I haven’t used my policy so why is my premium changing and will it go up every year?
Australian private health insurance is based on a principle called community rating which ensures everyone has fair access to private health cover and isn't limited by their claiming history or other factors such as gender or age. This means that when a premium changes, it changes for everyone who holds that product.
Most health funds review their premiums annually and, while we delayed our 2020 review to October to provide members with some financial relief, Medibank usually does this in April each year. Any proposed premium increase is submitted to the Australian Government Department of Health for review and must be approved by the Minister for Health. The main reason for premium change is to keep pace with the rising cost of healthcare and the increasing need for healthcare. We're living longer, chronic conditions are on the rise and we enjoy some of the best healthcare in the world. Your specific premium change depends on several factors, such as the state you live in, the type of cover you're on, and the general claiming pattern of members.