Health insurance premiums rose 3% today, costing millions of Australians.

Health Minister Mark Butler announced last month that premium rate increases would take effect on April 1. This information has been communicated by health insurance companies.Around 14.7 million Australians, or more than half of the country's total population, have health insurance, and they will soon face their largest bill increase in five years.

Nonetheless, insurers paid out $23.5 billion in health and medical benefits in 2023. The industry average would increase by 3.03 percent on Monday, according to a statement released by the Department of Health on March 5. The department insisted that the increase was "well below" the yearly increase in wages and inflation.

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According to the statement, wages increased more quickly than health insurance premiums for the second year in a row.

Customers at the nation’s largest private health fund, Medibank Private, will be paying 3.3 per cent more, while Bupa’s prices will jump by 3.6 per cent.

While, A 5.8% increase will hit CBHS Corporate Health members.

NIB premiums will rise 4.1% and HSF premiums will rise 4%. Tasmania-based Health Care Insurance had the lowest average premium increase, 0.3%.

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