The NuvaRing is a prescription contraceptive method which is inserted into the vagina by the user and distributes hormones to stop ovulation.
It can be used for three weeks in a row before being removed for a week, and a new one is then inserted.
Used correctly, the ring is is 99.5 per cent effective which is similar to other hormonal contraceptive options.
The NuvaRing is available in a three-pack as a private script for $130.
From November 1, when it will be added to the Pharmaceutical Benefits Scheme (PBS), it will cost general patients $31.60 and concessional patients $7.70.
From January 1, the maximum women will pay per script will be $25.
Within the contraceptive landscape, the ring falls in between a daily pill and a long-acting reversible such as an IUD, Sexual Health Victoria medical director Sara Whitburn told AAP.
"Contraception is about choice and what works for people and their lifestyle, but one of the biggest barriers to people choosing the NuvaRing has been cost," she said.
"When people make a decision around contraception, cost is one of the things that influence their choice the most."
Side effects of the ring are similar to the contraceptive pill, including acne, bloating, weight gain and reduced libido.
But Dr Whitburn said it could be a good option for people who have stomach upsets from taking the pill.
"For someone who wants to have something they are in control of inserting and removing, or they have had side effects from taking a tablet, the ring could be something to consider," she said.
In February, the federal government announced a $573 million women's health package to increase bulk billing for IUDs and birth control implants as well as add new oral contraceptive pills to the PBS.
The PBS listing of the NuvaRing is part of this package.
The changes linked to long-acting reversible contraceptives are expected to benefit around 300,000 women each year and save them up to $400 in out-of-pocket costs.
Health Minister Mark Butler said women's health needs had been sidelined for too long.
"Australia has one of the lowest uptake rates in the developed world of long-acting contraceptives, partly due to access and affordability," he said.
"Expanded options though the PBS will remove cost and access barriers so more women can choose the contraceptive option that works best for them."
Women's health had long been under-represented in research and innovation, resulting in a significant gap in understanding, support and healthcare for women, Organon ANZ director Bilal Somra said.
"Investment in women's health not only seeks to address the significant unmet needs for half the world's population, but it brings with it significant economic and productivity opportunities," Mr Somra said.
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