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Your new premium will apply to your next payment from 1 April 2020 and will be communicated to you as well as available for you to view online via My Medibank, from early February. 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 can't charge you less for not using your cover or charge you more for using it. Private health insurance in Australia must meet the government's community rating requirements. This means everyone has access to the same insurance products at the same base price, regardless of their health or claiming behaviour.
The main reason for premium change is to keep pace with the rising cost of healthcare and the increasing need for healthcare. We're living longer, chronic conditions are on the rise and we enjoy some of the best healthcare in the world. Your specific premium change depends on several factors, such as the state you live in, the type of cover you're on, and the general claiming pattern of members.
We’ve been working hard to ensure our members can get better value
from their membership. Depending on what’s included in your policy, (check your cover summary to find out more) you may be able to:
- access our Mental Health Line 24/7 (on 1800 644 325)
- talk to a Medibank nurse anytime 24/7 (with Hospital cover)
- get 100% back on two dental check-ups a year at a Members’ Choice Advantage dentist.¹
- get 100% back on optical items like frames, prescription glasses, contacts and more at recognised providers, up to your annual limits. (some lens coatings are excluded).
- at Specsavers, get two prescription designer glasses, including standard single-vision lenses, with no gap. (Both pairs must be of the same prescription and adequate optical limits must be available at the time of purchase).2
- get member discounts on Medibank Pet, Travel and Life Insurance.
And with our Live Better rewards program, we’re rewarding you for looking after your health. You can:
- access free, active and social activities across the country (such as parkrun and outdoor fitness classes)
- access expert health information, recipe inspiration, exercise tips and online courses to support your health
- if you are an eligible Medibank member, earn Live Better reward points and use them towards a gift card, savings of $200 on your health cover or get more on your extras like a remedial massage or physio service - simply by taking a broad range of healthy actions.
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 programme to help Australians get healthy and stay healthy.
We know how important affordable health cover is to you and have been working to provide better support and value for members. We’ve also worked hard to take costs out of our business – $40 million in the past two years and a further $50 million planned over the next three years.
We’ve worked hard to reduce costs as a deliberate strategy to provide our product at the best possible price for our customers. This year we’ve delivered:
- The Government’s industry-wide reforms, focused on making health insurance more accessible and simple to understand.
- Our members wanted more control over where and when to get treatment, so we developed Medibank at Home, a group of trial programs that bring hospital care right into the homes of our eligible members, where available, providing them with choice and flexibility over where they receive their treatment.
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.
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 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.
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