Families set to pay an extra $14.50 a month in health cover

The new health insurance premium rise means that families will have to pay about $14.50 a month extra for health fund cover from April 1st.

Meanwhile, single people face rises of about $7.25 per month in their health fund costs under changes announced by health minister Nicola Roxon, the Daily Telegraph reported.

The minister also released information showing the average premium rises at each individual health fund.

"This means that people are able to check and compare the average price rise for their fund, and to compare the relative costs and benefits of their cover," she said.

According to the information, Medibank Private will raise its premiums by an average of 5.74 per cent, MBF by an average of 5.62 per cent and HCF by 5.94 per cent, the news provider noted.

Such increases may encourage Australians to compare savings accounts as living costs rise.

Earlier this month, the Herald Sun reported that financial advisers are expecting to be overwhelmed with debt concerns as households struggle to pay higher water and power bills this year.

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