Just what you need in a recession: Private health insurers will jack up premiums in a week - here's the list of which Australians will be slugged extra
A number of leading Australian private health insurance companies are set to increase their premiums from October 1.
Customers on the books of HIF and MyOwn Health Insurance will be slugged more than anyone, with the funds to charge an extra 5.58 per cent and 5.63 per cent respectively.
Mayor funds such as HCF, GMHBA and Frank will also dent the wallets of their customers from next Thursday.
HCF private health customers will be slugged with a 3.39 per cent premium increase from October 1 (stock image)
Medibank customers will also feel the pinch, with a hike of 3.27 per cent from October 1 (stock image)
Nationwide, only five private health insurance firms have opted not to proceed with any price hikes, according to data from leading health insurance fund comparison site iSelect.
'People are still struggling during this economic and health crisis,' Dean Price, senior campaigns and policy adviser for Choice, told 9News.com.au.
'But the greed of most health insurers means that most people's premiums are going up on October 1 without any consideration of the economic pain that people are already feeling in this recession.'
The development comes as the nation re-enters a recession in September for the first time in just under three decades.
Bupa and NIB have agreed to waive cost increases for those currently receiving support or wage subsidy payments as part of the federal government's JobSeeker and JobKeeper initiatives.
Medibank and AHM have confirmed those on JobKeeper or JobSeeker payments will be able to apply for a 50 per cent decrease in premiums for another six months come October 1.
Customers on the books of HBF won't see an increase in their premiums until March in 2021 (stock image)
AIA customers can also breathe a sigh of relief, with no increases from next month (stock image)
HEALTH INSURANCE INCREASES
THE COMPLETE BREAKDOWN LEADING INTO OCTOBER 1, 2020
Medibank: 3.27 per cent increase
Bupa: 3.26 per cent increase
HCF: 3.39 per cent increase
NIB: 2.90 per cent increase
HBF: No premium increase for any customers until March 31, 2021
AHM: 3.27 per cent increase
Australian Unity: 2.79 per cent increase
Frank: 3.34 per cent increase
GMHBA: 3.34 per cent increase
HBF: No premium increase for any customers until March 31, 2021
AIA: No premium increase
Health.com.au: No premium increase for any customers until at least December 31, 2020
TUH: No premium increase for any customers until at least December 31, 2020
ACA Health Benefits Fund: 3.94 per cent increase
CBHS Corporate Health: 2.37 per cent increase
CBHS: 3.91 per cent increase
Hunter Health Insurance: 3.96 per cent increase
CUA: 3.99 per cent increase
Defence Health: 3.49 per cent increase
Doctors' Health Fund: 3.29 per cent increase
Health Care Insurance: 3.75 per cent increase
HIF: 5.58 per cent increase
Health Partners: 2.77 per cent increase
Latrobe Health Services: 3.49 per cent increase
Mildura Health Fund: 4.68 per cent increase
MyOwn Health Insurance: 5.63 per cent increase
Onemedifund: 2.99 per cent increase
Navy Health: 3.49 per cent increase
Nurses & Midwives Health: 3.74 per cent increase
Peoplecare: 3.48 per cent increase
Phoenix Health Fund: 3.10 per cent increase
Police Health: 3.14 per cent increase
Queensland Country Health Fund: 3.56 per cent increase
RT Health: 2.91 per cent increase
Reserve Bank Health Society: 3.08 per cent increase
St Luke's Health: 2.90 per cent increase
Teachers Health: 3.24 per cent increase
Transport Health: 2.59 per cent increase
Westfund Health Insurance: 4.32 per cent increase