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Why premiums are reviewed annually
Reviewing premiums is necessary to keep pace with both the rising cost of healthcare, and the increasing number of treatments sought by Australians. Here’s some of the reasons why premiums are changing.
Better quality healthcare
In Australia, we enjoy some of the best healthcare in the world. New and improving technologies mean better treatment, but they can come at a price. These technologies are often expensive to implement and that contributes to higher overall costs in the health sector.
A rise in chronic conditions
While we’re living longer, Australians are also being admitted to hospital in record numbers. Chronic conditions such as heart disease and diabetes are still increasing year by year.
Our ageing population
It’s great news that Australians, on the whole, are living longer. But the longer we live, the more healthcare we’re likely to need. Generally speaking, increasing life expectancy equals increasing premiums.
When you live better, we’re all better for it
At Medibank, we believe building healthier communities brings many benefits, that’s why we are investing in health initiatives that will give you plenty of value from your cover year-round.
24/7 Medibank Nurse phone service
Health concerns keeping you up at night? Members with hospital cover are supported by Medibank nurses on our 24/7 Medibank Nurse phone support line.⁺
Mental Health phone support
Members with hospital cover can talk with a mental health professional over the phone in relation to any mental health or emotional concern, 24 hours a day 7 days a week.⁺
Choose the private hospital and specialist that’s right for you
Have peace of mind by knowing as a private patient where you’re treated and by which specialist is up to you. If you require elective surgery, wait times for procedures are generally shorter in a private hospital. In fact, in a private hospital, you'll be treated as soon as you and your specialist are ready.
Live Better rewards program
We think Australians should be rewarded for looking after their health. That’s why Medibank members with hospital or extras cover can now earn rewards with Medibank Live Better. They can get savings on their health cover, more on their extras cover, or great rewards from our partners, simply by looking after their health and wellbeing.*
The My Medibank App
We’ve made it simpler for most members to stay on top of their cover with the My Medibank App. Check your limits, submit a claim for most extras, and find a Members’ Choice provider anywhere, anytime. And to avoid surprises, most members can use the out of pocket feature to estimate benefits and gaps for most extras claims.^
Download now: Google Play or Apple App Store.
Are you on the right cover?
Everyone benefits from a quick health check now and then. And the same goes with your health insurance.
We know that affordability will always be important for our members. Our team is on hand to discuss options that could make your premiums more manageable. Or if your circumstances have changed since we last spoke, it may be a good time to check if a different cover option may be more suitable.
Give us a call on 132 331 and we’ll take you through a cover review.
Frequently Asked Questions
Your new premium will apply to your next payment from 1 April 2021 and will be communicated to you and available for you to view online via My Medibank, from late February/early March. Don't forget that you can choose how often you pay your premium - fortnightly, monthly, quarterly, every six months, or every year. To change your premium payment frequency please log in to My Medibank .
We're tackling increasing healthcare costs in a number of ways:
- Working closely with the government on policy reform to reduce costs in heath cover.
- Investing in primary care programs for eligible people with chronic conditions to help them stay out of hospital.
- Partnering with the healthcare sector to support better health outcomes for members.
- Launching the Live Better rewards program to help Australians get healthy and stay healthy.
No, the main reasons premiums are increasing are the cost of healthcare and increases in the frequency of Australians seeking treatment. Medibank’s premiums need to keep pace with these rising costs.
No, we’ve paid dividends for many years. The difference is that instead having of one shareholder, the Australian Government, we now have many shareholders.
The Government reforms introduced in April this year have been designed to make the private health system simpler, easier to understand and more affordable for all Australians.
Medibank made the decision to adopt all the Government’s optional reforms because it was the right thing to do.
This includes giving customers the option to increase their excess to $750 to reduce their premium. It also means introducing a discount of up to 10% for young adults.
The cost of delivering healthcare costs in Australia continues to rise, largely driven by more frequent and more expensive hospital admissions and a population that is getting older.
The private hospital system gives you peace of mind and choice.
Shorter wait times: For in-hospital procedures that are considered non-life-threatening or elective, you’re likely to be treated sooner as a private patient in a private hospital. If it’s a condition that affects your ability to work or causes pain, this becomes especially important.
Choice over your specialist: There’s a lot to be said for being able to choose your preferred specialist as a private patient in a private hospital; even more so if you’re embarking on a health journey like pregnancy, or if it’s a serious illness and your life is quite literally in their hands.
A private room: You are more likely to get the calm and comfort of a private room while in a private hospital (provided one is available and is appropriate for your clinical needs).
Extras: Your Medibank extras cover is there to help with your day-to-day health and could even prevent smaller issues from becoming bigger ones. But you do need to know what’s included under your cover to make the most of it. You can check this through the Medibank mobile app or by logging into My Medibank.
It’s also important to make sure you’re on the right type of cover for where you’re at in life; and that’s why we’re encouraging all our members to take another look at their cover. Give us a call on 132 331 and we’ll take you through a cover review.
Things you should know
⁺ OSHC members should call the Student Health and Support Line on 1800 887 283.
* Must be 18 years or over and have a valid Australian residential address to register for Medibank Live Better. Must be a Medibank member with hospital cover, extras cover, or hospital and extras cover, be up-to-date with premium payments and have signed up to Medibank Live Better with ‘My Medibank’ or have linked their MyMedibank account with their Live Better account to redeem rewards. Excludes Overseas Visitor health cover, Working Visa health cover, Overseas Student Health Cover (OSHC), Ambulance only cover, ahm covers and other selected covers. Additional terms and conditions may apply to the redemption of a reward depending on the type of reward chosen. See full Medibank Live Better terms here.
^ Claims for some types of services/items excluded. Some claims, like paper based, may take longer to update.
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