Premium changes continue to offer member value
CUA Health has confirmed changes to its 2021 insurance premium changes, including flat and reduced rates for key products.
This follows the decision by Health Minister Greg Hunt to approve an average premium increase of 2.99% per cent for CUA Health, applicable from 1 April 2021. This is below CUA’s historical increases reflecting a continued focus on value in a difficult year for members.
“CUA is unwavering in its commitment to simple products, competitive pricing and effortless customer experience,” CUA’s Head of Subsidiaries Josh Edwards says.
“Some of our most popular comprehensive health insurance products – such as Classic Extras and 75% Extras – are either reducing in price or staying flat. In addition to that, members who use CUA for both banking and health insurance receive an extra 4 per cent discount.”
This combined product discount offered by CUA has returned more than $8.8 million in savings back to members since 2018.
Key product improvements from 1 April 2021
- Increase in pharmacy and podiatry annual claims limits on Classic Extras product.
- Increase in major dental, podiatry and other therapies annual claims limit as well as lifetime orthodontics limit on Total Extras product.
- Increase in optical limit on youth focussed Healthy Start Package.
- Launching a new family focussed top hospital product.
“To further support members, over the last year we’ve launched a new health app, and expanded benefits for more than 100 items across dental, physiotherapy and chiropractic treatment on our youth focused extras and packaged products,” says Mr Edwards.
“We also supported our members during COVID through a range of initiatives, such as premium increase deferrals, offering policy pauses, additional benefits and access to telehealth services.”
In the last financial year, the fund paid out over $126 million in benefits, and was a 2019 and 2020 Product Review award winner, taking home best Health Insurer with a 4.5 star rating earned through independent consumer reviews.
Members are encouraged to phone CUA Health on 1300 499 260 to discuss the best cover to suit 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.
CUA Health members will begin receiving letters from late February 2021, advising them of the specific changes that apply for their policy. Members can also avoid incurring premium increases for 2021 by opting to pre-pay their annual CUA Health policy before 1 April 2021.