More information

 

Q. Why is Navy Health raising premiums?

A.
As part of the health insurance industry’s annual review of premiums, all health insurers will be reviewing premiums for their members over the coming 12 months.

There are a few reasons for this, including the growing number of people in need of hospital and health services, the increasing costs of medical procedures, the complexity of treatments and new technology, an aging population and other important factors that go into premiums changes.

Navy Health continues to keep premium increases as low as possible for our members by actively negotiating contracts with over 500 private hospitals that assist in controlling costs and keeping management expenses below 10%.

As a member of Navy Health, you’ve joined a not-for-profit health insurer that works hard to provide you with the best services and the most competitive premiums.

 

Q. How can Navy Health raise premiums again, when COVID lockdowns rendered some health services unable to be used?

A.

As a not for profit fund, we are bound by strict governing regulators (such as APRHA) who require us to implement rate adjustments to ensure the financial future of Navy Health is assured for our members.

During 2021 and into 2022, due to Government announced safety measures, there were some restrictions on services that could be accessed, whilst other services continued and claims were made in those areas.

The good news is, Navy Health has continued to stand by its promise of being run for the benefit of our members and not for the profit of shareholders.

 

Q. Why is my premium increase greater than the increase advertised?

A.

The premium increase is the weighted average of all of our products across all states and territories. Calculating premium increases is completed at a product and state level and takes into account many factors, including:

• the number of members on products;
• the risk profile of the members within the products;
• previous claiming patterns;
• forecasted claiming patterns and much more.

Navy Health carefully considers all premium increases and external expert advice before seeking approval from Navy Health’s Board of Directors, and finally from the Minister of Health, who will deny an increase if it isn’t in the members best interest.

 

Q. What did Navy Health do to support members during the COVID-19 pandemic?

A.

Navy Health offered several assistance packages to assist our members, which included:

• Option for members to downgrade their cover for a period of time without requiring waiting periods to be re-served when upgrading back to the original level of cover.
• Option for members to suspend their cover if they are affected by the pandemic financially
• Option for members to claim telehealth services for Physiotherapy, Speech Pathology, Dietetics and Psychology.
• Option for members to access three extra services of psychology, if benefit limits had been reached.
• A delay in a premium increase in 2020.

Q. Does Navy Health make a profit?

A.

Navy Health has been a trusted not-for-profit private health insurer for over 60 years, run for the benefit of our members, not to profiteer shareholders or other corporate owners. We have served and will continue to serve the greater Defence community and those associated with the Australian Defence Force.

In the 2020/2021 financial year, Navy Health paid back 85 cents in the dollar to members with the remaining going toward operating costs for the business. Most importantly, any profits that Navy Health does make are held to benefit our members. This shows our ongoing commitment to being a not-for-profit organisation that supports each and every Navy Health member.

Q. Can I “lock-in” my current premium before the price increases on 1 April 2022?

A.

Absolutely. This is a smart way to beat the premium adjustment and many members do choose to lock in their premiums.

Navy Health offers members the ability to pre-pay their policy up to a maximum of 12 months in advance. If you would like to do this for your policy, simply make the appropriate payment before 28th March 2022.

If you have any questions regarding your payment call us on 1300 306 289 to discuss how we can better support you.

Q. I feel like private health insurance is not providing me value for money.

A.

All insurances purpose is to provide you with peace of mind should something detrimental or unforeseen happen. Let’s hope you don’t need to use your hospital cover, but if you do, rest assured with Navy Health are here to help. The policy you choose to take out should be based on your personal health needs and budget and we can help you match the right product for your needs.

As a Navy Health member, you will have access &/or the ability to:

• Choose a doctor or specialist that you feel comfortable with;
• Avoid public hospital waiting lists and potentially have your procedure at a time that suits your schedule;
• Access accommodation within a private hospital/facility and peace of mind that all costs associated with the accommodation are covered (as long as you are in a facility with a current contract with Navy Health);
• Access cover for services where Medicare does not pay a benefit, if you hold extra’s cover, such as physiotherapy, dental, optical products chiropractic/osteopathy and remedial massage.

If you would like to discuss your level of cover or if your situation has changed call us on 1300 306 289.

 

Q. I am nervous about my job and/or financial security, but don’t want to let go of my health insurance. What can I do?

A.

There are a few things we can do to help, such as:

• Review your premium to check if there is a more suitable product for your health and financial needs.
• Do you hold Premium Gold Hospital? We can review the level of excess or add an excess which will adjust your premium.
• Review the premium payment frequency for a discount of up to 4% on your premium.
• Do you bank with Defence Bank and hold a combined Navy Health product? If so, you could receive a 5% discount on your premium.
• Do you currently work for a corporate organisation that has an association with Navy Health and hold a combined Navy Health product? If so, you may be eligible to receive a 5% discount on your premium.
• Do you hold a Veteran Gold or White card? Call us to check if the Veteran card 10% discount has been applied to your membership
• Financial hardship suspensions are available to enable you to maintain your membership.

Please call our Member Services Team on 1300 306 289 to find out all the options available to help you get through.