More than 15 million Australians are facing added financial pressure after the Federal Government approved an above-inflation increase to private health insurance premiums.
Federal Health Minister Mark Butler on Tuesday announced that annual premium rates would increase by an average 4.41 per cent from April, up from the previous year’s 3.73 per cent rise.
Mr Butler said the latest increase reflected the rising costs of providing medical and hospital services, which rose 5 per cent last financial year.
“The Government understands the pressure health insurance premium changes put on Australians and decisions about private health insurance premiums must put consumers first,” he said.
“This premium round has been guided by my commitment to maintain the value of private health insurance for Australians, while making sure the sector plays its part in supporting private hospitals facing rising costs and significant challenges.”
More than 15 million people, or half of the Australian population, have some form of private health insurance, with 45 per cent holding private hospital cover.
More to come.
