CUA Health will pass on its lowest average premium increase in more than a decade, after confirming today that CUA is introducing a 4% health insurance discount for eligible members with banking and insurance.
CUA Health premiums will rise by an average of 3.29% from 4 April 2018, below the average weighted premium increase of 3.95% across the industry.
To coincide with the annual review of premiums, CUA is introducing a 4% discount for all its banking and health members who pay their CUA Health insurance premiums by direct debit from a CUA transaction account.
“From 4 April 2018, the health insurance discount will automatically apply to more than 34,000 Australian adults and children, which is almost half of CUA Health’s members,” CUA Health CEO Philip Fraser said.
“Around one in 10 existing CUA Health members will benefit by actually receiving a premium reduction in 2018, as a result of the discount.”
Mr Fraser said all 500,000 existing CUA banking and health members, as well as new members, would have an opportunity to benefit from the loyalty reward.
“Any member will be able to access the discount if they take out CUA Health cover and opt to pay for their premium in this way,” he said.
The announcement from CUA Health coincided with Health Minister Greg Hunt’s confirmation today of the private health insurance premium increases for 2018 for all health funds.
Mr Fraser said CUA Health had reflected the Government’s health insurance reforms in its revised premiums for 2018, helping to keep premium increases to a minimum.
“At CUA Health, we’re committed to supporting our members’ health needs through the different stages and changes they go through in their lives. Health insurance is an investment in an individual or family’s health and provides certainty about being able to afford healthcare or treatment in the event of an unexpected accident or illness,” Mr Fraser said.
“As one of just two financial institutions in Australia to also operate our own wholly-owned health insurance fund, we’re in a unique position to be able to cater to members’ financial, health and insurance needs. We want to reward those members who have entrusted CUA to look after both their banking and health insurance, which is why we’ve introduced the new 4% health insurance discount.”
CUA’s commitment to delivering value and a good member experience saw the health fund return 85 cents in the dollar in benefits for its insured members during the past year. The fund is also returning more value to members through investing in improved products, as well as a new mobile app launched earlier this month to enable members to manage their health insurance, and lodge claims, on the go.
Mr Fraser encouraged members to phone CUA Health on 1300 499 260 to discuss the cover appropriate to their individual or family’s needs, rather than comparing the average increases across funds. Individual premiums will vary depending on the type of cover and the state in which the member lives.
All CUA Health policy holders will receive communications prior to April 2018, advising them of the specific changes that apply for their policy.
To avoid premium changes for 2018, members also have the option to pre-pay their annual CUA Health policy before 4 April 2018.