THURSDAY, 27 FEBRUARY 2025: HCF, Australia’s largest not-for-profit health fund, has announced an average premium rate rise of 4.95%, beginning 1 April.

Each year, private health funds review premiums to make sure they’re keeping pace with the escalating costs and complexity of delivering healthcare services. HCF CEO Sheena Jack said this year’s rate rise reflects both the significant out-of-cycle and additional funding requests from private hospitals, along with the NSW Government’s decision to more than double the daily rate for private patients staying in single rooms at NSW public hospitals.

“Despite these pressures, HCF has worked hard to balance the need to shield members from higher premiums while continuing to support a strong private and public healthcare system,” said Ms Jack.

“Our not-for-profit status means we can remain focused on maximising affordability and value for our members, not shareholders, even in the current challenging environment. Over the past decade, we’ve paid out industry-leading benefits, returning more cents in every premium dollar^** and ensuring our members have lower out-of-pocket costs and more value when they need to use their health cover.

“Members can benefit from 100% back on selected preventative services, including dental check-ups and initial visits to physiotherapists, chiropractors, or osteopaths. Additionally, 97% of in-hospital medical services are covered with no or known-gap arrangements, ensuring quality care without unexpected costs,” Ms Jack said.

HCF is also helping members manage everyday costs through access to discounts on a range of everyday purchases, including groceries and fuel, to help ease financial pressure.

“We know the challenges Australians face with healthcare affordability are real, which is why we continue to advocate for reforms that address the root causes of cost pressures,” said Ms Jack.

“For over 90 years, we’ve supported our members with access to quality healthcare, while keeping the cost of health cover as low as possible. With no shareholders to answer to, we’ll always put our members health and wellbeing first – whether it’s investing in new products, services and benefits, or working closely with our partners, providers, and industry to provide members with coordinated and cost-effective care when and where they need it.”

Premium adjustments vary depending on factors like state, policy type, and specific coverage details which means some members may see increases above or below the average. HCF is dedicated to providing clear and transparent information to help members make informed decisions about their cover. Members can lock in their current premium by prepaying for up to 18 months before 1 April 2025, depending on their level of cover.

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 over 2 million members with health and life insurance, travel, pet, home and car insurance. HCF has been awarded Outstanding Value Health Insurance by Canstar nine years in a row from 2016-2024. On average over the last ten 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.

^** 88.8% compared to 85.3% 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 2014–23 and Quarterly private health insurance statistics July 2023–March 2024.