Over 3 million Australians aged over 65 will have to pay hundreds of dollars more for their private health insurance per year¹, in a move the federal government argues will re-establish fairness between generations.

For years, many Australians over 65 have benefited from a higher private health insurance rebate, helping reduce the cost of their cover. But recent government changes mean that for some older Australians, that higher rebate may no longer apply in the same way. And the impact could be noticeable.

And depending on your age and income, that support could be more substantial than you think.

Step 1: Select your current health fund below.

Step 2: Once you answer a few basic questions, you will have the opportunity to compare quotes from multiple health funds*.

The private health insurance rebate is a government subsidy that helps reduce the cost of premiums. The amount you receive depends on your age and income.

Previously, Australians over 65 could access a higher rebate tier. However, recent policy changes mean that some people in this age group may now receive a lower rebate than before, depending on their individual circumstances.

For some households, this could result in paying hundreds of dollars more per year for the same level of cover.

One of the most common misconceptions is that once your premium changes, especially after April 1, you’re stuck paying the new rate. But that’s not necessarily the case.

Many Australians don’t realise that you can review and switch your health insurance policy at any time.

What happens if you’ve already paid your premium? In most cases, if you cancel your policy, any unused portion of your premium is refunded on a pro-rata basis. That means you’re generally not locked into paying for cover you no longer want or need.

Step 1: Select your current health fund below.

Step 2: Once you answer a few basic questions, you will have the opportunity to compare quotes from multiple health funds*.

With changes to rebates and varying premium increases across funds, many Australians, particularly those over 65 are now taking a closer look at their policies.

Some are finding that their current policy no longer offers the same value, other funds may have lower increases, and they may be able to adjust cover to better suit their needs.

Because pricing, rebates, and cover vary between funds, it can be difficult to know whether you’re paying more than you need to. That’s why many Australians are now using comparison tools to quickly review their options.

If you’re over 65 and have private health insurance, it may be worth taking a minute to see how these changes could affect you.

Billy Explores allows Australians to quickly compare health insurance options and see how the rebate may apply to different policies — all in one place. Rather than navigating multiple insurers individually, the tool helps you:

• 󠁯•󠁏󠁏 View policies from a range of providers.
• 󠁯•󠁏󠁏 Check options based on your age and circumstances.
• 󠁯•󠁏󠁏 Better understand how new changes might impact you.

Step 1: Select your current health fund below.

Step 2: Once you answer a few basic questions, you will have the opportunity to compare quotes from multiple health funds*.

It’s important to remember that rebate changes affect people differently depending on income and cover. Not all funds increase premiums by the same amount. And switching policies should always be based on your individual needs.

While recent changes may mean higher costs for some Australians over 65, it doesn’t necessarily mean you have to stay on a policy that no longer suits you.

For many, simply reviewing their options is enough to uncover better value.

Billy Explores offers a free, no-obligation comparison tool that helps Australians explore their options in just a few minutes.

👉 Check your eligibility and compare health insurance options here