The federal government's authorised rise in private health insurance premiums will leave families an extra $126 a year on average out of pocket.
The 2.74 per cent annual increase will take effect from April and builds on rises of almost three per cent this year and 3.25 per cent in 2019.
A single person will pay an extra $1.14 per week, and a family will pay $2.44 more a week.
Health Minister Greg Hunt's office issued a statement that it's the lowest annual average premium increase in two decades.
"Australian government reforms mean private health insurance will continue to offer Australian families affordable choice and flexibility in their health care," said Mr Hunt.
The Opposition's Health spokesman Chris Bowen, told SBS News confirmation of the 2021 increase will have a big effect on families, especially given some funds were likely to impose higher premiums.
"On average it means $126 a year, but for some people it will be much more than that. Obviously big families have a bigger cost and 2.7 per cent is just the average. So Bupa is 3.2 per cent , Medibank is 3.25 per cent and NIB is 4.36 per cent. So these are much bigger increases with much bigger impacts on the members, so I’d certainly encourage people to shop around and go to privatehealth.gov.au to compare the premiums but never-the-less, these increases will come as a big blow to many Australians," Mr Bowen said.
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