WEDNESDAY, 18 FEBRUARY 2026: HCF, Australia’s largest not‑for‑profit health fund, today announced an average premium rise of 4.96 per cent, effective 1 April 2026, reflecting rising costs across Australia’s health system.

HCF supports Australians across a broad range of ages, health needs and levels of cover, including members who rely on access to ongoing and higher-needs care. We know cost of living pressures remain front of mind for many households, and any premium change matters. As a not-for-profit fund that is open to all Australians, HCF’s focus remains on keeping health insurance accessible and ensuring care can continue to be sustainably funded over the long term.

Key facts

• HCF paid over $3.6 billion for members’ hospital and extras care last financial year
• Hospital and medical benefits reached $2.8 billion, supporting access to essential and specialist treatment
• Extras benefits totalled $787 million, driven by strong demand for services like dental, optical and physiotherapy

These figures reflect how members’ cover continues to be used to support access to essential care across the health system.

HCF Chief Operating Officer Kevin Keane said the fund had taken a careful and consistent approach to managing premiums in the context of rising costs across the health system, while delivering strong value and dependable care for members.  

“We recognise the pressure that premium changes can place on household budgets, particularly at a time when many Australians are managing rising living costs,” Mr Keane said.

“The Health Minister noted that the cost of providing medical and hospital services rose by around five per cent last financial year, driven by higher hospital costs, workforce pressures and increasing demand for more intensive care. Those pressures continue to be felt across the private health system.

“This year’s update reflects that environment, with our priority on continuing to fund essential care for our members,” said Mr Keane.

For more than 93 years, HCF has supported Australians’ access to healthcare. As a not‑for‑profit fund, HCF focuses on returning value to members through benefits, services and support, and works with hospitals, providers and government to help manage system-wide cost pressures.

Premium changes form part of the annual, regulated private health insurance pricing process and vary depending on policy type, location and level of cover.

HCF is committed to helping members understand and review their cover to ensure it continues to meet their needs, with support available at hcf.com.au, via the My Membership app, or by contacting the HCF team on 13 13 34 or at hcf.com.au/contact-us.

ENDS

Media enquiries to:

Joni Thomes 0475 576 738 or jthomes@hcf.com.au

ABOUT HCF

HCF, Australia’s largest not-for-profit health fund protecting Australians since 1932, covers more than 2 million members with health and life¹ insurance, travel², pet³ home⁴, landlord⁴ and car insurance⁴. HCF has been awarded Outstanding Value Health Insurance by Canstar ten years in a row from 2016-2025. On average over the last 10 years, HCF has paid out more cents in every dollar in premiums on its health insurance products to members as benefits than the industry average*. To learn more about HCF go to hcf.com.au/about-us

^* 88.7% compared to 84.4% across the industry. Calculated based on the average of the past 10 years, sourced from APRA Statistics: Operations of Private Health Insurers Annual Report data 2015–24 and Quarterly Private Health Insurance Statistics Jul 2024–Jun 2025.

¹ Issued by HCF Life. Consider the PDS and TMD at hcf.com.au/lifeinfo

² HCF Travel Insurance is arranged and managed by AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631 trading as Allianz Global Assistance for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708. Terms, conditions, exclusions, limits and applicable sub-limits apply. Please consider the PDS at hcf.com.au/travel and TMD at allianzpartners.com.au/policies before deciding whether to buy the product.

³ HCF Pet Insurance is issued by PetSure (Australia) Pty Ltd, except for policies entered into before 21 March 2024 and subsequent renewals of those policies, which are issued by The Hollard Insurance Company Pty Ltd. Consider the PDS and TMD at hcf.com.au/petinsurance before deciding if the product is right for you.

⁴ Issued by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708. Consider the PDS for Home insurance at hcf.com.au/home, for HCF Landlord insurance at hcf.com.au/landlord and for HCF Car insurance at hcf.com.au/car, and TMDs which are available for HCF Home insurance and HCF Landlord insurance here and for HCF Car insurance by calling 1300 657 046, before deciding if the product is right for you.