"Our products and pricing reflect Bupa’s ongoing commitment to keeping premiums as low as possible, and helping reduce the out-of-pockets our members pay. We work extremely hard to keep our members’ costs as low as possible and to help manage the ever-increasing costs of medical technology and healthcare delivery."
- Dean Holden, Managing Director
This is the time of year when Bupa and most other health funds review their premiums. Bupa has received approval from the Minister for Health & Ageing to revise our premiums.
We recognise that our members don’t like price increases, so we work extremely hard to keep healthcare costs affordable, whilst continuing to provide new and better services. We also realise how important it is that members receive maximum value from their cover when they’re healthy, as well as when they need treatment. That’s why we’re investing in new products, health programs and technological innovations that help benefit our members.
Bupa remains committed to improving the health of our members, and we will continue to provide them with healthcare support, information and advise they need both now and in the long-term.
Our average premium increase is 5.80%. This is lower than the increase in benefits paid to members.
Last year, we paid more than $4.1 billion in benefits – an increase of over 8% on the previous year.
On average, health insurance will increase by $1.30 per week for a single person and $2.90 per week for a family – with the Federal Government 30% Rebate on private health insurance.
We understand that members don’t like price rises so we work extremely hard to keep healthcare costs affordable. However, the benefits we pay to members and the overall cost of healthcare continue to increase every year.
We work hard to manage costs responsibly to ensure our members receive maximum value from their cover when they’re healthy, as well as when they need treatment.
To make sure you are getting the most value out of your health insurance and your health cover is right for you, send us a private message via our Facebook page, call us on 134 135 or visit your local Bupa centre.
From Wednesday 27 February 2013, Bupa will begin mailing letters to members to advise any premium or product changes to their membership.
Your premium is ‘rate protected’ until the date your policy is currently paid up to. This means that any premium changes will only apply after the date you have paid up to on your policy.
You may need to consider the impact of the means testing of the federal government rebate on private health insurance, depending on your personal financial circumstances. In 2012, there were changes to the private health insurance rebate and Medicare Levy Surcharge – to avoid tax implications you can choose to nominate your rebate tier. For personal financial advice, we recommend contacting your financial planner or tax adviser.
Being a Bupa member provides people with more choices when it comes to making important decisions about their health such as choosing their own doctor, and generally, when and where they are treated. These choices are generally not available to patients in the public health system. Members can also access cover to extras services such as dental, optical, chiro and physio, which generally are not covered by Medicare.
Hospital and Medical Benefits
Before seeking treatment in hospital, we recommend discussing your options with us as we may be able to assist in reducing or eliminating any out of pocket expenses.
Bupa members receive special benefits through our exclusive relationship with Healthscope that include:
Other great benefits
All members will receive a letter advising them of any premium increases and product changes relevant to their cover.
Most people grossly underestimate the cost of basic treatments. It can take years to save up the funds required for many common operations, and trying to fund a person’s own private care increases the risk of them not being able to cover themselves against the cost of unexpected complications such as additional operations or treatments.
For example, Bupa's top 10 most expensive claims cost more than $2.2 million, while the highest was made for a patient with cancer blood disorder with multiple infections at a cost of $306,138 to Bupa.
Additionally, people who have private health insurance have the peace of mind that comes with knowing they can be covered for medical treatments when and if they become necessary.
# Not in conjunction with any other offer
^ The percentage you get back at Members First providers is dependent on your level of cover and up to your annual maximums. Waiting periods apply.
* Depending on your level of cover. Annual maximums and waiting periods apply.
** As at 1 January 2013.
†Eligibility criteria and conditions apply.