Health insurance premium change 2023

Australian health insurance premiums are reviewed every year. Here’s what you need to know in 2023.

Last updated:

When will my premium increase come into effect?

HBF will be increasing premiums on 1 April 2023.

When will I find out my new premium?

Every policy owner will be sent a communication from February 2023 to advise them of their new premium. This will come into effect on 1 April 2023. You can view your current premium in myHBF; this will be updated with your new premium on 1 April 2023.

Why are my premiums changing?

Each year, all Australian health insurers 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 or corporate discounts, this will be 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 before 1 April?

Yes. We can accept a manual payment of up to 18 months’ premium (from the date you make the payment) at the 2022 rate, provided the payment is made before 1 April 2023. If you have already paid past 1 April 2023, we can still take a manual payment at the old rate, where this is made before 1 April 2023. 

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?

The cost of health insurance doesn’t go up because a member makes a claim. Premiums are reviewed every year to cover the rising cost of healthcare services. Health insurance works differently to other types of insurance, such as car or home insurance, where premiums typically go up depending on how likely the insured individual is to make a claim. 

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 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.

More ways we can help