133 423

Health Insurance Premium FAQs

Find out what you need to know about HBF cancelling the 2020 premium increase.

Your premium is calculated as a combination of your Hospital &/or Extras premium, your Australian government rebate, your Lifetime health cover loading, and any discounts (like a direct debit or corporate discount).

HBF has decided not to increase our own Hospital and Extras premiums, and the Australian Government Rebate on Private Health Insurance will also not change.

However your premium may have changed if you have changed rebate tiers, changed any discounts that applied to your policy or had any changes to your Lifetime Health Cover loading.

HBF had previously announced that some members’ premiums would be decreasing from 1 April 2020. We’re happy to confirm that those decreases will still go ahead.

HBF will not be increasing premiums until 1 April 2021.

Every policy owner will be sent a communication to advise them of their new premium. This will come into effect on 1 April 2020. Your current premium is also available in myHBF and will be updated on 1 April 2020.

HBF are working to ensure we support our members through this difficult time. For a full list of initiatives, please visit our COVID-19 member hub.

To calculate a premium, we use claims and service cost data from previous years to estimate the amount we’ll need to spend in the coming year. Premiums are then adjusted for each type of cover in each state, so we can safely cover those predicted costs.

Premium increases aren’t calculated at an individual member level. Your premium change just depends on the kind of cover you have and the state you live in. Community rating a legislation means everyone with the same cover will have the same premium change.

Your final premium amount each year will be a combination of the cover's change, any discounts (like a direct debit or corporate discount), your Lifetime Health Cover loading, and your Australian Government Rebate on Private Health Insurance.

The way health funds calculate premium increases doesn’t go unchecked. The Federal Health Minister’s office as well as APRA (Australian Prudential Regulation Authority) are required to sign-off on all average premium increases and have the final word on whether the proposed increases are reasonable.

How to save on your premium

There are many things you can do to lower your premium. You can:

  • Take advantage of payment frequency discounts e.g. get a discount for paying yearly instead of fortnightly.
  • Increase the excess on your hospital insurance.
  • Review the services on your policy.

To get the most value from your health cover, the best thing to do is make sure it features the services you need to support your health and lifestyle.

If you are experiencing any financial hardship we encourage you to call us on 133 423.

How the Australian Government Rebate on PHI works

Your Government rebate may be less than it was last year because of the way the rebate is calculated. While your rebate will change depending on your income and age, the rebate percentage itself is adjusted year on year in line with the overall rate of inflation (Consumer Price Index; or CPI) and generally decreases over time.

The rebate you receive is calculated based on your age and income, which we request at the time you set up your health cover.

If you have not given us information about your age or income tier, or your information is not accurate, it may impact your next tax return. To check or update your rebate details, login to myHBF.

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