At CBHS we help you manage your health challenges. We believe in offering you the services, support and tools you need to live your best life.
Our Better Living Programs are available to support eligible members towards a healthier lifestyle. Each Better Living Program is subject to its own eligibility criteria.
Contact us for more information and to confirm your eligibility for a program.
Learn more about the 1 April 2024 premium increase
Like all health funds, CBHS reviews premiums each year to ensure they continue to reflect the cost of providing quality health insurance and outstanding service. As a result, health cover premiums will need to increase, effective 1 April 2024.
To help you understand more about the annual premium review process, we’ve put together some frequently asked questions (FAQs).
FAQs
Health funds need to review their premiums annually as the cost of healthcare, medical technology, and subsequently claims costs, increases each year. Also, like all industries, higher than normal inflation is impacting the private health insurance sector.
The ongoing strength and viability of CBHS as your not-for-profit, member-owned health fund relies on prudent financial management, and this includes reviewing premiums. We do our best to keep premium increases as low as possible so that our members can continue to benefit from great value health cover.
In 2024, our average premium increase may be higher than other funds. However, even at these new premiums, our products remain very competitive and continue to offer great value health cover.
For example, our Gold tier Hospital and top level Extras products are priced lower than comparable competitors’ products.
When you experience a premium increase, it’s important to consider those factors when comparing to other health funds.
CBHS’ high-quality products offer additional health and wellbeing programs and services. Plus, we have a long history of giving back more to members. Over the past 10 years, CBHS Health has paid back on average over 90 cents in every dollar (industry average is 86 cents) collected from premiums in member benefits1. Over recent years we have worked hard to keep our premiums as low as possible, while also delivering a total COVID support package worth $62m for members.
It’s also important to note that as a not-for-profit, member-owned fund, CBHS operates at a very low margin. Any profits we make are invested back into the fund to improve our products and services for members.
1 90.7% compared to 85.6% across the industry. Calculated based on the average of the past 10 years, sourced from APRA Statistics: Private Health Insurance Operations Reports 2014-23
CBHS is focused on keeping costs down by investing in our health and wellbeing programs to keep you healthier longer, reducing claims fraud and errors, and focusing on optimising the administration costs of running our member-owned fund.
We have written to each primary member with their policy’s premium increase details. You’ll receive this in mid-March, either by email or letter depending on your current communication preference.
The premium increase comes into effect on 1 April 2024. If you’ve got direct debits or salary deductions in place, this will automatically update to the new premium amount from your first payment after 1 April 2024.
Industry wide, premium increases usually take place each year on 1 April. Since 2020, CBHS has deferred premium increases for members four times, as part of our COVID support measures totalling $62 million. The 1 April 2023 premium increase was deferred for six months, until 1 October 2023.
Our policies are competitively priced and provide great overall value. When you experience a premium increase, consider the overall value of your cover when comparing to other health funds.
Our Gold tier Hospital and top-level Extras products are priced lower than comparable competitors’ products.
Plus, over the past 10 years, CBHS has paid back on average over 90 cents in every dollar collected from premiums in member benefits1.
At CBHS, we’re about more than great health insurance. We provide great member service and give more back in benefits. In fact, from May 2024, we’re scheduled to improve our Extras benefits to create a better experience for you. CBHS products continue to offer great value for money when you compare the overall cost of similar products across different health funds. Check out our comparison below.
Our commitment remains consistent – to keep the cost of your health cover as low as possible while providing more value.
If you’re wondering why you should maintain cover in general, remember that private health cover offers:
- Timely and more convenient treatment options
- More choice over who treats you.
- Continued peace of mind.
1 90.7% compared to 85.6% across the industry. Calculated based on the average of the past 10 years, sourced from APRA Statistics: Private Health Insurance Operations Reports 2014-23
Many Australians receive the Australian Government Rebate on private health insurance (rebate) to help reduce the cost of their private health insurance. This year, there were no changes to the rebate percentages. However, the rebate income thresholds increased as of 1 July 2023. This means that depending on your income level, you may benefit from a higher rebate. Read our article to find out more about the rebate income threshold changes.
The current rebate levels and income thresholds applicable up to and including 30 June 2023 are available on the privatehealth.gov.au website.
