Date published:
PHI circular type:
PHI announcement
Audience:
General public
The Australian Government Rebate on private health insurance (PHI) is annually indexed on 1 April by a Rebate Adjustment Factor (RAF) representing the difference between the Consumer Price Index (CPI) and the industry weighted average increase in premiums. The RAF calculation is set out in the Private Health Insurance (Incentives) Rules 2012 (No. 2).
The RAF for 2023 has been calculated as 1. This means there will be no changes to the Australian Government PHI Rebate on 1 April 2023. The PHI Rebate tiers for 1 April 2023 to 31 March 2024 are as follows:
| Base Tier | Tier 1 | Tier 2 | Tier 3 | |
|---|---|---|---|---|
| Under 65 | 24.608% | 16.405% | 8.202% | 0.000% |
| 65 – 69 | 28.710% | 20.507% | 12.303% | 0.000% |
| 70+ | 32.812% | 24.608% | 16.405% | 0.000% |