Private health insurance premiums have increased as part of a series of changes announced on April 1.

The changes include an annual premium increase and an introduction of a tiered system for hospital policies, designed to simplify things for customers.

There is also a new option to raise excesses from $500 for singles and $1000 for families to $750 and $1500 respectively.

Medibank CEO Craig Drummond tells Ross Greenwood they are “very supportive of the changes”.

“The changes are aimed very much at improving affordability and transparency.”

Click PLAY below to hear the details of the changes