Some AIA Health customers to see lower premiums

More than 35% of AIA Health customers will see either a net decrease in their premiums or will be paying the same, the insurer has announced,

This follows AIA’s decision to delay its premium increase for 2023, deferring its annual rate rise from 1 April until 1 July 2023. On average, the rate increase is 1.69%, which AIA said was its smallest-ever increase and “one of the lowest” across the industry.

“During the pandemic, our EVP benefit provided considerable help, and it made sense to refund premiums when certain services couldn't be used,” said AIA health insurance CEO Damien Mu. “Now, with the cost of living increasing and hitting Australians' hip pocket, we continue to look for ways to make a difference through premium decreases, refunds, and discounts.”

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AIA Health customers have received premium refunds

Thousands of eligible AIA Health customers have received refunds on their insurance premiums in 2023, as part of the insurer's Extras Value Protect initiative, AIA said. Customers have also received up to $2,040 in refunds on premium paid for unused Extras in 2022.

AIA outlined other recent initiatives to support customers as having included:

• a mental health benefit for all Extras policies to promote early access to psychology and counselling services;
• partnership with CancerAid to enable customers diagnosed with cancer to access Cancer Coach, an educational, behavioural, change program that helps people living with cancer to take back control of their care to achieve more favourable outcomes; and
• AIA Vitality Apple Watch Benefit, which enables customers to earn an Apple Watch Series 8 (GPS) for reaching their weekly physical activity targets.