Skip to content   Skip to footer navigation 

Health insurance rises outpace CPI

23 December 2013

With the Federal government signing off on private health insurance price rises for 2014, CHOICE is calling on Australians to health-check their insurance and make sure they have the cover need at a competitive price.
The latest average price rise of 6.20% for 2014 comes on the back of the 5.6% rise in May this year. 
“While health insurance price rises are regulated, these increases of up to 8% for some funds are running well ahead of CPI and will put pressure on family budgets,” says CHOICE spokesperson Tom Godfrey.
“With price rises varying from 3.25% to 8%, it is worth comparing policies to ensure you are getting the cover you need at a competitive price. You should also review your extras cover, check for a discount for paying annually and see if you qualify for a restricted membership fund.”
The good news is there are some simple things consumers can do to offset the impact of prices rises:
  • Review your extras cover
  • Take a look at your Hospital Cover and ask yourself why you have it. Is it for tax or health?
  • Check for a discount for paying annually or direct debit
  • Visit and
Compare Policies
  • Check whether you qualify to join a restricted membership fund
  • Beware of lifetime limits (some funds have them for orthodontics) and combined annual limits
  • Our analysis of health insurance finds that top-cover policies with an excess or co-payment provide better value than medium-cover policies 

How to switch funds

  1. Get a detailed quote
  2. Ask for the cover to start only when the old cover is cancelled
  3. Clearance certificate
  4. Itemised claims statement (make a copy and send to new fund)
  5. Cancel direct debit with fund and your bank 
Health funds reviewed
  • AHM
  • Australian Unity
  • BUPA
  • Central West
  • CUA
  • GMF
  • HBF
  • HCF
  • HIF
  • Health Partners
  • Latrobe
  • Medibank Private
  • NIB
  • Peoplecare
  • Queensland Country Health Fund
  • St Lukes
  • Westfund

Media contact