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Wednesday, 31 January 2018
Navy Health announces another below industry average premium rise
Navy Health has today announced another annual health insurance premium increase below that of the industry weighted average, for the 14th time in the last 15 years.
Navy Health, a not-for-profit Members Own Health Fund, has increased its premiums for members on average by 3.94% in 2018, its lowest since 2012, effective from April 1.
Rising medical costs and a greater frequency of people requiring hospitalisation, have caused Navy Health’s private hospital claim costs to increase by around 8% over the past 12 months.
Navy Health Chief Executive, Ron Wilson said, while it was always difficult to increase premiums, he was satisfied to be able to limit the increase to below that of the industry average for members.
“This year’s increase is our lowest for six years which is testament to the value we place on our membership-base and we want to reward them for their loyalty and commitment to Navy Health,” Wilson said.
“The continued ability of Navy Health to restrict annual increases below the industry average illustrates the importance of being a not-for-profit Members Own Health Fund, with no need to balance conflicting interests.
“We acknowledge the pressures on household budgets, however we’re hopeful the stability of Navy Health’s premiums over the last decade demonstrates our commitment to limiting the financial burden to Members,” Wilson said.
Navy Health, a Members Own Health Fund, provides health cover to past and present members of the Defence Force community, including their immediate family, and has done so for the past 62 years – many people are eligible to join.
Background to Navy Health membership eligibility;
Navy Health is not only for current Australian Defence Force (ADF) members; membership is available for all serving and ex-serving members of the ADF (Navy, Army & Air Force), Reservists and their families. If you or anyone in your immediate family has ever been a civilian employee of a contractor to the ADF, you’re also eligible.
Andrew Holmes – Aitch Communications
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