Health insurance

How to lock in 2021 health insurance prices until 2024

You could avoid the annual health insurance price increase in April with this simple 2-step process.

As always, health insurance premiums are expected to increase further this year, with most funds introducing their annual price increase in April 2022.

But there is a way to avoid the price increase until at least 2023, or in one case, until 2024. Here’s what you do.

Number 1

Join a health fund that has postponed the April 2022 premium increase

In response to the COVID-19 pandemic, many health insurers are postponing the usual price hike from April 1 to later this year. That means you can pay today’s lower rate for longer.

The longest carry is HCF. If you are with the mutuality, your premiums will not increase until November 1, 2022. They will increase by 2.72%.

Teacher’s Health, UniHealth and Nurses & Midwives Health are postponed to October 1, 2022 and will increase by 2.7%.

Medibank and ahm will not increase their prices until September 1, 2022, when prices will increase by 3.10%. nib will also postpone its rise until September when it will increase by 2.66%.

Number 2

Prepay your premium for 12-18 months just before the 2022 premium increase

Do this the day before your fund plans to raise its premiums and you could lock in 2021 prices until at least 2023. Here’s how long the health funds listed above can get you prepaid:

  • FCS: 18 months
  • Feather: 13 months
  • Medibank: 12 months
  • uh: 12 months
  • Teacher health: 12 months
  • UniHealth: 12 months
  • Health Nurses and Midwives: 12 months

HCF comes out on top here. If you go with them, you could lock in 2021 prices until April 2024.

You will want to give your sickness fund enough time to process your prepayment. To be on the safe side, make your prepayment a few weeks before the date when prices are due to increase.

Have you ever changed health insurance? Compare policies on our homepage or take advantage of the HCF deferral here.