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Health insurance premiums up $200 a year
Health insurance premiums up $200 a year

Average health fund members will pay almost $200 a year more for cover after the Federal Government announced the 2013 round of premium increases today.

Health Minister Tanya Plibersek said premiums across the industry would rise about 5.6 per cent, or $3.70 a week for a family with top hospital. Singles will see their policy rise by $1.70 a week.

Premiums for members of WA's biggest health fund, HBFwill increase 3.75 per cent.

Premiums across the industry rose by 5.06 per cent last year, and this year's increase is well above the inflation rate, which is currently 2.2 per cent.

Ms Plibersek said the increases were driven by insurers paying out higher benefits to members.

She urged members to shop around for the best value policy.

The premium rises take effect from April 1.

But just over a million health fund members face another increase in July if the Government succeeds in winning parliamentary approval to stop paying the 30 per cent rebate on Lifetime Health Cover loading that penalises over-30s who delayed taking out cover.