Your premium will change on 1 April 2024.
You will be able to check your new premium from Friday 8 March online at members.medibank.com.au or on your My Medibank app.
We’ll also notify you of your new premium by email or post before the end of March.
Why premiums are reviewed annually
Health funds review their premiums annually to ensure they are keeping pace with the rising cost of healthcare. Any proposed premium increase is submitted to the Australian Government Department of Health for review and must be approved by the Minister for Health.
Your premium changes even if you haven’t used your cover. This is because Australian private health insurance is community rated, so when premiums change, they change for everyone who holds that product.
How premiums are calculated
Your premium is based on the type of cover you have. However, there are several additional factors that determine how much you pay, like:
- Australian Government Rebate (AGR)
- Lifetime Health Cover loading (LHC)
- Your state of residence
- Hospital excess
- Your type of cover.
Private health insurance in Australia is community rated. Community rating means that every person is entitled to buy the same health insurance products or renew the same products for the same price as any other person, regardless of any medical condition(s).
How Medibank works to address health costs and affordability
We're tackling increasing healthcare costs in several ways:
- Investing in preventative health programs and primary care to help customers stay out of hospital.
- Partnering with the healthcare sector to deliver innovative new models of care like our No Gap Joint Replacement, No Gap Endoscopy, and No Gap General Surgery programs (including short stay).
- Extended the age of dependants from 25 to 31 years of age.
- Providing the Young Adult Discount on most hospital covers for eligible Members.
- Encouraging Members to conduct regular cover reviews to ensure that they are always on the right cover for their needs and can get the most out of it.
- Our Members Choice network gives customers better value on their hospital and extras cover.
- Advocating for reforms to make the health system more sustainable for everyone.
Your options
You can prepay your premium and "lock in" your 2023 rate. You can prepay for up to 12 months prior to 1 April 2024. Payments must have been processed before the 1 April 2024 premium change.
If you’ve already paid your health cover premium in advance, your new premium won’t start until your next payment is due, so long as you do not make certain changes to your cover during this time* you won’t need to make any further payment at this time.
If you are having trouble affording your cover, please contact us to discuss your options. You can also explore our financial support options.
* This includes changing your level of cover, changing your membership category or state of residence, adding or removing a component of your cover (like Hospital or Extras) or reactivating your membership after a period of suspension.