2023 Premium Price Changes
Each year in Australia, health funds review their premiums and any proposed changes are assessed and approved by the Federal Minister for Health.
While premiums were approved to change from 1 April 2023, we made the decision to delay premium changes until 1 October 2023, in line with our commitment not to profit from COVID-19 and recognising the current financial pressures on Australian households.
The change to your health cover premium will allow for the expected rise in the cost of medical treatments and services. It means we can continue to pay claims when you use your health cover.
We understand that premium increases are never welcomed. We’ve worked hard to keep the increase below inflation, while allowing for the continued rise in healthcare costs.
What’s contributing to increased premiums?
The cost of delivering primary health care is the biggest contributor to increasing private health insurance premiums. Hospitals have also been hit with rising costs of food, power and recruitment. In addition to an expected rise in claims costs, we also anticipate the volume of claims to increase over the next 12 months.
*Figures are general claims statistics from January 1 2023 – May 11 2023 for nib Health Insurance, nib Corporate Private Health Insurance, GU Health Insurance, Qantas Health Insurance, AAMI Health Insurance, APIA Health Insurance, Suncorp Health Insurance, Priceline Health Insurance, ING Health Insurance, Real Health Insurance, Seniors Health Insurance.
^ These figures are general claims statistics for financial year 22, with claims developed to October 31 2023 for nib Health Insurance, nib Corporate Private Health Insurance, GU Health Insurance, Qantas Health Insurance, AAMI Health Insurance, APIA Health Insurance, Suncorp Health Insurance, Priceline Health Insurance and ING Health Insurance.
How we're innovating healthcare together
Your premium payments play a vital role in helping nib fund latest advancements in technology and data science. Not only do you have access to quality healthcare services, but you’re also contributing to healthcare innovations that have the potential to improve your health outcomes.
Through the investments we've made so far, our members have gained access to a range of health management tools, programs and clinical support. With our services like telehealth, nib Health Care @ Home and Health Management Programs, we're redefining accessibility and making sure you can receive the care you need.