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HBF delivers low premium increases for members

HBF health insurance premiums will rise by an average of 3.75 per cent from 1 April 2018 – one of the lowest average rate increases in recent years.

Author Ray Dunne
Time to read 3 minutes

The increase, which has been approved by the Federal Health Minister, compares with an industry-wide average of 3.95 per cent. The below-industry increase is a result of HBF efforts to reduce costs and recent government reforms.

Exact premium increases vary between policies. Members will receive communications confirming their individual health insurance premium from February 2018.

Quotes from HBF CEO John Van Der Wielen:

“This year’s average 3.75 per cent premium increase is among our lowest in 10 years. The below-industry increase follows a major restructure across HBF to reduce administration costs as well as government reforms to reduce the cost of prosthesis.

“As a not-for-profit health fund, we’ve been working hard to keep health insurance premiums as low as possible for members.

“HBF returns over 90 cents in every premium dollar to members in benefits and rebates. In 2017, a typical HBF member received more money back on hospital and extras treatment than ever before – up 7 per cent on the previous year.

“Health insurance premiums rise because more people are claiming for hospital and extras treatment and the cost of providing that treatment increases each year.

“HBF is committed to providing members with affordable and quality health insurance. We work actively with government, healthcare providers and industry partners to keep premiums as low as possible.”

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