YOUR HEALTH INSURANCE PREMIUM: WHY DOES IT GO UP?

Every year all Australian health funds review their policies and premiums. These reviews and changes come into effect every April. As a not-for-profit health fund, we put people before profit. Our focus is on delivering value to our members and we do everything we can to keep the cost of your health cover as low as possible. 2020 will be our second lowest premium increase in the past 19 years.

There are three main reasons for the rising cost of private health insurance:

  • More people are going to hospital and accessing more health services each year.
  • More people are living with chronic health problems, which are costly to manage.
  • Health technology and treatments keep advancing which are new and better but also more costly.

For the last financial year, 2018-2019, we paid $2.4 billion for members' hospital and extras benefits. Three of the most common hospital treatments we covered were:

  • knee replacement – over 4,100 members had this procedure
  • hip replacement – over 3,000 members had this procedure
  • gastroscopy/colonoscopy – almost 79,000 members had this procedure.

We also paid $152 million in hospital stays for HCF members under 30.

Read stories about members we've helped

REDUCING YOUR OUT-OF-POCKETS

We’re passionate advocates for reducing your out-of-pocket costs when you use your hospital or extras cover. That’s why, in an industry-leading initiative, we launched our handy participating provider search tool to help you save on medical costs by choosing from over 35,000 participating no-gap or known-gap specialists in our network.

We also provide guidance on preparing for a hospital admission and what you can claim for with our Preparing for Hospital pages. They feature a cost indicator tool that outlines the typical costs, potential out-of-pocket expenses, and the difference your choice of doctor and hospital can make.

HOW WE’RE WORKING TO LOWER THE COST OF HEALTH INSURANCE PRODUCTS

We look at the big picture and use our resources, networks and influence to innovate and help make health care more affordable for Australians by:

Driving Australian government reform and working directly with the Department of Health and Minister for Health to influence reform to lower healthcare costs and the average premium increases. 

Supplying a second opinion service to eligible members from a network of medical specialists at no extra cost+.

Offering our More for You extras providers, so eligible members can get 100% back on extras such as dental, optical, podiatry and physiotherapy when visiting a provider in our network#.

Investing in health services such as the HCF Research Foundation and HCF Catalyst. We invest and support these health businesses to drive innovation with the aim of creating more effective and efficient health care.

PUTTING PEOPLE BEFORE PROFIT

When it comes to healthcare, people want to know they’ll be genuinely cared for in their time of need. There’s care – and then there’s Uncommon Care. As Australia’s largest not-for-profit health insurer, our members get more benefits* back for every dollar paid in premiums than the industry average and the peace of mind that HCF is Australia’s most-trusted^ health fund.

GET IN TOUCH

Do you have more questions? We understand there’s a lot to wrap your head around. Have a read of our FAQs on premium changes.

Or our friendly team of health cover experts are always happy to help, so give us a call on 13 13 34. We’re here for you seven days a week. You can also visit a branch or email us

Get in touch FAQs on premium changes.

Find out more

Frequently asked questions

Read FAQs on your premium changes.

Understanding the costs

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

PRIVATE HEALTH CARE EXPLAINED

What you need to know about the private system.

MANAGE YOUR HEALTH

Programs and services that empower you to live a healthier life.

*HCF's 2019 Year in Review

^Roy Morgan Net Trust Survey 2018 & 2019

+Must have had hospital cover for 12 months and a specialist consultation to use this service. Excludes Accident Only Basic cover. Conditions apply.

#Depends on your level of cover and annual limits.