Bupa delays premium increase until October
Bupa has today announced it would further delay its 2023 premium increase until 1 October, saving members a total of $154 million in premium freezes this year.
Bupa members initially had their 2023 premium increase delayed until 1 July as part of a $75 million support package, with this now extended to 1 October representing an additional $79 million in customer support.
Bupa Health Insurance Managing Director Chris Carroll said Bupa recognised delaying premiums for six months was the right thing to do, particularly given ongoing financial pressures on household budgets.
Australian families have been impacted by challenging health and economic conditions in recent times.
“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.”
This further premium freeze is part of Bupa’s COVID-19 related savings being returned to customers and to help provide some financial reprieve from the increased cost of living.
Bupa’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.
Mr Carroll said members didn’t need to do anything, and they would receive communication from September with their new premiums.
Bupa will have an average premium change of 3.39% from 1 October 2023.
For more information on our 2023 premium delay visit this link.
How Bupa has supported customers during the pandemic:
Bupa’s COVID-19 announced commitments are more than $954 million comprised of:
- $154 million six-month freeze on 2023 premiums.
- $315 million cashback announced in September 2022.
- $168 million through a seven-month premium delay for all members in 2022.
- $120 million cashback announced September 2021.
- $134 million six-month premium freeze announced in March 2020.
- $58 million financial hardship package from 2020.
- $5 million mental health support package from 2020.
For more information on our 2023 premium delay visit this link 2023 Rate Rise Delay | Bupa.