Bupa freezes 2023 premium increase saving members $75 million
Bupa will delay this year’s premium rise for three months until 1 July 2023 saving its members $75 million.
Bupa's decision to delay rate increases from April 1 until 1 July 2023, follows the Federal Health Minister’s approval of an average premium increase of 3.39% for Bupa policies.
This brings the total announced customer support since the pandemic started to $875 million through cashbacks, premium deferrals, and financial assistance for impacted customers and other support programs.
Bupa Health Insurance Managing Director Chris Carroll said Bupa has honoured its commitment not to profit from COVID-19 and would continue to look at ways for members to get value from their health insurance.
With many of our customers feeling the impacts of the rising cost of living, delaying premiums for three months offers our members an immediate reprieve and this is just one of the many ways we’re giving back to our members.
“By keeping premiums lower than inflation, our priority continues to be keeping health insurance affordable and relevant to meet the changing health and wellbeing needs of Australians.”
Bupa announced last December a $75 million customer support package and has today confirmed it will be delivered to members in the form of a three-month premium deferral.
Bupa also paid out $4 billion in hospital and medical claims last year, among the highest of major insurers.
Mr Carroll said the premium increase was less than the increase in hospital costs and projected claims.
“We work hard to limit the impact of premium increases on customers, however advances in medical technology, community demand for medical procedures and an ageing population contribute to the rising cost of health care each year,” Mr Carroll said.
“We are working closely with our hospital partners to help keep premiums affordable while also investing in new and innovative models of care including virtual and digital care, rehab in the home to help reduce out of pocket costs and give members more choice around their treatments.”
For more information on our 2023 premium delay visit this link.