Rate Protection
We understand that changes to your premium amount can be a concern, particularly when cost of living is high. That’s why we offer rate protection, a way to secure your current rate for a set period. Below are some frequently asked questions about rate protection.
What is rate protection?
Rate protection allows you to lock in your current premium rate for a specific period, protecting you from rate increases during that time. If premium rates are increased within the period that you have already paid for your insurance, you will not have to pay increased rates until that period ends. This provides predictability and peace of mind, knowing your premiums won't changes for the duration of that advance payment.
How long can I lock in my current rate?
You can lock in your current rate for 13 months', six months, three months, one month or one fortnight worth of premiums, provided you make the payment on or before 31 March 2025.
My premium increases on 1 April 2025. If I lock in my current rate for 12 months, will I avoid paying the increase?
Yes! You can lock in your current rate for 13 months, provided you pay on or before 31 March 2025. However, after the 13-month rate protection period expires, your rate will be adjusted to reflect the 2025 premium amount. Please note, you cannot pay beyond 31 March 2026.
How do I take advantage of rate protection?
- Log into your Latrobe Health Online Account or app. You can register and login here https://www.latrobehealth.com.au/my-latrobe-online-account/.
- Navigate to the payment details section and select a date up to 13 months in the future. Selecting a date means you’re choosing to pay your premiums at the current rate until the selected future date.
- Provide your card details and press ‘process payment’
I want to lock in my premium rate from 31 March 2025 to 30 March 2026. Do I have to wait until 31 March 2025 to arrange this?
No, you don’t have to wait until 31 March 2025 to lock this rate in for that period. You can make a payment 13 months in advance via your online account or app in the payment section. Just make sure you select the ‘paid to’ date to as the day before your next payment is due.
For example, if you make a 13-month payment on the 11 February 2025, you will be covered until 10 March 2026, and your next payment will be due on the 11 March 2026.
If I make a 6- or 12-month advance payment, will I receive a discount.
Yes, if you make a 6-month advance payment you will receive a 1% discount, and if you make a 12-month advance payment, you will receive a 2 % discount. Please note, this only applies to annual and biannual payments. Payments for other durations are not subject to this discount.