How to Navigate Health Insurance Premium Hikes

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Understand Your Coverage

With the current increase in health insurance premiums, it's essential to evaluate whether your health coverage is serving your needs or not. Elizabeth Deveny, chief executive of the Consumers Health Forum, recommends taking time to understand what your policy covers and which extras are essential to your circumstances.

“Private health insurance is transferable so it’s worth shopping around and given the current cost-of-living pressures, it’s more important than ever to compare options and get the best deal”, remarks Dr Deveny.

To do this, she recommends visiting privatehealth.gov.au, where individuals can compare policies, get premium quotes, and take advantage of the coverage calculator. By using the website, you can determine which insurer offers the best deal based on your coverage needs.

For instance, basic hospital coverage without any specialist requirements or extras in Victoria can be as low as $104 per month or as high as $376 per month.

Think Switch, Not Ditch

With public wait times for elective surgeries getting lengthier, it is advisable to think twice before forgoing private health insurance to escape hikes in policy premiums. Lana Hambilton, head of health insurance at Compare the Market, encourages switching health policies rather than ditching them altogether when experiencing sizable policy hikes. This is especially important because specialized healthcare services like dental and optical expenses are not covered under public Medicare schemes; thus, private insurance is the only way out.

When assessing whether your policy suits your needs, consider consulting your GP regarding your medical and family records to ensure you're adequately insured. For families with children, adding extras like dental and optical to your health plan may make it more valuable in the long haul.

Published:Thursday, 1st Jun 2023
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Clear

Significant Reduction in Farm Liability Claims Reflects Enhanced Safety Practices

25 Jan 2026: Paige Estritori

Recent data from WFI Insurance indicates a substantial 75% decrease in farm liability claims over the past year, suggesting that Australian farmers are adopting more effective safety measures. This decline is particularly notable in incidents involving falls from height, which have reached their lowest level in four years. - read more

Heightened Road Risks During Holiday Season Due to Increased Freight Traffic

25 Jan 2026: Paige Estritori

As Australia enters the summer holiday season, insurers and transport specialists are raising alarms about heightened road risks resulting from the convergence of increased freight activity and holiday travel. This period sees a significant uptick in both passenger vehicles and heavy trucks on the roads, amplifying the potential for accidents and safety incidents. - read more

Celebrating Excellence: 2025 National Trucking Industry Award Winners

25 Jan 2026: Paige Estritori

The Australian Trucking Association (ATA) has proudly announced the recipients of the 2025 National Trucking Industry Awards, recognizing outstanding contributions and achievements within the sector. These awards highlight the dedication and excellence of individuals and organizations that drive the industry forward. - read more

Premiums Decline in Australian Construction Insurance Market

25 Jan 2026: Paige Estritori

Australia's construction insurance market has entered a softer phase in 2025, with premiums decreasing across various lines due to heightened competition among insurers. According to Marsh's Construction Insurance Market Update 2025, premium reductions averaged between 5% and 15% in the first half of the year. - read more

Labour Shortages and Supply Chain Issues Elevate Insurance Claims Costs

25 Jan 2026: Paige Estritori

In 2025, Australia's insurance industry is grappling with rising claims costs, particularly within the construction sector, due to labour shortages and supply chain disruptions. Crawford & Company's latest Claims Inflation Update highlights that construction expenses are increasing at a rate faster than general consumer prices, with the Building Cost Index (BCI) rising nearly 5% annually. - read more

Click for more Insurance News