Health Insurance Premiums Set to Increase On 1 November 2022

Health Insurance Premiums Set to Increase On 1 November 2022

Major health insurance funds Medibank, Bupa, NIB and HCF are set to increase their health insurance premiums on 1 November, putting extra pressure on Aussies already dealing with increased costs of living. It also means a great opportunity for Australia to do a health insurance comparison.

Most health funds increased their premiums by an average of 2.7% on 1 April 2022, with the four larger funds holding off until later in the year.

The earlier increases during the year saw many compare health insurance in Australia to see if they can get a better health insurance deal, as well as questioning the differences between Medicare and private health insurance and exploring Medicare as an option as well.

Before the increase takes effect, health funds will advise Australians how much their policy will increase.

If they can afford to pay a full year’s premium in advance, Aussies can lock in 12 (or in some cases 13) months of coverage at that year’s prices.

Billy Explores is now urging everyone to compare health insurance Australia. The best way to do a health insurance comparison is through Billy Explores. Everyday Aussies can save time and effort, and explore potential savings through our panel of health insurance providers.

To start a private health insurance comparison, simply click here.

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