Private health insurance premiums are set to rise by more than 3 per cent, in the biggest increase in five years. The federal government has approved an average industry premium rise of 3.03 per cent, which will come into effect from April. More than 14 million Australians could be paying more for their health insurance from April 1 under the increase. The increase in 2024 is slightly higher than a rise of 2.9 per cent in 2023 and 2.7 per cent in 2022 and 2021.
Social security payments have also increased in line with inflation. “I wasn’t prepared to just tick and flick the claims of health insurers, as the opposition asked me to do,” Butler said. “I asked insurers to go back and sharpen their pencils and put forward a more reasonable offer for the 15 million Australians with private health insurance.” Butler said the government had given $7.3 billion to policyholders through its private health insurance rebate. It’s estimated more than $23.
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