Initially, Bupa members had their 2023 premium increase delayed until July 1 as part of a $75 million support package. Bupa has now extended the premium freeze to October 1, said to be saving members $154 million this year.
Bupa health insurance managing director Chris Carroll said the insurer further delayed premium increases due to ongoing financial pressures on household budgets.
“Australian families have been impacted by challenging health and economic conditions in recent times,” he said. “We're saving our members $154 million at a time when they need it most while ensuring they can still access all the benefits of their health insurance.”
The premium freeze is part of Bupa's decision to return COVID-19-related savings to its members and provide some financial reprieve from the increased cost-of-living. The insurer's total announced customer support since the COVID-19 pandemic started is $954 million through cashbacks, premium deferrals, and financial assistance for impacted customers and other support programs.
AIA Health, which recently partnered with the CancerAid program to help customers diagnosed with cancer, delayed its annual premium increase until July 1. It will pass on an average increase of 1.69% – the lowest uptick since the insurer was established in 2017.
“Through product innovation and a market-leading, science-backed health and wellbeing program called AIA Vitality, AIA Australia attracts a significantly younger age profile among its members, which enables lower costs for all customers,” AIA Health said in a statement. “As a rapidly growing health fund, AIA Health is focused on delivering affordable health insurance for all its members,”
Customers who take out a combined hospital & extras policy before March 31 will also get eight weeks of premium refunded across their first two years of membership.
