Annual premium round
This circular provides information about the 2022 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 coordinates the annual premium round. The Department of Health 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 Monday 15 November 2021.
The timetable for the 2022 Premium Round is as follows:
| Monday, 15 November 2021 | 3pm AEST deadline for applications |
| 15 November 2021 to December 2021 |
Department of Health and APRA assessment of applications |
|
By end of December 2021 |
Insurers notified of outcome outside business hours |
|
Friday, 1 April 2022 |
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 of Health.
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.