Bupa to defer premium increases for six months
Bupa announced today that customers would have their 2022 rate increase delayed for six months as part of a package returning a further $146m in Covid-related savings to customers.
Chris Carroll, Bupa Health Insurance Managing Director, said this will see the total amount of returned value from premium deferrals, cash back and financial support for Bupa customers reach $464m since the start of the pandemic.
“Today’s announcement is about supporting our customers’ health and financial wellbeing. We are committed to returning Covid-related savings to our customers and will continue to look for further ways to do this,” Mr Carroll said.
“While most Covid-19 restrictions have eased progressively across the country, many people are still dealing with the ongoing financial impacts of the pandemic, as well as managing delays for the delivery of some healthcare services.
“We remain committed to ensuring our customers get the most out of their private health insurance, and we’re working hard to advocate for customer-led reform that supports greater affordability and value,” Mr Carroll said.
Bupa will have an average premium change of 3.18% from 1 October 2022, Bupa’s second lowest increase in 20 years and below the projected rise in cost in claims.
Bupa will continue to monitor the impacts of Covid and further ways to return value to its customers throughout the year.
How Bupa has helped during the pandemic
During the past 18 months Bupa has delivered a range of customer support programs, including:
- $120 million cash via our first cash giveback program
- $50 million financial hardship package in the form of premium waivers, policy suspensions and discounts.
- $134 million through a six-month premium freeze 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.
- $1 million by providing customers access to 28 by Sam Wood for three months at no cost.
Customers who are no longer active but held an active resident policy between 1 July 2021 and 28 February 2022 will be eligible for a premium delay cashback.