Medibank Private (ASX:MPL) and nib holdings (ASX:NHF) disclosed an increase in their health insurance premiums for the year following approval by the Federal Minister for Health, according to separate filings on Thursday with the Australian bourse.
Medibank's premiums will rise by an average of 3.99% starting April 1. This applies to Medibank and ahm health insurance policies, per the filing. In New South Wales, customers will see a higher-than-average premium increase of 4.81% due to recent changes by the state government that resulted in more expensive public hospital stays, the filing stated.
Meanwhile, nib holdings' health insurance premiums will rise by an average of 5.79% on April 1.
Medibank's shares were up 10% in recent trade, hitting a five-year high. nib holdings also advanced, with shares up nearly 6%.
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