Need to know
- Medibank and AHM will increase their health insurance premiums on 1 November 2022 by 3.10%
- If you prepay by 31 October, you can lock in your current premium for up to 12 months
- Medibank is Australia’s largest health fund and owns AHM
Medibank and AHM will increase their health insurance premiums on 1 November 2022 by an average of 3.10%.
This compares with an average premium increase of 2.7% and is the third highest increase of the five major health funds. While HBF already increased its premiums on 1 April, the other three major funds have also delayed their premium increases till later this year:
- Bupa – 3.18% increase from 1 November 2022
- NIB – 2.66% increase from 1 November 2022
- HCF – 2.72% increase from 1 November 2022.
How to save on your Medibank health insurance premium
You can review your private health insurance at any time to check whether you’re getting the best deal (it’s good practice to do it at least once a year). With thousands of health insurance policies on the market it can be hard to make sense of your options, so our insurance experts developed a tool that lets you compare health insurance so you can find cover that works for you, and potentially save yourself hundreds.
If you decide your current policy is good value for money and suits your needs, prepay your premium by 31 October 2022. This is an excellent way to save money as it ‘locks in’ your current premium and means you’ll avoid the 1 November price increase for up to 12 months.
Medibank does not offer prepay or direct debit discounts. Youth discounts are available on all hospital policies and transferable (which means you can transfer a discount from another fund to one of these policies).
Corporate discounts are available for employees of a number of companies, so check to see what you’re entitled to.
Who is Medibank?
Medibank was launched by the Australian government in 1976, initially as a nonprofit but converted to a for-profit entity in 2009. It was privatised in 2014 and today it’s one of Australia’s largest health funds with 3.6 million members. It also owns the AHM health insurance brand.
How does Medibank rate?
Gap cover rating
How well does Medibank protect its members from out-of-pocket costs?
- Qld and SA – Below average (the second lowest rating).
- WA – Well below average (the lowest rating).
- Everywhere else – Average.
Medibank has a Medium rating for complaints.
The complaints rating is based on complaints lodged with the Private Health Insurance Ombudsman. See our round-up of the most complained about health funds.
Five steps to better, cheaper health insurance
Want to change health insurance policies but not sure where to start? Our experts have put together a handy five-step action plan to help you through the process of reviewing, comparing and switching your health insurance policy.
Just a few minutes could potentially save you hundreds of dollars a year: one of our editors saved herself over $1800 annually by reviewing and switching cover for her young family.
Follow these five easy steps below.
Stock images: Getty, unless otherwise stated.
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