We know a little bit of good can go a long way, so we’ve got good news. We’re putting our 1 April 2022 premium increases on hold for seven months. How good’s that?
The last couple of years have been a lot. So, this is another way we’re supporting members and giving back COVID-19 claims savings, just like we promised.
So, what does this mean for me?
Each year, all health insurers review their premiums to meet the rising costs of healthcare (yup, us included). The good news this time around? All customers who have an active resident hospital and/or extras cover with ahm at any time before 30 October 2022 will have any premium increase postponed until 1 November 2022. Yay!
As part of the Medibank family, postponing our 2022 premium increases means that together, we’re returning around $205 million in COVID-19 claims savings to members – taking the total ahm/Medibank COVID support package to around $682 million.
What happens next?
You don’t need to do a thing. We’ll manage this at our end, but we’ll also get in touch in early 2022 to give you a heads up with more details.
Premium increases will instead take effect on 1 November 2022. We’ll be in touch again closer to that date to let you know what your new premium will be.
Why is ahm postponing premium increases?
The last couple of years were a lot. Postponing our 2022 premium increases is the next phase in our COVID support package. We know times have been tough for some of our members, so this is our way of showing our ongoing support and giving back any permanent claims savings made from COVID-19, just like we promised.
Am I eligible for the postponed premium increase?
Customers who have an active resident hospital and/or extras cover with ahm at any time before 30 October 2022 are eligible.
If I change my cover, will I still be eligible for my premium increase to be postponed?
Yes – we’re postponing premium increases for all resident health insurance products, so if you decide to change your cover before the premium increase takes effect, you’ll still be eligible.
What if my cover is suspended?
You don’t need to do anything – this will happen automatically if you reactivate your policy before 1 November 2022.
What if I’ve left ahm?
ahm members who held an active resident hospital and/or extras policy anytime between 1 July 2021 – 31 December 2021, but cannot access the premium increase deferral that takes effect on 1 April 2022 as they no longer hold an active resident health cover with ahm, will be eligible for a give back. We’ll be in touch with more details if this applies to you.
When will premiums increase and what will my new premium be?
We've postponed any premium increases for seven months, so this year’s premium increases will now take effect from 1 November 2022. We’ll get in touch closer to this date to let you know what your new premium will be.
Do I have to do anything to postpone my premium increase?
Premium increases will be postponed automatically, so you don’t need to do a thing. Easy!
For suspended members, this will happen automatically if you reactivate your policy before 1 November 2022.
Does this mean I’ll pay less from 1 April 2022?
No, for products that were meant to have a premium increase on 1 April 2022, it means that this increase will be postponed until 1 November 2022.
What if my premium is due to decrease on 1 April 2022?
If your premium is planned to decrease, this will still be going ahead on 1 April 2022. Only premium increases will be postponed for seven months. We’ll be in touch with more details if your premium is decreasing.
Is the Australian Government Rebate (AGR) on private health insurance still changing on 1 April 2022?
No, this year the AGR won't be changing.