Health insurance premium change 2024

Australian health insurance premiums are reviewed every year. Here’s what you need to know in 2024.

Last updated:

When will my premium increase come into effect?

If your premium is changing this will come into effect on 1 April 2024.

When will I find out my new premium?

Every policy owner will be sent a communication from March 2024 to advise them of their new premium. The new premium comes into effect on 1 April 2024. You can view your current premium in myHBF; this will be updated with your new premium on 1 April 2024.

Why are my premiums changing?

Each year, Australian health insurers all review their premiums to make sure they can continue to serve their members’ needs.

Factors that influence premium changes can include:

  • Rising cost of health insurance claims
  • An increase in chronic health conditions
  • More complex and costly medical procedures
  • More people using the healthcare system
  • Inflation 

How is my premium calculated?

To calculate a premium, we use claims and service cost data from previous years and forecasted future costs to estimate the amount we’ll need to spend in the coming year. This is adjusted across each State, so we can safely cover the estimated costs. 

We calculate your premium based on your cover’s premium change, your Australian Government Rebate, and if applicable, any Lifetime Health Cover loading. If you receive a direct debit, corporate, or other discount, this will also be applied to your premium calculations.  

What is HBF doing to keep premiums down?

To keep premium increases down we have taken a proactive approach, looking for opportunities to reduce costs. 

We’ve contained administration costs through contract negotiations with healthcare providers and we’ve focused on reducing claims fraud and overcharging.

Our priority is to remain a sustainable, member-focused organisation that continues to provide competitive and valuable health insurance products for all our members.

Can I pay at last year's rate if I pay during March?

Yes. We can accept a manual payment of up to 18 months’ premium (from the date you make the payment) at the 2023 rate, provided the payment is received by us on or before 28 March 2024. If you have already paid past 1 April 2024, we can still take a manual payment at the old rate, if it is received by us on or before 28 March 2024. 

Please be aware if you currently have a direct debit or corporate discount applied to your premium payment, this will need to be removed to make the manual payment as these discounts only apply to automatic payment processes. Payment frequency discounts will still apply.

If you would like to make a pre-payment, please call us on 133 423 and we will be happy to assist. 

Why is my premium going up, even though I haven’t used my health insurance?

Unlike other forms of insurance, health insurance in Australia is community-rated, not risk-rated. Community rating means regardless of how likely you are to claim or have claimed, everyone is entitled to pay the same base price for the same health insurance policies. Premiums are reviewed every year by all Australian health insurers to cover the rising cost of healthcare services.

What else are you doing to help members at this time?

We are committed to being there for our members in the moments that matter and continue to support our members throughout uncertain times or when unexpected circumstances occur.

If you or a family member need support, we’re here to help you manage anything relating to your cover, from health and financial support, to accessibility or communication challenges. You can find information and resources that may assist here.

How does my membership type impact my premiums?

Your premium is calculated based on the cover you hold and your membership type.  Private health insurance offers cover for just yourself, you and your partner or for your whole family. Generally, there are four categories of membership:

Members on the same product but a different membership type may pay slightly different premium amounts.

If this doesn’t reflect your current situation, or you would like to find out more information about your membership type, please call 133 423. We’ll be happy to talk through your options.

How can I get the best value from my HBF cover?

Make sure your cover is a good fit for your needs.

You don't want too much, or too little cover.

We can help you check on that with a Policy Health Check.

Communication changes

Why is HBF changing the way it communicates with members?

We are encouraging more electronic communications to ensure we can share information with all our members more quickly through our digital channels.

I want to continue receiving paper-based correspondence – how can I select my preferences?

You can select your preferences by visiting or by contacting us at 133 423. However, we encourage all our members to add a valid email address to their profile as some future correspondence may only be sent via email.

When will HBF fully stop communicating through paper-based correspondence?

We will advise our members a reasonable time in advance of when this change will be taking effect.

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