Health funds postponing April 1st premium increases as public battles through the Covid-19
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Apr 5, 2020 05:34
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Major Australian health funds have put annual premium increases on hold as the public battles through the coronavirus crisis. Families can breathe a sigh of relief knowing they won’t have to stress about an increased payment during already stressful times.
Premium increases of an average of 2.92 per cent were due to kick in on April 1.
Medibank , HBF, NIB, AHM, and Bupa have all said they will postpone the annual increase for six months.
It remains to be seen if this will be enough to stop Australians ditching their health insurance policies, especially with so many people losing their main source of income. Hoewevr ditching the private Medical cover could cost customers at tax time.
Customers will also likely need to re-serve waiting periods and may even be hit with a loading penalty for customers over 31 years.
Several funds also announced relief packages for customers, with some freezing policy payments. Some offering assistance to members who contract COVID-19.
