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HBF delivers Australia's lowest premium increase

HBF has delivered Australia's lowest average increase in premiums, rising by an average 1.98% from 1 April 2020.

Andrew Walton
1 minute

WA’s largest health insurer, HBF has delivered the lowest premium increase of any health fund nationally.

HBF members’ premiums will, on average, increase by 1.98 per cent from 1 April 2020. The industry’s average increase is 2.92 per cent.

Federal Health Minister, Greg Hunt today released the list of approved average increases for all health insurers.

The nation’s five largest health insurers delivered the following average increases:

Health insurer
Average rate increase
HCF
3.39%
Medibank
3.27%
Bupa
3.26%
nib
2.90%
HBF
1.98%
Average for all insurers
2.92%

HBF Chief Executive Officer, John Van Der Wielen said HBF well understood that affordability was a pressing issue for Australians with health insurance.

“This year, like last, we’ve focused our efforts on minimising our premium increase, without compromising quality,” he said.

“Keeping our increase to below 2 per cent for two years in a row has been possible because we’ve contained our costs, clamped down on fraud, and been able to use investment returns to offset members’ claims.

“It’s enabled us to deliver the lowest average premium increase of Australia’s five major health insurers, for the past two years.”

Mr Van Der Wielen said HBF’s not-for-profit status had also helped the insurer minimise its premium increase, at a time when all insurers faced the challenge of rising healthcare costs.

“With no obligation to provide a dividend to shareholders, unlike our for-profit competitors, we’re well-placed to keep a lid on future premium increases.”


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