Published 07 Feb 2022
GMHBA Limited has announced that it will be returning around $11 million in estimated claims savings from the COVID-19 pandemic to its GMHBA and Frank members via a 6-month premium increase freeze.
GMHBA CEO, David Greig said, “As a not for profit health fund, our members are at the forefront of our thinking every day. Our first focus when this pandemic started to unfold in 2020 was to support our members financially by putting premium increases on hold for six months and offering membership suspensions where needed. So far, we have invested over $15.4 million into a range of support measures for our members.”
“We are now seeking to support our members further during this difficult period. In December we announced our lowest premium increase in 20 years and we are now also returning around $11 million in support to our members, taking the total value we have delivered to members through the COVID-19 pandemic to over $26 million.”
During the COVID-19 pandemic GMHBA offered GMHBA and Frank members a support package that included a range of measures including:
- Putting 1 April 2020 premium increases on hold for six months.
- Ensuring all current members with hospital cover are covered for COVID-19 related hospitalisations, regardless of their level of hospital cover or which hospital they are admitted to.
- Making additional premium relief available to eligible members experiencing financial hardship due to COVID-19.
- Waiving the minimum suspension period, so members who are eligible for a policy suspension can reactivate their cover at any time they need.
- Introducing benefits for a wide range of telehealth extras services for eligible extras members.
- Partnering with Kieser to bring physiotherapy and related strength training direct to our eligible extras members with no out of pocket expenses.
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 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 be putting premium increases on hold for 6 months. This means that any member who may have received a premium increase will have that increase frozen until October. This is a simple way for us to return these savings to our members. In addition to this, we are extending our COVID-19 support package for 6 months. Coupled with the premium freeze, we hope this will provide much needed support to our members during these uncertain times.”
“In other good news, there is a small number of members who will receive a premium reduction that will take effect in October and be backdated to 1 April.”
GMHBA Limited will be communicating with Frank and GMHBA members on the premium freeze and COVID-19 member support package extension in the coming weeks.
GMHBA anticipates that it will return further value to Frank and GMHBA members impacted by COVID-19 over the coming 12 months.
Today’s announcement comes off the back of GMHBA's announcement in December of its lowest premium increase in 20 years.
For all GMHBA media enquiries please contact Amanda Bavin on 0439 567 249 or email@example.com