We use cookies to capture data to enhance your experience on our website.

By using our website, you consent to your data being collected and used as outlined in our Privacy Policy.

Australian Unity health insurance 2018 premium increase lowest since 2007

25 January 2018

Tags: Media

The federal government today approved an average premium rise for Australian Unity health insurance policies of 3.89 percent, to be applied from 1 April 2018. 

The federal government today approved an average premium rise for Australian Unity health insurance policies of 3.89 percent, to be applied from 1 April 2018.

Australian Unity’s average increase is below the industry average of 3.95 percent, and its lowest premium rise since 2007. Australian Unity has done a lot of work to keep its premium increase as low as possible, and this has been helped by broader health reforms.

Australian Unity understands affordability of private health insurance is a critical ongoing concern of its members, and has recognised this in health insurance premium negotiations with the federal government, which regulates premium prices.

“We are acutely aware that our members want value for money from their health insurance policy, whatever the level of coverage,” Australian Unity Retail general manager commercial, finance and strategy Paul Ryan says. “We are committed to providing this value for money both in hospital cover and extras, but further reform of our health system is required to keep costs in check.”  

Healthcare costs such as hospital accommodation and provider fees charged by specialists and allied health providers are rising faster than the overall economy, putting pressure on premiums. Some of this is driven by an ageing population, more chronic disease and higher usage of expensive medical technology. But inefficiency and waste in the health care sector also contribute to health inflation.

 “We have been supportive in recent times of the federal government’s reforms to private health insurance as a positive step on the path to improving affordability and value for consumers,’’ Mr Ryan says. “In particular, the moves to rein in  prostheses prices is welcomed.”

“But the job of health reform is not done. Further work is needed, notably in the area of transparency of health information such as clinician costs and outcomes data, to drive effectiveness and efficiencies in the cost of health care for Australians,” he says.

Australian Unity’s approved premium increase of 3.89 percent is an average only, and the increase applied to individual policies will vary. 

Further information:

Stephen Lunn

Head of Government Relations and Advocacy

Australian Unity

Mobile: 0401 704 352

Email: slunn@australianunity.com.au

About Australian Unity

Australian Unity is a national health, wealth and living mutual company providing services to almost one million Australians, including 300,000 members. Australian Unity’s history as a trusted mutual organisation dates back to 1840. It has grown organically—by continually evolving to provide the services and products needed by the communities it serves—as well as through successful strategic mergers and diversification in to new business activities.

Related article

Australian Unity appoints next Group Managing Director & Chief Executive Officer

Australian Unity Limited has announced Ms Kelly Bayer Rosmarin will become the next Group Managing Director (GMD) & Chief Executive Officer (CEO), succeeding Mr Rohan Mead, who informed the mutual company’s board in March this year of his intention to retire after 21 years in the role.

Read more

Australian Unity completes Plena Healthcare acquisition

Health, Wealth and Care group Australian Unity has completed the acquisition of Plena Healthcare Holdings Pty Ltd (Plena Healthcare) from Zenitas Healthcare Pty Ltd.

Read more

$2.38 Billion in unique Social Value Created: Australian Unity’s 2025 Impact Report Underscores Need for National Investment in Healthcare Access

New report reveals real-world impact for Australians — from hospital beds saved to better health, independence and community connection

Read more

Australian Unity Bank cuts variable home loan rates

Australian Unity Bank will reduce its variable home loan interest rates by 0.25 per cent per annum, following the Reserve Bank of Australia’s decision on Tuesday 12 August to lower the official cash rate by 25 basis points to 3.6 per cent.

Read more