Millions of Aussies sabotaging own savings as health insurance premiums jumpA staggering number of customers are settling for a deal they don’t think is great value.4 min read

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Private health insurance premiums are set to rise by an average of 4.41 per cent this year, the highest increase in eight years, adding fresh pressure to household budgets already grappling with ...

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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMillions of Aussies sabotaging own savings as health insurance premiums jumpA staggering number of customers are settling for a deal they don’t think is great value.4 min read\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-24 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://7news.com.au/business/finance/private-health-insurance-millions-of-aussies-sabotaging-own-savings-as-premiums-jump-up-to-598-per-cent-c-21698568><strong>7NEWS</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Private health insurance premiums are set to rise by an average of 4.41 per cent this year, the highest increase in eight years, adding fresh pressure to household budgets already grappling with ...</p>\n\n<a href=\"https://7news.com.au/business/finance/private-health-insurance-millions-of-aussies-sabotaging-own-savings-as-premiums-jump-up-to-598-per-cent-c-21698568\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://7news.com.au/business/finance/private-health-insurance-millions-of-aussies-sabotaging-own-savings-as-premiums-jump-up-to-598-per-cent-c-21698568","article_id":"2613684217","we_media_id":null,"thumbnails":[],"rights":{"source":"7news_stock","url":"https://7news.com.au/business/finance/private-health-insurance-millions-of-aussies-sabotaging-own-savings-as-premiums-jump-up-to-598-per-cent-c-21698568","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2613684217","pubTimestamp":1771862400,"columns":[],"sourceInfo":{"source_id":"7news_stock","name":"7NEWS"},"weMediaInfo":null,"summary":"Private health insurance premiums are set to rise by an average of 4.41 per cent this year, the highest increase in eight years, adding fresh pressure to household budgets already grappling with highe","collect":0,"end_time":0,"defaultTopTitle":"7news.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","BK4585":"ETF&股票定投概念","LABU":"三倍做多标普生物-Direxion","BK4581":"高盛持仓","XBI":"SPDR S&P Biotech ETF","XLV":"健康照护类股ETF-SPDR"},"translate_title":"随着健康保险费飙升，数百万澳大利亚人破坏了自己的储蓄数量惊人的客户接受了他们认为不太有价值的交易。4分钟阅读","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LABU":0.6,"XBI":0.6,"XLV":1.5},"content_text":"Private health insurance premiums are set to rise by an average of 4.41 per cent this year, the highest increase in eight years, adding fresh pressure to household budgets already grappling with higher mortgage repayments and energy bills.While some funds are raising fees well below the average, some are going up by nearly 6 per cent.According to official government data, some of the lowest premium increases for 2026 will be seen at insurer GMHBA with a 1.98 per cent rise, followed by HBF at 2.15 per cent.Know the news with the 7NEWS app: Download today ArrowAt the other end of the spectrum, Australian Unity customers will face the steepest hikes at 5.98 per cent, and NIB is set to lift premiums by 5.47 per cent.What’s driving the increaseKate Browne, Head of Research and Insights at Compare Club, said the 4.41 per cent figure is an average and can mask substantial differences between funds and even individual policies.She described the current environment as a “triple whammy” for households.“We’ve had a rate rise, we’ve had energy rebates end, which were really helping cut inflation, and now we’ve seen this hike, which is the highest we’ve seen in eight years,” she said.Health insurance premiums are going up, but there are still ways to save. Credit: SunriseShe said the drivers were “multifactorial”, including inflation increasing healthcare costs, rising private hospital costs and an ageing population leading to more complex and expensive claims.Be the first to know: Add 7NEWS as your preferred news source on Google“We’re an ageing population ... As we get older, our needs become more complex and often we need insurance for things like joint replacements and some of those really expensive procedures,” she said.Why Aussies aren’t making the switchDespite rising premiums, Compare Club’s analysis of 17,000 recent customer calls revealed a striking gap between frustration over costs and customers actually switching behaviour.“We’ve surveyed consumers, and many of them say they don’t feel they get particularly great value,” she said.However, 48.7 per cent of people surveyed said they had never switched funds or looked for a better deal.Even more shocking, 44 per cent of respondents incorrectly believed they would need to re-serve waiting periods if they switched insurers, a rule that changed in 2007.“That could be affecting about 6.7 million people,” Browne said.Browne emphasised that the only time you would need to serve another waiting period is if you needed to upgrade cover, and, in that circumstance, the waiting period would only apply to the new elements covered.Fear and confusion, she said, were the major barriers, with 15 per cent saying health insurance was too confusing to compare, almost 5 per cent saying they did not know how to switch, and 20 per cent believing it would not be worth it because savings would be too minimal.Many health insurance customers stay with their fund despite dissastisfaction. Credit: SunriseBut the data shows that saving can be significant.“On average, we see people save $300 by switching,” Browne said.She cited one family who had been with the same insurer for 24 years, paying more than $10,000 a year for top cover.“They were paying for pregnancy cover, IVF, weight loss surgery ... they didn’t need any of that, and they were able to share five and a half thousand off their annual bill and still have pretty good cover,” she said.Browne also warned of so-called older “zombie policies” that may no longer represent strong value.“If you’re on a really old policy with your health insurer, there is a good chance they’re not going to contact you and say, ‘Hey, you should switch’, yet new customers will be on a far better deal,” she said.She said extras benefits on older policies may not have kept pace with inflation, meaning consumers receive less back in real terms than when they first signed up.“What may have been a good deal 12 years ago has not kept up with the prices you’re being charged now,” she said.What a typical policy actually costsTo test how much families are paying in real terms, 7NEWS.com.au sourced quotes for a typical NSW family of four.The scenario modelled a 35-year-old couple with two dependent children earning a combined $202,000 before tax, seeking combined hospital and extras cover.The policy included private hospital treatment, ambulance, general dental, optical, physiotherapy and psychology, with a $750 excess.The quotes focused on Bronze and Bronze Plus hospital products paired with mid-level extras, reflecting the type of cover commonly chosen by cost-conscious families.In this sample, monthly premiums ranged from just over $210 to nearly $290 - marking a difference of up to $950 a year.For a family earning $202,000 before tax, the cheapest policy equates to about 1.7 per cent of their monthly take-home pay.However, price alone does not determine value. It is worth nothing policies differ in hospital category inclusions, annual extras limits, waiting periods and gap arrangements, all of which can significantly affect out-of-pocket costs.With premiums rising again, Browne said households should use the increase as a trigger to reassess their policy.“From what I see behaviourally, financially, economically, people should use this premium increase as a trigger to really give their health insurance a good check,” she said.“We say every three years you should look around and switch. If it’s been longer than that, there’s a good chance you might be paying too much.”For families feeling squeezed, Browne suggested families steer clear of cancelling policies if they can help it and instead call their provider and investigate if they are on the right policy for their current stage of life.All information in this article is general in nature and does not take into account your personal circumstances. You should always seek independent, professional financial advice from a licensed expert before making any financial decisions. Past performance is not indicative of future results.How much the health insurance hike will cost you1 min readHealth insurance cost set to soar despite cost-of-living bite2 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}