HCF announces 3.2% rate increase for members in 2019
Sydney, 19 December, 2018 – Australia’s largest not-for-profit health fund, HCF, has today announced its 2019 average premium increase of 3.2%, making it the lowest average increase for members in 17 years and below the industry average.
Federal Health Minister Greg Hunt confirmed today that the industry average for approved premium increases in 2019 will be 3.25%.
According to Sheena Jack, Chief Executive Officer at HCF, minimising private health insurance premium increases for members has been an important priority.
“We know that affordability is top of mind for our members and we have worked hard to deliver our lowest premium increase in 17 years,” said Ms Jack.
This year health and medical services inflation in Australia was reported at 4.1%, reflecting the fact that the cost of health care is rising faster than the consumer price index (CPI).
“The increasing prevalence of chronic disease, the ageing population, the growing demand for costly, complex medical treatments, and an increase in usage in health services per person, are all driving up the cost of health care, and in turn, the cost of private health insurance. We do everything in our control to minimise these increases on behalf of our members.”
In the lead up to next year’s industry-wide reforms, HCF remains focused on affordability, transparency and quality to ensure positive health outcomes for members.
The annual average premium rate increase is calculated based on forecasting of benefit payments and projected policy mix, and is approved by the Health Minister. The 2019 rate increase announced today is an average across all HCF policies.
Issued on behalf of HCF by Palin Communications. Media enquiries to:
- Karina Durham
Ph: (02) 9412 2255
M: 0402 307 056
- Hamish Walsh
Ph: 02 9412 2255
M: 0422 424 338
HCF, Australia’s largest not-for-profit health fund protecting Australians since 1932, covers over 1.5 million members with health and life insurance, community care, travel and pet insurance. On average over the last five years, HCF has paid out more cents in every dollar in premiums to members as benefits than the industry average. With over 35,000 specialists participating in its Medical Gap Cover Scheme and approximately 10,000 providers participating in its 100% back More for You programs, HCF gives members access to quality health care with no gaps or minimal costs compared to non-participating providers. To empower members to put their health first, HCF also offers a range of health and lifestyle services including its My Health Guardian health management program, mobile Victor Chang Health Checks and My Global Specialist second opinion service. HCF’s national network of retail outlets and Australian-based call centres have earned multi-award winning status. HCF members also have access to low cost, high quality services at HCF Dental Centres and HCF Eyecare Centres. Having contributed $50 million to support the health services research funded by the HCF Research Foundation, HCF is devoted to investing in the future of Australia’s health. To learn more about HCF go to hcf.com.au/about-us