UPDATE 30/03/2020: Australia's four biggest health insurers, Medibank, Bupa, HCF and NIB, will all be freezing premiums on April 1

Every year, health funds increase the cost of health insurance policies (the premiums) on April 1. 

According to the Department of Health, the average increase across all funds this time around was supposed to be 2.92%, with some planning to lift prices by more than double that. 

A 2.92% rise - which would technically be the lowest increase since 2001 - would cost the average family around $127 a year extra, but health funds could be set to abandon this price hike, at least temporarily. 

The first fund to commit to dumping premium increases is HBF, which was due to implement a relatively minor 1.98% rise. 

HBF’s CEO John Van Der Wielen said the move was due to many of its one million members finding themselves impacted by difficult financial circumstances, thanks to COVID-19. 

“These are extraordinary times and now more than ever access to the best healthcare is more important than ever,” he said.

“We want to do everything we can to keep health insurance affordable for our members.”

Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a six-month term.

Provider

At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years

Term Deposit - 6 months

  • Guaranteed rate of return
  • Manage your term deposit online
  • Choose your own term - Options range from one month to five years
At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

Term Deposit - 6 months

    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

    Term Deposit ($1000-$500001) - 6 months

      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

      Online Term Deposit - 6 months

        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details
        • Deposits are protected up to a limit of $250,000 for each account
        • Added loyalty bonus of 0.10%

        Personal Term Deposit - 6 months

        • Deposits are protected up to a limit of $250,000 for each account
        • Added loyalty bonus of 0.10%
        At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($25k-$5m) - 6 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000$product[$field["value"]]$product[$field["value"]]More details

          Term Investment ($100k-$200k) - 6 months

            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($500 - $1mn) - 6 months

              Annually, Semi-Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

              Term Deposit - 6 months

                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($5k-$25k) - 6 months

                  Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit - 6 Months

                    Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                    Term Deposit ($1000+) - 6 months

                      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                      Term Investment ($5k-$25k) - 6 months

                        At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                        Term Deposit ($5k-$500k) - 6 months

                          Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000031$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit ($250k+) - 6 Months

                            Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                            Term Deposit ($5000-$999999) - 6 months

                              Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit (> $1000) - 6 months

                                At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                TDs Premier Investment ($5k - $250k) - 6 months

                                  At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                  Term Deposit ($1000+) - 6 months

                                    At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                    Term Deposit - 6 months

                                      Important Information and Comparison Rate Warning

                                      All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 28, 2024. View disclaimer.

                                      Medibank & AHM COVID-19 relief 

                                      Two other major health funds, Medibank and AHM, have also just announced an initial support package of more than $50 million, which includes:

                                      • Allowing members to suspend their policies or access relief on their premiums 
                                      • Paying benefits towards chest, heart, lung and kidney hospital admissions related to the coronavirus, regardless of the level of cover 
                                      • Introducing additional clinical support systems for customers with coronavirus who are in self-isolation at home as well as customers with chronic and complex health conditions
                                      • 24/7 Medibank Nurse and Mental Health Phone Support lines

                                      Medibank CEO Craig Drummond said many of its customers were worried about how they can afford their health cover right now. 

                                      “We hope these initiatives go some way to relieve the stress and anxiety our customers are experiencing, and we are committed to ensuring that our customers benefit from unforeseen financial gains in light of the Australian Government’s cancellation of non-urgent elective surgery in private hospitals to free up critical health resources," Mr Drummond said. 

                                      “We recognise that we have an important role to play in supporting all Australians during this difficult period."

                                      BUPA COVID-19 relief 

                                      Bupa has also announced a $50 million assistance package for those suffering hardship, confirming all customers with a hospital policy would be covered for COVID-19 related claims, irrespective of the terms of their policy.

                                      There was nothing in its press release about freezing premium hikes however. 

                                      “This is a health situation like no other and as a health and care company we want to support our customers through this pandemic,” Bupa Australia & New Zealand Chief Executive Officer Hisham El-Ansary said.

                                      “From today, customers who have lost their jobs or are experiencing other financial hardship as a result of COVID-19, will have access to some financial assistance."

                                      You can access a complete list of health fund increases here: If you are struggling financially, keep an ear out for news from your health provider or call them to ask for similar relief. 

                                      And if you're one of the many Australians impacted by recent events, read our summary on how to receive the stimulus payments you might be entitled to