In February, the Minister for Health and Aged Care, the Hon. Mark Butler MP, announced his approval of the annual premium increases for all Australian private health insurers.

Ron Wilson, Navy Health CEO, is pleased to advise the increase will be 2.9% – Navy Health’s lowest in 15 years.

Plus, this increase will be delayed until 1 November 2023.

To help further, Navy Health is delaying this increase until 1 November 2023. That means an extra seven months without an increase to premiums.

This premium increase is being delayed so an additional $2.2 million of COVID-19 savings can be returned to members. These COVID-19 savings are the result of the Government-imposed COVID restrictions on health services from 2020 to 2022. This additional giveback increases the total COVID-19 support provided to members to more than $6.5 million.

With the cost of living rising quickly, it pays to be with a not-for-profit fund that is focused on returning more in benefits to members. By keeping the premium increase low, and delaying it until 1 November 2023, Navy Health aims to keep the health insurance increase to a minimum.

This year’s 2.9% annual premium increase is an average across all policies, and so it may be different to the increase applied to each specific policy. Individual premium increase differs between policies based on items such as the type of cover and State or Territory. In August, members will receive a notice outlining the changes to their premiums.

If you have any questions, please call our friendly Member Services Team on 1300 306 289 or you can email query@navyhealth.com.au.