Premium review
Private health insurance premium changes will come into effect on 1 April 2026.
Why are premiums reviewed each year?
Each year health funds 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, usually on 1 April.
Put simply, the cost of healthcare delivery continues to increase in Australia which then impacts the cost of health insurance. Costs are driven by:
- Increased cost of health service delivery
- An ageing population and people living longer
- Increases in chronic conditions
- New medical technologies and treatments
As a health fund, we have to address and react to these rising costs and prepare for the future, to ensure our members continue to get access to the care they require.
Learn more about private health insurance premium increases.
What can I do to save on my private health insurance?
Here's some of the ways that you may be able to save on your private health insurance:
1. Understand your cover
Log in to the app or member area to view your cover details, including your product fact sheet and PHIS.
Being across what you currently use, and what you're keen to be covered for in future can help make sure you have what you need. Once you’re done with all this deep thinking – get in touch to book in a cover review.
LOG IN TO MEMBER AREA >
2. Get a cover review
Taking the time to do a cover review can help you see value in your cover, find savings or learn about options to support you. In the review, we’ll discuss what you are looking for and talk you through any other covers that may be more suited to your health or budget needs.
3. Lock in your premium
If your premium is increasing on 1 April 2026, you can lock in your current premium by pre-paying up to a maximum of 12 months in advance (up until 31 March 2027).
All you need to do is make payment by 31 March 2026. Your policy will then be paid in advance to your current date.
You can do this by:
- Logging in to your online member area; or
- Using the Frank app
- Phoning us on 1300 437 265.
Frequently Asked Questions
We’ll send your premium communication and important policy documents to your email. You can also access a copy of your premium review notice in your member area.
- the amount and type of clinical categories and/or extras services covered, and
- the costs of paying benefits towards these services.
In 2026, the average industry increase for health insurance premiums is 4.41%. We’re very proud that Frank (along with our parent insurer GMHBA Limited’s) average increase of 1.98% is the lowest increase across the industry, and below the industry average for the fourth year running.
The rebate amount you may be eligible to receive on your private health insurance policy from the Australian Government is determined by income threshold.
The rebate percentages (rates) were adjusted effective from 1 April 2025.
Your rebate tier and rebate amount – if you have chosen to receive this as a reduction on your premium – will be shown in your 2026 premium review notice.
Find out more about rebate levels and income thresholds.
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
Health funds need to justify any increase to premiums by submitting an application to the Federal Government for approval. All applications to increase premiums are assessed by the Australian Government Department of Health and Aged Care and the Australian Prudential Regulation Authority (APRA). The application then goes to the Minister for Health and Aged Care. If a proposed premium increase isn't deemed to be in the public interest, it doesn't get approved.
Learn more about private health insurance premium increases.
There are plenty of reasons to have private health insurance – think of it as an investment in your health. Private health insurance can offer:
- greater choice of provider or specialist
- peace of mind for members and their families
- benefits for services not generally covered by Medicare such as dental, physiotherapy and prescription glasses under extras policies – this can be a great way for members to proactively look after their health.
