Can private health insurers increase their premiums whenever they want to?

Insurers apply to increase their premiums (usually in November).

The Australian Prudential Regulation Authority (APRA) assesses all applications to ensure the requested increases are justified.

APRA refers the applications to the Minister of Health. The Minister must approve an application unless it is not in the public interest.

The Minister announces the approved price increases (usually in December).

Insurers must notify policyholders of approved premium price increases. They must give enough notice so the policyholder can change insurers and/or policies if they want to.

The price increases are introduced on 1 April of the following year.