Published 08 Feb 2023
GMHBA Limited has announced that it will be returning a further $11.5 million in estimated claims savings from the COVID-19 pandemic to its GMHBA and Frank members via another 6-month premium increase freeze. This takes the health insurer’s total COVID support for members to over $80 million.
GMHBA CEO, David Greig, said “In addition to returning over $40 million in surplus premiums in December 2022, this is our third premium increase freeze since the beginning of the pandemic in 2020. As a purpose driven organisation, our members are at the forefront of everything we do, that’s why we will have provided over $80 million in support throughout the pandemic.”
During the COVID-19 pandemic GMHBA and Frank members were provided with a support package that included a range of measures including hospital cover for COVID-19 related hospitalisations, premium relief for eligible members experiencing financial hardship as a result of the pandemic and introducing a range of telehealth extras services for eligible services to members, among other initiatives.
Mr Greig said, “The COVID-19 pandemic has really highlighted the importance of our own health and that of our family and friends. At GMHBA, we understand that changes in the way we live, lockdowns and restrictions may have affected our members ability to access some health services and therefore utilise their cover to its full potential. This has affected claim activity and has resulted in GMHBA generating unintended savings.”
“I am pleased to announce that we will again be putting premium increases on hold for 6 months. This means that any member who may have been due to receive a premium increase in April will have that increase frozen until October. This is a simple way for us to return these savings to our members.”
GMHBA Limited will be communicating with Frank and GMHBA members on the premium freeze in the coming weeks.