on yourpremium changes

Every year, health funds review all private health insurance policies to determine any premium adjustments to make sure we’re managing the rising costs of healthcare. The Australian Government assesses and approves these adjustments. This includes any adjustments resulting from the Australian Government's Private Health Insurance Rebate (Rebate).

From 1 April 2024, premiums will be adjusted to help us keep up with the growing costs of hospital, medical and other health-related services. This means you may see a change to your health insurance premiums. 

Why is my premium changing?

While we do everything possible to keep premium increases to a minimum, there are several reasons premiums go up including:

  • The average cost of health services continues to rise at an unprecedented rate.
  • Almost half of Australians are living with chronic health conditions.
  • Advances in health technologies and treatments offer better outcomes but often cost more.
  • The incidence and cost of treating mental health concerns are increasing.

For more on what we’re doing to make healthcare affordable and accessible for our members, visit Why health insurance premiums go up.

When will my premium change?

Your first premium payment from 1 April 2024 will reflect your new premium amount. You won’t be charged if you’ve already locked in and pre-paid your health insurance premium. Find out more about how to lock in your premium.

When will I hear about my new premium?

We’ll contact you by your preferred way of hearing from us, either by email or letter in March 2024.

In March 2024, you can also find information about your premium by:

If you didn't receive your email or letter, check that your contact details are correct by logging in to online member services or the My Membership app.

My premium increase is different to the national average percentage. Why?

The Australian Government calculates the national average based on the premium increases it approves for all Australian health funds.

Because your premium increase relates to your chosen level of HCF cover, it may be different to the national average (or the HCF average). Your premium increase reflects the balance between managing member payments against the claims we pay out for all members on your level of cover in your state or territory.

Why has my premium gone up when my benefits haven't increased, and I've made few or no claims?

Private health insurance in Australia is community-rated rather than risk-rated. This means you pay the same premium for the same level of cover as everyone else in your state, regardless of your age, health status or the number of claims you make. This helps make private health insurance more accessible for everyone.

The reason premiums increase is to cover the rising costs of healthcare and make sure our capital is sufficient to cover the benefits for our members over the coming year. This increase is the balance between the premiums we receive from members on your level of cover, versus the claims we pay out to members on the same level of cover.

Why has HCF sent me a Private Health Insurance Statement with my premium review?

Your letter or email includes your Private Health Insurance Statement, which is a general summary of product features and what’s covered, as well as any restrictions, waiting periods, exclusions, excesses and limits. The dollar amounts and payment frequency on these statements may differ from the premium change information because they don’t reflect any Rebate, Lifetime Health Cover loading or discount (where applicable).

Can I lock in my current health insurance premium, and how do I do this?

We’re one of the only health funds that lets you pay your premiums up to 18 months in advance, giving you added peace of mind. To lock in your current premium for 18 months, we’ll need to receive your payment before the below deadlines.

BPAY 28 March 2024 (AEST/AEDT)
Direct debit (credit card or bank account) 27 March 2024 (AEST/AEDT)
Log in to the My Membership app or online member services
31 March 2024 (AEST/AEDT)
24/7 self-service hotline: 13 14 39 31 March 2024 (AEST/AEDT)
Pay via self-service through online member services or speak with a payment consultant: 13 14 39 31 March 2024 (AEST/AEDT)
In branch (EFTPOS, debit or credit card) 31 March 2024 (AEST/AEDT)

If you’ve already pre-paid your policy and don’t wish to make an additional pre-payment, you don’t need to do anything further as your policy will be paid in advance to your current date.

How can I change my payment frequency?

Depending on your policy, you can automate your premium payments at a frequency that suits you. This can be weekly, fortnightly, monthly, quarterly, half-yearly or even yearly, depending on what cover you hold. You can do this by:

How is HCF making healthcare affordable and supporting members during challenging times?

We’re committed to helping our members with high cost-of-living pressures and doing everything we can to keep the cost of health cover as low as possible. Our focus is where it should be, on providing great value health cover to our members, not profits for shareholders.  

Since the start of the pandemic, we’ve provided over $536 million in total COVID-19 member benefits and support, including:

  • freezing premium increases 3 times over 3 years
  • premium relief for all eligible members experiencing financial hardship
  • a free HealthyMinds mental health check-in for eligible members*
  • COVID-19 related hospital admissions covered at no extra cost on all hospital policies^
  • an expanded range of telehealth services, mental health and wellbeing programs and in-home hospital treatments for eligible members
  • $309 million in cashbacks to eligible members.

