Premium review

Premium changes came into effect on 1 April 2024.

Learn more about why premiums are reviewed annually by health funds below.

Each year health insurers review the cost of healthcare and use this information to adjust premiums. These changes are regulated by the Federal Government and can only take place once per year. Premium adjustments usually occur in April.

Please read through the FAQ's below to answer any questions you may have.

Premium Review FAQs

Health insurance premiums are reviewed because healthcare costs increase year-on-year. Health funds review their cover each year to ensure they remain sustainable and can meet future claim obligations of all members in the fund.

Healthcare costs are driven by a number of factors outside of private health insurers' control, including:

  • higher costs associated with new medical technologies and treatments
  • an ageing population requiring higher levels of care
  • rates of chronic health conditions increasing

Health funds are required to justify a premium increase by submitting an application to the Federal Government for approval. All applications to increase premiums are first assessed by the Department of Health and the Australian Prudential Regulation Authority (APRA). The application is then sent to the Minister for Health and Aged Care to consider if the increase is necessary. If a proposed premium increase is found to not be in the public interest, it won’t be approved, and health funds may be asked to review and resubmit their proposals or to keep premiums on hold.

Learn more about private health insurance premium increases.

The rebate amount you receive on your private health insurance policy from the Australian Government is determined by income threshold.

While the rebate percentage levels remain unchanged, the income thresholds that determine which tier you fall into will change from 1 July 2024.

Learn more about rebate levels and income thresholds.

Being a not-for-profit health fund, every decision we make is to benefit our members and community, not shareholders. The premiums you pay go toward paying out member claims and the cost of running the business. In our 90th year of operation, GMHBA remains a not-for-profit, 100% member-based organisation and an active contributor in building the health and wellbeing of communities.

Premium changes come into effect from your first payment on or after 1 April 2024.  

The industry average is calculated using the figures from all health insurers in every state, across all products. That’s why increases in the premiums of some products will be higher, while others will be lower.

All members in the same state/territory pay the same premium for the same policy. Private health insurers cannot discriminate against members based on health status, claims history or age. This is a government requirement called Community Rating. This system is intended to keep health insurance fair and accessible for all Australians. This is in contrast with other insurance industries that use risk rating, such as life insurance or car insurance.              

Learn more: Private Health Insurance Community Rating System

Check that you’re only paying for what you might need. Ask us for a cover review – we'll go over your cover with you to help you choose a cover suitable for your circumstances. We have a range of policies to suit a variety of budgets and needs. 

You can access a copy of your premium review communication by logging into your member area and viewing your recent interactions. You can also update your preferred contact method in your member area.

Premiums were last increased on 1 October 2023. This change was deferred from 1 April 2023 which means that members had an extra six months before their new premium came into effect.

We chose to freeze premiums for six months in 2020, 2022 and 2023 as part of our COVID-19 support measures. This was a simple way to enable GMHBA to return value to members during a challenging time.

The past few years have demonstrated that quality healthcare is more important than ever. Private health insurance can offer: 

  • greater choice of provider or treating specialist
  • protection and peace of mind for members and their families
  • cover for services not covered by Medicare such as dental, physiotherapy and glasses under extras policies
  • access to extras benefits is a great way for people to proactively look after their health, such as making it easier to have annual dental check-ups.