Medibank and Nib Customers to See Premium Hikes

Some Australian private health insurance customers may see premium increases exceeding 5% in April, as Medibank and Nib plan hikes of 4.8% and 5.5%, respectively. Health Minister Mark Butler approved a 3.7% average rise last year, the highest since 2017, amid scrutiny from the Australian Medical Association over value for money. Health costs contribute significantly to inflation, with household spending on health up 7.5%, while insurers claim they are paying out record amounts. Competition remains strong, with major insurers offering free periods to attract new customers as they navigate rising costs and regulatory pressures.

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