The Australian Prudential Regulation Authority (APRA) yesterday revealed where gap was paid, the average figure was $193.42 in the March quarter - up by a quarter on March 2019 figures.

Meanwhile, the average out-of-pocket expense incurred for hospital treatment was $324.04, up 2.5% on the March 2019 quarter.

The biggest average gap payments were in the plastic/reconstruction sector, where 38% of the cost was covered by gap payments with an average gap of $414. 

More broadly, 9,760 people ditched their policies over the quarter, representing a 0.2% fall on the December quarter. 

The largest fall in policies held was for people aged 30-34, and these figures mostly represent data from before many elective surgeries were banned under COVID-19 lockdowns.

In total, 43.8% of the Australian population were covered by hospital treatment cover.

Industry-wide, health insurers gained $25 billion in premium revenues in the year ending on the March 2020 quarter, and paid out $21.51 billion in fund benefits.

While these figures are up on 2019's year ending March quarter, benefits paid are outpacing revenue increases - benefits paid are up 3.68%, while revenues are up just 2.45%. 

This has also led to a 28.44% decline in net profit after taxes - down to just $970 million industry-wide.

Still, however, this is a discrepancy of $3.49 billion in premiums to benefits paid ratio in the year ending March quarter.

Price increases have slowed over the past five years, and in April last year the industry was mandated to have a 'Gold, Silver, Bronze, Basic' categorisation system to aid consumers in finding the right policy.

In April this year, many providers' premium rises were nixed as COVID-19 took hold of the Australian economy.

Premiums were originally slated to increase an average of 2.92% - the lowest rise since 2001, the year when premiums actually decreased on average.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Update resultsUpdate
Filters
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
4.20% p.a.
4.95% p.a.
Intro rate for 4 months
then 4.20% p.a.
$472
4 months
$250,000
$99,999,999
$0
$0
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.20%
 Disclosure
3.70% p.a.
5.15% p.a.
Intro rate for 4 months
then 3.70% p.a.
$469
4 months
$0
$249,999
$0
$1
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
 Disclosure
0.00% p.a.
Bonus rate of 4.85%
Rate varies on savings amount.
4.85% p.a.
$490
–
$0
$99,999
$0
$0
  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
 Disclosure
0.05% p.a.
Bonus rate of 4.95%
Rate varies on savings amount.
5.00% p.a.
$505
–
$0
$99,999
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
 Disclosure
0.20% p.a.
Bonus rate of 0.00%
Rate varies on savings amount.
4.50% p.a.
Intro rate for 4 months
then 0.20% p.a.
$308
4 months
$0
$99,999,999
$0
$0
0.20% p.a.
Bonus rate of 0.00%
Rate varies on savings amount.
4.50% p.a.
Intro rate for 4 months
then 0.20% p.a.
$308
4 months
$0
$99,999,999
$0
$0
2.80% p.a.
4.35% p.a.
Intro rate for 4 months
then 2.80% p.a.
$385
4 months
$0
$99,999,999
$0
$1
0.00% p.a.
Bonus rate of 3.85%
Rate varies on savings amount.
3.85% p.a.
$388
–
$0
$99,999,999
$0
$1
3.95% p.a.
3.95% p.a.
$398
–
$500,000
$99,999,999
–
$0
0.10% p.a.
Bonus rate of 3.70%
Rate varies on savings amount.
3.80% p.a.
$383
–
$250,000
$499,999
$100
$1
0.01% p.a.
Bonus rate of 4.74%
Rate varies on savings amount.
4.75% p.a.
$480
–
$0
$99,999
$100
$0
1.00% p.a.
4.30% p.a.
Intro rate for 3 months
then 1.00% p.a.
$266
3 months
$0
$99,999,999
$0
$0
More savings accounts
  • Bonus variable rate for the first 4 months on balances up to $250k and high variable ongoing rates.
  • No fees and no monthly requirements to earn interest.
  • Easily open an account online in 3 minutes.

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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 . View disclaimer.

Important Information and Comparison Rate Warning

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