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Australian private health firms to increase premiums from October 1

A number of leading Australian private health insurance companies are set to increase their premiums from October 1. 

Customers on the books of HIF and MyOwn Health Insurance will be slugged more than anyone, with the funds to charge an extra 5.58 per cent and 5.63 per cent respectively.

Mayor funds such as HCF, GMHBA and Frank will also dent the wallets of their customers from next Thursday.

HCF private health customers will be slugged with a 3.39 per cent premium increase from October 1 (stock image)

HCF private health customers will be slugged with a 3.39 per cent premium increase from October 1 (stock image)

Medibank customers will also feel the pinch, with a hike of 3.27 per cent from October 1 (stock image)

Medibank customers will also feel the pinch, with a hike of 3.27 per cent from October 1 (stock image)

Nationwide, only five private health insurance firms have opted not to proceed with any price hikes, according to data from leading health insurance fund comparison site iSelect.    

‘People are still struggling during this economic and health crisis,’ Dean Price, senior campaigns and policy adviser for Choice, told 9News.com.au.

‘But the greed of most health insurers means that most people’s premiums are going up on October 1 without any consideration of the economic pain that people are already feeling in this recession.’ 

The development comes as the nation re-enters a recession in September for the first time in just under three decades.

Bupa and NIB have agreed to waive cost increases for those currently receiving support or wage subsidy payments as part of the federal government’s JobSeeker and JobKeeper initiatives.

Medibank and AHM have confirmed those on JobKeeper or JobSeeker payments will be able to apply for a 50 per cent decrease in premiums for another six months come October 1.  

Customers on the books of HBF won't see an increase in their premiums until March in 2021 (stock image)

Customers on the books of HBF won’t see an increase in their premiums until March in 2021 (stock image)

AIA customers can also breathe a sigh of relief, with no increases from next month (stock image)

AIA customers can also breathe a sigh of relief, with no increases from next month (stock image)

HEALTH INSURANCE INCREASES

THE COMPLETE BREAKDOWN LEADING INTO OCTOBER 1, 2020

Medibank: 3.27 per cent increase

Bupa: 3.26 per cent increase

HCF: 3.39 per cent increase

NIB: 2.90 per cent increase

HBF: No premium increase for any customers until March 31, 2021

AHM: 3.27 per cent increase

Australian Unity: 2.79 per cent increase

Frank: 3.34 per cent increase

GMHBA: 3.34 per cent increase

HBF: No premium increase for any customers until March 31, 2021

AIA: No premium increase

Health.com.au: No premium increase for any customers until at least December 31, 2020

TUH: No premium increase for any customers until at least December 31, 2020

ACA Health Benefits Fund: 3.94 per cent increase

CBHS Corporate Health: 2.37 per cent increase

CBHS: 3.91 per cent increase

Hunter Health Insurance: 3.96 per cent increase

CUA: 3.99 per cent increase

Defence Health: 3.49 per cent increase

Doctors’ Health Fund: 3.29 per cent increase

Health Care Insurance: 3.75 per cent increase

HIF: 5.58 per cent increase

Health Partners: 2.77 per cent increase

Latrobe Health Services: 3.49 per cent increase

Mildura Health Fund: 4.68 per cent increase

MyOwn Health Insurance: 5.63 per cent increase

Onemedifund: 2.99 per cent increase

Navy Health: 3.49 per cent increase

Nurses & Midwives Health: 3.74 per cent increase

Peoplecare: 3.48 per cent increase

Phoenix Health Fund: 3.10 per cent increase

Police Health: 3.14 per cent increase

Queensland Country Health Fund: 3.56 per cent increase

RT Health: 2.91 per cent increase

Reserve Bank Health Society: 3.08 per cent increase

St Luke’s Health: 2.90 per cent increase

Teachers Health: 3.24 per cent increase

Transport Health: 2.59 per cent increase

Westfund Health Insurance: 4.32 per cent increase

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