15 September 2017 - The Turnbull government wants "dramatic reductions" in private health insurance price rises over the next three years, with a major new reform package set to make deep cuts to the medical device sector and entice more young people into cover.

Health Minister Greg Hunt's changes will also aim to slash mental health service waiting lists for private patients, and finally require insurers to offer a simplified three-tier policy system that will make it easier for people to compare, choose and understand their coverage.

Warning of a "catastrophe" if the government does not act to stop the private health insurance exodus, Mr Hunt says this year's 4.8 per cent average premium price increase was too high and said his plan will bring future increases as close as possible to the general inflation rate of 2%.

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