Your new premium payment will apply to your next payment from 1 April 2020. Don't forget that you can choose how often we pay your premium - fortnightly, monthly, quarterly, every six months, or every year. To change your premium payment frequency please log in to medibank.com.au/members.
Australian private health insurance is based on a principle called 'Community Rating' which ensures everyone has fair access to private health cover and isn't limited by their claiming history or other factors such as gender or age.
We want you to make the most of your health cover so did you know you can access services like:
- linking your Medibank membership to your flybuys account for even better rewards
- chat online with one of our team about your policy, 24/7
- special offers from some of your favourite brands, including Fitbit®, Palace Cinemas and Sunglass Hut
- gym visits for as little as $8.50 with GymBetter®
- member discounts on Pet Insurance and Travel Insurance.
And depending on what's included with your policy, (check your cover summary to find out more) you may also be able to:
- talk to Medibank nurses anytime, through our 24/7 Health Advice Line (with Hospital cover).
- get 100% back on up to two dental check ups every year at a Members' Choice Advantage dentist#. A 2 month waiting period applies.
- get 100% back on optical items like frames, prescription glasses, contacts and more at recognised providers, up to your annual limits. Waiting periods apply and some lens coatings are excluded.
No, the main reason premiums are increasing is the rising cost of healthcare and an increase in the frequency of Australians seeking treatment. Medibank’s premiums need to keep pace with these costs to maintain the quality of cover and continue to meet our members' healthcare needs.
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.
- Developing a number of community programs that help Aussies get healthy and stay healthy like Free + Active.
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 really 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 much more likely to get the calm and comfort of a private room whilst in a private hospital (provided one is available and is appropriate for your clinical needs).
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.
We want you to make the most of your health cover, so have you registered for My Medibank yet? My Medibank allows you to easily submit claims, check your cover and limits, and make payments when it suits you. Once you sign up, you can also choose to receive health and wellbeing articles, recipes, exclusive member offers and more via email.
- Visit medibank.com.au/members to log in or register.
- Follow the prompts and switch your contact preferences to email and SMS.
- Be sure to opt in to marketing communication to receive exclusive member offers and discounts.
Healthcare costs are rising at a higher rate than inflation. Several factors contribute to this: the increasing use and cost of healthcare services, our ageing population, new medical technologies, and a rise in the incidence of chronic conditions. Medibank’s premiums need to keep pace with these rising costs to maintain the quality of cover and to meet our members' healthcare needs.
No, we’ve paid dividends for many years. The difference now is that instead having of one shareholder, the Australian Government, we now have many shareholders.
We know how important affordable health cover is to you. So we regularly review the way we work to see where we can be more efficient, progressive, and competitive with other health funds.
The industry average is calculated using figures from every health insurer, in every state. It's just a standardised figure. There are several factors that influence your premium, like which state you live in, the kind of cover you have, the excess you've chosen, and the general claiming pattern of members. Your premium could also be impacted by the Australian Government Rebate on private health insurance and the Lifetime Health Cover loading.
This really depends on a number of factors including the state of the Australian healthcare system and the general health of Australians at any given time. So, we can't say that premiums won't go up in the future, but we're working hard to both keep premiums down as much as we can, and deliver more value back to our members.