The cost of private health insurance can vary considerably based on your age and level of cover. Some of the factors that can affect the cost include age, lifestyle and health history, type of cover, any additional benefits you may have chosen, and the type of provider you choose.
Since private health insurance premiums are based on your risk of needing to make a claim, the cost you pay will ultimately depend on your individual circumstances.
To give you an idea, the average cost of private health insurance for a single person, at a basic level of cover in Australia, is estimated to be $1,750 – $2,150 per year. For a couple, the estimated cost is $3,200 – $4,100 per year. And for a family of four, the estimated cost is $5,400 – $7,000 per year.
Also, many private health funds in Australia offer discounts on your premium if you or one of your family members are aged 65 or over. Furthermore, depending on your health fund, you may also be able to get discounts on the premium if you have more than one family member insured or if you pay your premiums annually. So it pays to shop around and compare policies and premiums.
To find out more about private health insurance and compare products, I recommend you take a look at the Australian Government’s private health insurance comparison website, which offers comparison tables and helpful information on insurance terms and conditions. You can access the site here: https://www.privatehealth.gov.au/