases as low as possible while working to ensure a sustainable and high-quality private health system for our members

HBF Chief Executive Officer Dr Lachlan Henderson said: “As a not-for-profit health insurer, we are focused on keeping premium increases as low as possible for our members, especially with cost-of-living pressures affecting household budgets.

“Today’s announcement extends HBF’s track record of keeping downward pressure on premium increases over the long term – our 10-year average increase is below the major health funds and industry average, reflecting our ongoing commitment to provide affordable healthcare that directly benefits Australians and their families.

“We also remain focused on delivering value for our 1.2 million members through the claims we pay and by minimising out-of-pocket costs. For example, last financial year we paid $1.84 billion in claims to our members, up 7.9%, while our members also experienced no out-of-pocket costs for over 91% of in-hospital medical services.

“HBF is committed to supporting a sustainable and high-quality private health system in Australia.  We encourage all health insurers, hospitals, governments, and healthcare providers to work together to address the current challenges facing the system, ensuring patient needs remain at the core of all decisions.”

Adrian Watson

Media enquiries

For more information please contact Adrian Watson, General Manager Sustainability and Corporate Affairs

About HBF

HBF was founded more than 80 years ago in Perth and has provided private health insurance to generations of Western Australians. HBF has expanded to become Australia's second largest not-for-profit health fund, providing hospital and ancillary insurance to approximately 1.2 million members nationwide. HBF is also becoming a more active participant in health services through its physiotherapy businesses HBF Physio and Life Ready, its expanding HBF Dental business, and pharmacy partnerships with TerryWhite Chemmart outside of WA and Pharmacy 777 within WA. HBF is committed to actively connecting with and supporting the communities in which it operates as a trusted member-based organisation.  Visit hbf.com.au