Changes to your cover April 2022

Changes to your cover April 2022

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* Based on an Australian Government Rebate of %, % LHC loading, $ excess for a in . Please note that our prices will increase from 1 April

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Premium update FAQs

What will my premium be from 1 April 2022?

On 23 December 2021 the Australian Government announced that the average premium increase (across all Australian health funds) will be 2.7% from 1 April 2022.

However, we’ve chosen to freeze our premiums until 1 October 2022!

So the cost of your cover come 1 April 2022 depends on whether you claim the Private Health Insurance Rebate:

  • If you don't, your premium won't increase on 1 April 2022 – hooray!
  • If you do, you'll have a small increase if the government reduces the rebate.

 

When will you tell me if the rebate changes my premium?

As soon as we get the rebate info from the government, we’ll calculate individual premiums and notify all members (even those whose premiums aren't changing).

These notifications are currently scheduled to go out mid-late February 2022.

 

How will you update me?

It depends whether you’ve chosen to hear from us by post or email. As you’d imagine, email is generally quicker than post.

You can check (and update) your contact preference via Online Member Services. Go to: My membership > Contact details and scroll down to Contact preferences. To make a change, hit the Edit button.

You can do this on our member app too. Tap the menu icon (bottom right), then Membership > My contact details and tap Edit to make a change.

More on switching to email

 

Why do premiums increase?

Before we go on, please know that we work really hard to keep premiums as low as possible, while:

  • Providing the quality cover our members expect
  • Ensuring we continue to operate sustainably.

And in answer to your question, the key reasons for premium increases are:

  • Rising costs of healthcare
  • Growing demand for health services
  • Our ageing population.


Haven't health funds made extra money due to COVID-19?

From the get-go we’ve been clear on our commitment to not profiting from the pandemic and giving back savings that provide a genuine benefit to members.

Alongside the 6-month premium freeze, we're rolling over unused Extras annual limits on 1 January 2022 to help our members improve their health.

Both these measures build on our existing COVID support package, which includes financial hardship provisions as well as making several telehealth benefits permanently available:

  • Speech therapy
  • Dietetics
  • Lactation consultants
  • Accredited Mental Health Social Workers.

Together, our support measures will add up to around $26 million in savings for members following the deferral of the 2020 and 2022 premium increases.

We also have to point out that we expect the vast majority of claims for procedures that were postponed due to COVID-19 have been deferred rather than cancelled. Part of our job is ensuring we can pay your claims when you need us to.

What does the 'industry average' premium increase mean?

The average premium increase of 2.7% is an industry-wide number. In other words, it’s the average of all Australian health funds’ average increases!

The actual change for each health fund member depends on the increase their fund sets for their specific level of cover (see below).

 

Why is your average increase (2.17%) lower than the industry average?

First, it’s important to remember that (unlike most other health funds) our 2022 increases won’t even kick in until October 2022, providing our members with 6 months’ health cover at their current base rate.

Any changes to the cost of Teachers Health members’ cover on 1 April 2022, will be solely down to the government decreasing the Private Health Insurance Rebate. If you don’t claim the rebate there’ll be no change until October.

Regarding our position relative to the industry average, all we can say is that as a not-for-profit fund, we don’t take increases lightly. And when our premiums do go up, it’s to provide quality cover and ensure the sustainability of the fund (not give payouts to shareholders).

We stay true to this commitment regardless of where we sit compared to the industry average.