4 May 2017 - Private health insurance premiums could be $150 lower from next year after the Federal Government moved to change the way it prices hip and knee replacements.

Health Minister Greg Hunt has done what his predecessor Sussan Ley would not and ordered a root and branch review of medical device pricing.

The action comes after analysis of public and private hospital data by the Independent Hospital Pricing Authority confirmed the government was forcing health funds to pay too much for the devices.

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