Annual premium review

Annual premium review customers haven’t seen a premium change come into effect since 1 April 2019. In the health insurance world, that’s a pretty big gap between premium changes (21 months to be exact!).

Originally, annual premium changes were due to occur on 1 April 2020. However, due to the COVID-19 situation, we postponed the change for 6 months until 1 October 2020. At that stage, we took the time to reassess the situation.

Deferring premium increases in 2020 was our way of offering financial support to our customers during COVID-19, alongside other measures.

We need to adjust our premiums to ensure the sustainability of our business, and be able to provide affordable, adequate cover to our members.

The postponed premium review now comes into effect January 1st 2021.

There’ll be no changes to the Government Private Health Insurance Rebate, as this has been deferred until April 2021. The Government Private Health Insurance Rebate is likely to change on 1 April 2021, so premiums may change in line with changes to the rebate. We’ll be sure to communicate this ahead of time.

There won’t be any back pay required as a result of us postponing this increase. The premium increases that were planned for 1 April 2020 will be replaced by 1 January 2021 increase.