If you join Latrobe Health now, your rates are locked in until April 2024.
Did you know each year health funds are required to submit their product pricing to the Australian Government for review and approval?
We do this to make sure that each health fund’s pricing is fair to customers while still being able to cover the costs associated with providing the health insurance product.
This is why you’ll notice that your policy will usually increase around April every year.
In 2022 most health funds, including Latrobe Health, deferred their April 2022 rate rise to later in the year.
In April 2023, annual private health insurance rates were increased again. Most funds have chosen to defer their rate change to later in the year.
Latrobe Health’s current and available for purchase policies did not increase, therefore we chose not to defer our rate rise.
Latrobe Health is a not-for-profit health fund, which means if we don’t have to, we won’t increase our prices.
Any profit we make is directly added to the fund’s reserves to ensure the future payment of claims, and benefits for members, and covering our operational costs and overheads (which we keep extremely low each year – around 10c in every dollar**).
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What does this mean for you and your current health fund?
Over 50% of health funds will increase their rates this September to November.
This means if you stay with one of these funds, your policy could have its price increased now, and then again in April 2024.
To avoid the second increase in your rates you can either:
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Lock in your rate and pay 12 months in advance (dependent on your provider).
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You can shop around elsewhere, for a better, and more price-conscious health fund, like Latrobe Health, who won’t increase their prices if they are not required to.
To compare your cover with Latrobe Health click here or call our award-winning call centre on 1300 362 144 for help comparing and finding a cover that suits your healthcare needs.
What happens to my waiting periods if I switch?
Depending on your current level of cover and excess, you won’t need to re-serve any wait periods.^^
For example, if you are on a Bronze level hospital cover with a $500 excess level at your current fund, and you switch to our Bronze level hospital cover with a $500 or $750 excess level, you won’t need to re-serve any wait periods.
This means you can go right ahead and book in the treatment once your previous health fund sends us your clearance certificate. This usually takes around 14 days.
However, if you switch to a lower excess level of $250 or are upgrading to a higher level of cover, some wait periods may apply.
You can call our friendly team to chat about your current cover and what switching means for your wait times on 1300 362 144.
Why would Latrobe Health, a not-for-profit, increase their rates?
Every year, health insurers review their premiums to ensure they are priced accordingly against the rise in healthcare costs. As a not-for-profit, for purpose health insurer, Latrobe Health does not profit from premium increases.
We have no shareholders to report to or distribute profit to. Any net operating margin earned as a result of the rate increase will be directly added to the fund’s reserves to ensure the future payment of claims, benefits for members, and covering our operational costs and overheads (which we keep extremely low each year – around 10c in every dollar**).
How do I switch to Latrobe Health?
Switching is as easy as 1-2-3!
- Tell us you’d like to switch.
Either complete a quote online here or call our team at 1300 362 144 to find the right cover for you. - We will break up with your current health fund for you.
Nobody enjoys a breakup, so don’t stress about it, we’ve got it!
We will let your current health fund know you’ve moved on to something better while completing all the paperwork for you. - Enjoy being a part of Latrobe Health!
If you’ve already served waiting periods on your current policy and have switched to a policy with the same or higher excess, you can start claiming without having to re-serve any wait periods!^^
Choose your policy
Compare our products and choose a level of cover that suits you. If you need help, click on the web chat button or call us.
We will do the paperwork
When you join Latrobe Health we'll ask you about your current cover and contact your old fund on your behalf to arrange the transfer
Enjoy the benefits
Once we've got your completed paperwork from your previous health fund, you can use your cover without re-serving wait periods^^.
^^ We recognise any waiting periods you served with your previous health fund. When switching to Latrobe Health on an equivalent or lower level of cover within 30 days of cover end date with old health fund, provided you already served your waiting period. You can use your cover with Latrobe Health after your previous insurer sends us your clearance certificate.