Private health insurance premiums are rising more than inflation and wages

Saeed Khan/AFP/Getty Images

Private health insurance premiums are increasing by an average 3.95% from April for 13 million Australians, according to an announcement by federal health minister Greg Hunt.

The rise, which is greater than average wage increases of 2% and the rate of inflation at 1.8%, is the lowest since 2001.

A single person will pay an average of $1.40 extra a week and families $2.75 for their private health insurance.

There are 37 private health insurance funds in Australia.

“I encourage consumers to shop around to get the best deal for themselves and their families,” says Hunt.

Medibank says its premiums will rise by an average 3.88%. HCF premiums are rising by 3.39%, Bupa 3.99% and nib 3.93%.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.