Later this year, we’re scheduled to remove the 70% service limit on your Extras policy. This means you’ll now get back 100% of the ‘maximum claimable amount’ per service1 (up to your overall limit).
- If the provider fee is less than the CBHS maximum claimable amount for your service, you can claim the full fee amount.
- If the provider fee is equal to or higher than the CBHS maximum claimable amount, you can claim the maximum claimable amount.
See an example of how this works:
CURRENTLY | |
If a physiotherapy initial consultation costs this: | $80 |
70% of cost: | $56 |
CBHS benefit (up to $61 maximum claimable amount): | $56 |
You pay: | $24 |
FROM MAY 2024 | |
If a physiotherapy initial consultation costs this: | $80 |
CBHS benefit (up to $61 maximum claimable amount): | $61 |
You pay: | $19 |
1You must have served applicable waiting periods and have sufficient annual limits remaining. Overall limits are not changing.
The timing for this change is currently planned for late May. We’ll communicate more details, including the effective date for these changes closer to May 2024.
To keep health insurance fair for all, premium increases are not based on your personal claiming behaviour. Private health insurance in Australia is community-rated, which means premiums can’t be determined based on things like your age, gender, lifestyle, claim patterns or pre-existing conditions.
We calculate premium increases by analysing claims and service cost data from previous years. From this analysis, we estimate the amount required to cover these costs in the coming year. Premiums are then adjusted on a product-by-product and state-by-state basis.
Affordability pressures have increased for many Australians, and we want to do our best to help you stay covered. There are some options you can consider:
Are you claiming the Australian Government Rebate on private health insurance? If you’re eligible, you can claim the rebate as a reduced premium. Find out the level of rebate you may be entitled to at privatehealth.gov.au. You can nominate a rebate tier by logging in to the CBHS Member Centre and selecting Manage My Rebate under the My Account menu.
Select a Hospital product with a co-payment: You can consider taking on a co-payment if you don’t already have one. If you need to go to hospital, you’ll pay a daily cost up to a maximum of six days per adult or 12 days per family per year. This means you’ll pay less on your premium.
Change your level of cover or excess limit: We’d be happy to review your level of cover to see if you’re on the most appropriate option for your needs and budget. You may also be able to opt for a higher level of excess in return for a lower premium on some Hospital covers.
Remember, you can also choose to switch to an annual payment frequency, with the option of paying up to 12 months in advance to lock in your current premium.
Contact our Member Services team on 1300 654 123 (Monday to Friday) to discuss your options.
For all members who have paid in advance before 1 April 2024, your current paid-to date will remain unchanged. After 1 April 2024, when your paid-to date expires, the new premium amount will apply.
Your current premium is protected for the period that your membership is currently paid to.
This stands as long as you don’t make any change to your membership that impacts your premium, like a change in level of cover or changing your rebate percentage. Please reach out to us and check if you’re unsure.
You can pay up to a maximum of 12 months in advance to lock in your current premium.
Your payment notice has a due date and we issue these a month prior to this date.
- If your due date falls prior to 1 April 2024, you’ll pay the current premium. You must make the payment before the due date, in order to receive the current premium.
- If your due date falls after 1 April 2024, or you make payment after this date, the new premium will apply.
If your payment notice is posted, it may be the case that you receive your notice after 1 April 2024 due to factors outside of our control, and the due date has passed. In this case, the new premium will apply as any payments made after 1 April 2024 are based on the new premium.
If you choose to make an advance payment before 1 April 2024, it will be based on our premium rates that came into effect on 1 October 2023. You can do this by contacting our Member Services team and they’ll be able to set this up so you can pay via any of the following payment methods:
- BPAY
- BPOINT over the phone or online. BPOINT is a secure online payment system provided by the Commonwealth Bank, which accepts credit cards. Pay your bill from our website, using BPOINT.
- Cheque
Every year, we send you a Private Health Insurance Statement (PHIS). Your premium review letter or email includes a link to access your PHIS, which is a general summary of product features and what’s covered, as well as any restrictions, waiting periods, exclusions, excesses and limits.
Please note - the dollar amounts and payment frequency on these statements may differ from the premium change information because they do not reflect any Australian Government Rebate, Lifetime Health Cover loading and or any age-based discount (where applicable).