Annual premium round
This circular provides information about the 2021 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.
Private health insurers requesting changes to premiums are to submit their application form no later than 3pm Thursday 19 November 2020.
The timetable for the 2021 Premium Round is as follows:
Thursday 19 November 2020
Deadline for applications
19 November 2020 to early 2021
Department of Health and APRA assessment of applications
Insurers notified of outcome outside business hours
1 April 2021
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.