Bupa delays premium increase in $22m cost of living relief initiative
Bupa customers will benefit from a $22 million cost of living initiative with their 2022 health insurance premium increase deferred for an additional month until November 1.
Earlier this year, Bupa members had their 2022 rate increase delayed for six months until October as part of COVID-19 related savings being returned to customers.
Bupa Health Insurance Managing Director Chris Carroll said: “Delaying the premium increase for an additional month is part of our ongoing monitoring of COVID-related savings and returning value to customers.
“With high household grocery bills, petrol and power prices, we know delaying our members’ premium increase will help ease some of the pressure on household budgets, while giving them assurances they can make full use of their health insurance policy.
“With the public health system under ongoing strain, we need to do all we can to keep private health insurance affordable and accessible to as a many people as possible.”
Together with this latest premium increase deferral, Bupa has returned $640 million to customers as part of its COVID-19 support, including its latest cashback of $155 million which will be returned to customers from October.
We’re committed to returning COVID savings to our customers, and our focus remains on supporting our customers’ health and financial wellbeing.
Bupa will have an average premium change of 3.18% from 1 November 2022 – its second lowest increase in 20 years.
Customers who are no longer active but held an active resident policy between 1 March 2022 and 30 June 2022 will be eligible for a premium delay cashback.
How Bupa has helped customers during the pandemic
Since the start of the pandemic, Bupa has delivered a range of customer support programs, including:
- $155 million cash-back via our latest cash giveback program.
- $120 million cash via our first cash giveback program.
- $50 million financial hardship package in the form of premium waivers, policy suspensions and discounts.
- $168 million through a seven-month premium delay for all customers in 2022.
- $134 million through a six-month premium delay for all customers in 2020.
- $8 million by not passing on the October 2020 premium increase to customers suffering financial hardship.
- $5 million towards a bonus $200 one-off increase for mental health claims to support more than 2.2 million customers during the pandemic.
