Why did my private health insurance premium go up?
Want to know why your premium is increasing come 1 April?
UPDATE: Please see our 2016 Premium and Health Cover changes information
Like all health funds in Australia, every year we review our range of health covers to ensure that we continue to provide the benefits our customers need at prices that deliver value for money. Following this process, we apply to the Federal Minister for Health to review our premiums.
On Friday 27 February 2015, we received approval from the Federal Minister for Health to change our premiums effective 1 April 2015. All health funds in Australia are required to follow this process and review their premiums and cover at this time of the year so these changes will affect everybody.
These changes are necessary to keep pace with increasing healthcare costs. In financial year 2014 we returned almost 88 cents for every dollar received in premiums. This represents more than $1.2 billion in claims, state levies and compulsory payments to the government's risk equalisation scheme - 11.9% more than the previous year.
On Friday 27 February 2015, we received approval from the Federal Minister for Health to change our premiums. We are now working towards sending notification of these changes to you as soon as possible. Notification will be sent by your preferred method of correspondence (email or mail).
As your life changes so do your health cover needs. We encourage customers to review their health cover at least every two years to ensure it meets their current needs.
There are a number of ways to contact us to receive a free review of your health cover. Please be aware at this time of year there may be longer than usual wait times to contact us.
We are constantly seeking new and better ways to improve our service to you. Some of the highlights from this year include:
Find out more about these and other improvements here.