Teachers Health Group will defer premium increases until 1 July 2023, in recognition of the cost-of-living pressure on members who comprise school staff, nurses and midwives, educators and their families.
The 2023 weighted average premium increase of 2.5 per cent is well below the industry average and will save our members $6.9 million in 2023.
The deferral is the latest in the Group’s COVID support initiatives, which returned $71.8 million to members in 2022, including $31 million in one-off payments.
The not-for-profit Teachers Health Group comprises Teachers Health, UniHealth and Nurses & Midwives Health.
The move follows the Australian Government’s announcement of an average 2.9 per cent premium increase across all health funds.
“An increase of 2.5 per cent puts the Teachers Health Group well below the industry average, reflecting our ongoing commitment to keeping premiums low while providing the best care and experience for members,” says CEO Brad Joyce.
“We’re proud to provide this support to our members at a time when we know cost of living is top of mind. As the fund for educators, nurses and midwives, and their families, we know how much good they do for their communities and how vital those efforts are. Deferring this increase reflects our values as a fund and our promise to members to put their needs first. We’re for people, not for profit.”
The Group additionally deferred premium increases in 2020 and 2022.
About Teachers Health
Teachers Health is health insurance for teachers, the education community, and their families. Created by teachers for teachers nearly 70 years ago, Teachers Health has grown to become Australia’s largest industry-based health fund and one of the nation’s leading not-for-profit health insurers. As a profit-to-member fund, Teachers Health is committed to putting members first and delivering the best possible value (not payouts for shareholders).
About Nurses & Midwives Health
Nurses & Midwives Health is health insurance for nurses, midwives and their families. As a profit-to-member organisation, Nurses & Midwives Health focuses on what matters most – supporting the health and wellbeing of members, not delivering payouts to shareholders.
UniHealth is health insurance for the higher education community and their families. As a profit-to-member organisation, UniHealth is focused on putting members first and supporting their health and wellbeing, rather than payouts to shareholders.
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