The federal government has authorised a rise in private health insurance premiums that will cost families an extra $126 a year on average. The 2.74 percent annual increase will take effect from April and builds on rises of 2.92 percent this year and 3.25 percent in 2019. Almost 14 million Australians will be impacted by the cost increase. A single person will pay an extra $1.14 per week, and a family will pay $2.44 more a week. But Health Minister Greg Hunt says it’s the lowest annual average premium increase in 20 years. “Australian government reforms mean private health insurance will continue to offer Australian families affordable choice and flexibility in their health care,” his office said in a statement on Monday. Opposition health spokesman Chris Bowen said the confirmation of the 2021 increase was a blow for families, especially given some funds were likely to impose higher premiums. “Hunt’s …