Latrobe Health Services will delay its annual premium increase for private health insurance premiums from 1 April to 1 October. The six-month deferral is expected to collectively save members $3.7 million.
Latrobe CEO, Ian Whitehead said the pandemic continued to be a highly stressful time for many Latrobe members.
“Lockdowns and restrictions in place during 2021 meant it was difficult to access elective surgery and other health related services,” said Mr Whitehead. “We’re returning any savings made during this period directly to members through our rate deferral and rolling over un-used extras.”
Mr Whitehead explained that Latrobe Health had already announced to members that their 2022 benefit limits for eligible extras services would increase by the amount that was unused for that service in 2021.
“As a not-for-profit health insurer, an average 90 cents of every dollar our fund earns is reinvested back into our members and communities. This rate deferral and our preparedness to roll over unused extras is just one example of our commitment to members”.
“We estimate that in 2020 and 2022 we’ve returned approximately $7 million to our members in premium savings. We’ll also continue to look for ways that we can help and support members,” said Mr Whitehead.
Latrobe Health has supported its members right through the pandemic by enabling hardship support, covering all COVID related hospital admissions and investing $1m in community to support mental health, homelessness, and domestic violence.
“Together, this premium deferral, will take our member and community support package since the start of the pandemic to over $8 million.
“We recognise that this pandemic is continuing to evolve, and we’re committed to being responsive in our approach, support and offering to members.”
Established in 1951, Latrobe Health Services is a Gippsland based not-for-profit private health insurer with more than 87,000 members across Australia. Latrobe prides itself on providing quality cover and exceptional service to members.