Annual premium round
This circular provides information about the 2024 private health insurance (PHI) premium round. Arrangements for the application process requesting PHI premium rate changes have been determined in consultation with private health insurers and the Australian Prudential Regulation Authority (APRA).
The Department of Health and Aged Care (the department) coordinates the annual premium round. The department will consult with APRA throughout this process. APRA’s role in relation to the premium round is to advise the department whether premium increase requests from private health insurers would result in an adverse prudential outcome for individual insurers.
Timetable
Private health insurers requesting changes to premiums are to submit their application form no later than 3pm AEST on Wednesday 15 November 2023.
The timetable for the 2023 Premium Round is as follows:
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Friday, 22 September 2023 |
PHI Circular released to inform industry of timeline and release of final application form. |
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Wednesday, 15 November 2023 |
Applications due by 3pm. The Department of Health and Aged Care and the Australian Prudential Regulation Authority’s assessment of applications commences. |
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December 2023 to 31 January 2024 (Indicative only – subject to Minister’s consideration of applications) |
Insurers notified of outcome outside business hours. |
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Monday, 1 April 2024 |
Premium changes take effect. |
Submission of applications
Applications are to be submitted to APRA via SecureDoc (a cloud-based APRA owned file transfer system). APRA will provide the applications to the department.
Private health insurance premium application form
Applications are to be submitted in the forms provided and consistent with the detailed guidance at Attachment A and B.