Private Health Insurance Premiums Rise 3 Percent

Australians already struggling with sharp rises in household expenses will face a 3 percent bump in private health insurance premiums—the largest rise in five years after the federal government changes. About 14.7 million Australians hold private health insurance coverage with the 3.03 percent increase higher than the 2.9 percent in 2023, and 2.7 percent in 2022. Federal Health Minister Mark Butler trumpeted the rise saying Australians were getting “value for money from their private health insurance which is rising at a much slower rate than the increase in wages the age pension and inflation.” The increases to health premiums pale in comparison to other insurance products like home, contents, and income protection which rose by an average close to 17 percent in 2023....