Teachers Health has decided to adjust its annual premium rates by 2.65% for 2024.
This increase, it states, is lower than the average rise seen across the health insurance industry, which was reported as 3.03%. It also stays below the annual Consumer Price Index (CPI) inflation rate of 4.1% and the health sector’s inflation rate of 5.1%.
The company has achieved an average premium rise of just 2.5% over the previous four years.
In addition, it has declared an increase in member benefits, its largest to date. This enhancement extends to optical and dental coverages, among others.
Brad Joyce, CEO of Teachers Health, reiterated the need to prioritise member welfare and satisfaction above financial gains.
“We are proud to continue to put the needs of our members and their wellbeing over profits. Our increase in benefits and below-industry-average premium increase means members get more from their coverage at a time when every saving counts. With members at the heart of everything we do, it’s one of the ways we are helping to look after the communities we care for and ease the cost-of-living pressures on household budgets,” he said.
Other private health insurers across Australia have also announced adjustments to their premium rates, effective April 1.
HCF will increase its premium rates by an average of 2.89% in response to the challenge of managing rising healthcare costs while keeping insurance affordable.
AIA Health announced a premium increase of 2.19% and enhanced its benefits through the AIA Vitality program. Meanwhile, Medibank confirmed a premium increase of 3.31% as part of its efforts to mitigate the impact of healthcare cost inflation on its members.
HIF also updated its premium rates in response to the increasing costs of delivering healthcare services to its customers.
