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 life insurance, travel, pet, home and car insurance. 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 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.