Why do health insurance premiums change?

Australian health insurance premiums are reviewed every year. Here’s why that happens.

Why do health insurance premiums change?

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

Factors influencing premium changes can include:

  • Rising cost of health insurance claims
  • An increase in chronic health conditions
  • More complex and costly medical procedures
  • Inflation

When do health insurance premiums change?

Premiums traditionally change on 1 April each year. But in recent years, some health funds have delayed or even cancelled premium changes to accommodate for socioeconomic factors like the COVID pandemic.  

If your premium is changing, it will change on 1 April 2024.

At HBF, you can pre-pay amounts to 'lock in' the 2023 rate as long as they are received by us on or before 28 March 2024. Get the details about this and more on our Frequently asked questions page.

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