An improved wave function for positronium hydride is reported. The new wave function, which is of the same form as previously reported [Lebeda, C. F., Schrader, D. M.: Phys. Rev.178, 24 (1969)] yields a total energy of −0.7792 a.u., the lowest and hence most accurate value yet reported. This total energy indicates that positronium hydride is more stable than separated positronium and hydrogen atoms by 0.794 eV. The calculated annihilation rate, 2.22 nsec−1, is compared with available experimental evidence.