Kerryn Boogaard Kerryn Boogaard
Beverly Goldsmith Beverly Goldsmith
Zoe Bingley-Pullin Zoe Bingley-Pullin

Private health insurance rates jump by five per cent:

Private health insurance premiums will increase by an average of five per cent from April.
By AAP
Date: February 28 2012
Editor Rating:
australian-money

But many Australians will have to find more than that to pay for their private cover from July when a means test is imposed on the federal government's 30% rebate.

The government has approved premium increases which Health Minister Tania Plibersek says will average 5.06%.

The increase was approved after 24 of 34 health insurers were asked to resubmit their applications to provide further evidence to justify requested increases.

"This resulted in seven insurers reducing their premiums," Ms Plibersek said in a statement on Tuesday.

The increase is 0.5% lower than last year's hike.

A means test for the taxpayer-funded rebate will be imposed on singles earning $83,000 a year or more, or for families earning a total of $166,000 a year or more.

It will drop to 20 per cent for singles earning between $83,000 and $96,000, and families earning between $166,000 and $192,000.

It will fall to 10 per cent for individuals on between $96,000 to $129,000, and families on $192,000 to $258,000.

There will be no rebate for individuals earning $129,000 a year or more, and for families earning more than $258,000.

The average premium increases for individual insurers will be published by the government at http://www.health.gov.au.

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