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28 | 02 | 23
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02 | 23
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871

Why did the price of my private health insurance increase?

OSHCstudents – Millions of Australians have received notice that their private health cover premium is increasing from 1 November 2022 and the question on everyone’s lips is ‘why?’ In this article, we have the answer to the tough question about premiums increasing.

For those of you who have held private health insurance for a while, you might recall that the premium increase usually takes place in April each year.

Why is my premium increasing?

The cost of healthcare is increasing

The first reason is inflation, which is the sustained increase in the price of general goods and services. For example, that soy latte you bought for $4.20 in 2012 is probably selling for closer to $6 now, your electricity bill has gone up and the car insurance that once cost you $700 is now charging you $799.

It’s not just you affected by inflation, it’s everyone from doctors and nurses to physios and dietitians. Because health providers have to pay more money for things like medical equipment, medication and staff (as well as rent, electricity, etc.), they may need to increase the prices that they charge for their service.

More people are claiming

Australia’s aging population coupled with a rise in chronic conditions such as heart disease and diabetes means more and more Australians are using healthcare services. With trends set to continue, more pressure is put on the healthcare system and claims made through private health insurance.

See more: How to claim your hospital payment

Will the price go up again?

It is difficult to predict any future premium increases as this is largely dependent on claims expenditure and any relevant government incentives and reforms. Because the health industry is heavily regulated, the Federal Minister for Health must approve any changes to your premium – and that generally only happens every April. So, you won’t see any other price changes until April, 2023.

 

News related

Baek Ah Yeon

I trust Allianz Care since it is one of the largest insurance companies in Australia, with the medical centres where I only have to pay for what is left from insurance support. (no need to claim later). Besides, those centres are located at the centre of the city, close to schools. Very convenient, right? Credits to Allianz Care for providing reliable medical centres for health check and treatments.

Baek Ah Yeon | University of Queensland

Ariella Pei

I’ve been living with homestay family for 2 years. I’m now 19, I can move out but I don’t want to leave my host, who has become my family. It feels like I’ve met my second family. Thanks OSHCstudents for sending me to this homestay!

Ariella Pei | University of Canberra

Chatchawat Paton

I realised how important insurance was when I started living in Australia. There I switched to using Allianz Care instead of the previous service. Allianz Care is extraordinarily good in its consulting service and customer care. I’ve learned a lot about Australian health care, also I was consulted with mental issues and how to live a healthy lifestyle. I am very happy now.

Chatchawat Paton | Torrent University

Xiaoyu Cheng

Thanks to Allianz Care, every time I claimed my medical receipts it processed much more quickly and easily than I expected. I was initially a bit concerned since Allianz Care is more expensive than other insurance companies, but now I can ensure that it is totally worth the money.

Xiaoyu Cheng | Monash University

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