HBA Below National Premium Rise for Six Years
HBA announced today that for the sixth consecutive year its average premium increase would be below the national industry average. HBA is Australia's third-largest health fund and has maintained premium increases lower than the industry average since 2002. Over the six years to April 2007 HBA's average premium increase has been 5% compared to an industry average of 6.7%, representing a 25% reduction compared to the industry average.
(PRWEB) May 29, 2007 -- HBA announced today that for the sixth consecutive year its average premium increase would be below the national industry average.
From 1 April 2007 HBA will increase premiums by an average of 4.5% - equivalent to less than 95 cents per week.
Also, HBA will pass on the full savings from recent regulatory changes to single parent families - reducing their premiums by up to 25% on a wide variety of hospital covers.
HBA is Australia's third largest health fund and has maintained premium increases lower than the industry average since 2002. Over the six years to April 2007 HBA's average premium increase has been 5% compared to an industry average of 6.7%, representing a 25% reduction compared to the industry average.
HBA's Managing Director Richard Bowden said HBA is leading the industry in maintaining low premiums and greater benefits for members over the long term.
"This is HBA's lowest premium increase since 2002 and the second year in a row our premium rise has been reduced."
"HBA's average premium increase will be as low as $1 a week for singles or $2 a week for families with hospital cover," Mr Bowden said.
"Less than eight and a half cents in every premium dollar is used to manage the operations of HBA," Mr Bowden said. "As an efficient health fund we have consistently kept our operating costs below the industry average for most of the past decade."
Last financial year HBA paid more than $916 million in benefits for members nationally, representing an increase of 8.5% compared to the previous financial year. During the same period HBA paid for more than 298,000 hospital admissions for our members.
In 2006 the Private Health Insurance Ombudsman released a report showing HBA's Members First hospital network and Ezyclaim system lead the industry in providing members with no out of pocket costs for hospital admissions.
More than 96% of hospital and 89% of medical specialist claims are fully covered for HBA members with no out of pocket costs.
"HBA pioneered systems for eliminating or reducing out of pocket costs in Australia. We did so because we have an ongoing commitment to members that their health cover will be there when they need it most," Mr Bowden said.
With growing community attention on dental health issues, in 2006 HBA launched Australia's most comprehensive dental cover. With HBA, children under 25 now have no out of pocket costs for more than 250 dental procedures at Members First dentists. Over 133,000 Australian children are now benefiting from HBA's extended dental coverage.
HBA's new premiums take effect on 1 April 2007 and letters informing members of their individual premium change will arrive in the mail from Monday 5 March 2007.
HBA's average weekly increase (with 30% Government Rebate) for Singles:
National: $1.03
VIC: $1.12
QLD: $0.77
SA: $0.97
NSW / ACT: $0.67
TAS:$0.83
WA: $0.67
NT: $0.64
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