COVID-19 Private Health Insurance Policy Amendments & Prices
By Paolo, 08.04.2020
Together with other COVID-19 Restrictions Measures, the Morrison Government has also temporarily banned all elective surgeries. With many Australian’s facing financial hardship, the number of cancellations of private health insurance premiums is escalating rapidly. In response to this, a number of Private Health Insurances are quickly updating their plans to cater for the COVID-19 infection and freezing their annual price increase.
- Private Health Insurances are amending their policies to include the following coverage:
- Full coverage for hospital costs for people affected by COVID-19;
- Access to relief for members experiencing financial hardship;
- Tele-health services from psychologists.
Annual Price Increase
Effective from 1 April 2020, the price of health premiums across Australia was set to increase by 2.92% on average. This was estimated to be about $130 extra a year per family.
Some funds were set to increase their premiums by as much as 5.6%.
Due to the impact of the Coronavirus on the Australian Economy, a number of Private Health Insurances have decided not to increase their premium in April 2020. These include Medibank Private, NIB, HBF and Bupa.
This blog and attached resources are of general nature designed for informational and educational purposes only. They should not be construed as professional financial advice for your individual business. Should you need such advice, consult a licensed financial or tax advisor.