We tailor HCF offerings to provide members with choice, meet their needs and advocate for things they’ll benefit from most, like greater transparency and guidance around how to minimise out-of-pocket costs. We’ve recently implemented government reforms to keep dependants covered until they’re 31, ensuring younger people stay protected and helping ease cost-of-living challenges for many households.

Looking ahead, we’re also invested in creating a healthier future for our members through research, innovation and investment. This includes offering eligible members fast and easy access to care when and where it’s needed through our range of innovative health programs (including free mental health support*), telehealth services and a ground-breaking 5-year strategic collaboration with Ramsay Health Care to give members more treatment options, including some options from home for eligible members+.

What is HCF doing to lower the cost of health insurance?

Affordability continues to be an issue across the health system and members can be assured we’re doing everything possible to keep premium increases to a minimum. We deliver great value cover and access to timely, high-quality health services. We tailor our offerings to meet member needs and advocate for things our members benefit from most, like greater transparency around out-of-pocket costs. We’ve recently implemented government reforms to make healthcare more affordable for families by giving them the option of keeping dependants covered until they’re 31.

We’re also pleased to have launched our strategic collaboration with Ramsay Health Care, Australia’s largest private hospital operator. This first-of-its-kind agreement represents our ongoing commitment to making health cover more affordable and accessible as well as ensuring the long-term sustainability of the sector through the funding of alternative treatment options, such as at-home care+.

Here at HCF, we also work closely with industry groups and government to ensure we have a sustainable health system and keep the costs of health cover as low as possible by:

  • reducing out-of-pocket costs with our handy Participating Provider tools to help members make informed choices about their healthcare and what they can expect to pay  
  • working closely with healthcare providers to make it easier for eligible members to access the services they need and get the best value from their cover including in-home care+ and hospital substitution programs  
  • offering our 100% back No-Gap progams so eligible members can get 100% back on selected extras services like dental services, optical, a first visit to a podiatrist and physio#
  • driving change through partnerships with industry groups and government to influence policy reform to lower healthcare costs and average premium increases
  • investing in the future of healthcare through the HCF Research Foundation to drive research and innovation in the delivery of affordable and accessible health services for our members and all Australians.

How is the Australian Government Rebate on private health insurance calculated?

Aussies with private health insurance currently receive a Rebate from the Australian Government to help cover the cost of their premiums. The Rebate amount is the government’s contribution toward your private health cover and is calculated based on your income, age and family status. It’s adjusted annually based on the Consumer Price Index (CPI) and the average premium increase across all health funds, but there’s been no increase since 1 April 2021. Read more about the Australian Government Rebate.

Please keep in mind the Rebate will also change if your income has changed. Your premium might also be different if you’ve made changes to your cover, or if you’ve added or removed people from your policy.

On 1 July 2023, the Australian Government Rebate income tiers changed. If you need to update your tier, please contact us.

Read more about the Australian Government Rebate

I have more questions; how can I get in touch?

If you have a question about your premium change, we're here to help. Our award-winning^^ team are always happy to talk through your needs, so give us a call on 13 13 34 (Mon to Fri: 8am to 8pm, Sat: 9am to 5pm AEST/AEDT), send a message or ask us in branch.

You can also find more information about how private health insurance works at private health care explained or check out our member guide for everything you need to know about your cover.

Find out more


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How to get the most out of your private health insurance and understand the details.


What you need to know about the private health system.


Our exclusive offers, discounted e-Gift cards and benefits deliver even more value**.


* 1 HealthyMinds Check-in available per member per calendar year. Service is available free to all members with hospital cover. Excludes extras only cover, Ambulance Only, Accident Only Basic and Overseas Visitors Health Cover.

^ Overseas Visitors Health Cover is excluded. Overseas Visitors Health Cover members should check their product information to see if they're covered.

+ Available with HCF contracted providers. Subject to member location, hospital cover and clinical eligibility. Waiting periods may apply. You must have a suitable home environment to be treated in.

# 100% back through More for You providers in our No-Gap network is available on selected covers. Waiting periods and annual limits apply. Providers are subject to change. We recommend that you confirm the provider prior to booking your appointment. See hcf.com.au/100back

** Eligibility criteria applies. You can access HCF Thank You offers after you've been a member for a week and if your premiums are up to date. Excludes Ambulance Only and Overseas Visitors Health Cover.

^^ Awarded the Best of the Best and Customer Service Organisation of the Year (large business) awards by the Customer Service Institute of Australia in 2022 and 2023.