That depends on the costs of providing services to members of our Overseas Health Covers at any given time. As medical costs are generally on the rise, we must review our premiums to ensure our Overseas Health Covers remain sustainable and will meet the needs and claiming pattern of members.
We can’t say that premiums won't go up in the future, but we’re working hard to help keep premiums down as much as we can.
No. Unlike the premium changes affecting Australian resident covers, health insurers set the premiums for Overseas Health Covers themselves.
Changes to premiums depend on factors such as:
- general claiming patterns of members on the same product
- new technology or legislative changes and associated costs
Members who have Overseas Health Covers are typically not Australian residents, and generally do not have their treatments subsidised by Medicare, so the premiums on Overseas Health Covers reflect the full cost to insurers providing cover to members.
1 April 2017. Your new premium rate will be reflected in your first payment from this date.
We’ll let you know of any changes to your premium by email or mail as soon as they are made available. Members will also be able to see their new premium by logging in to Online Member Services shortly after the government's announcement on premiums for Australian resident covers.
Generally premium changes align with the Australian resident cover premium review period, although insurers who offer Overseas Health Covers can change their rates at any time of the year.
We typically wait until after the Federal Government has approved premiums for Australian resident covers to announce the premium changes for our Overseas Health Covers. This has usually occurred around February.
The industry average figure only relates to Australian resident covers, not to Overseas Health Covers.
Premium changes reflect the cost of providing health services to all members on the same level of cover, not the costs at an individual level.
We have many products that cover various health services and treatments. Because the types of claims being made by members are different at each level of cover, this requires different premium rates be applied to cover the cost.
Yes, members can prepay their premium up to 12 months at any time. Members can also ‘lock in’ their premium at their 2016 rate by prepaying prior to 31 March 2017 (ie. before 1st April rate change).