Please DO NOT DELETE this page.

Blog //
  • Membership
//

CBHS Group records one of the lowest average rate increases of all private health insurers in 2018, for the second year in a row

25 January, 2018
CBHS Rate Rise

Thursday  25 January 2018: CBHS Group, comprising CBHS Health Fund and CBHS Corporate Health, recorded two of the lowest average premium increases across the private health insurance industry in the 2018  annual rate review, for the second year in a row.

The Minister for Health, the Hon. Greg Hunt MP, today formally announced private health insurance costs will increase by 3.95% on average for all private health insurers, the lowest growth for seventeen years.

CBHS Corporate Health and CBHS Health Fund recorded average premium increases of 2.38% and 2.73% respectively, both of which are well below the industry average.

CBHS Health Fund is a not-for-profit private health insurer whose eligibility is restricted to current and past employees of the Commonwealth Bank Group and their families. With more than 220,000 lives insured, it is the 10th largest private health insurer in Australia and achieved the lowest rate increase of the top 10 funds. CBHS Corporate Health, the sister fund of CBHS Health, is focused on providing health insurance products to a broader range of people, including those that aren’t eligible for CBHS Health, as well as corporate partners and their staff. CBHS Corporate Health achieved the lowest increase across all open (non-restricted) funds.

CBHS Group CEO Andrew Smith said both funds remain committed to minimising the cost of healthcare and premiums for members.

“Our latest average premium increases are some of the lowest in the industry again and signal our commitment to protect the continued affordability of cover for members,” he said.

“The ageing population is driving significant growth in claims, the impact of which is compounded by the rising cost of healthcare. As a responsible fund CBHS must take steps to ensure operations are sustainable over the long term. Part of that process is reviewing premiums so that we can meet claims in future years.”

“While some level of increase in premium is beyond our control, we need to ensure this is kept to a minimum. Our absolute priority is providing affordable private health insurance to our members, and we continue to work with the Government and Industry to keep costs as low as possible.”

“We’ve also delivered on our commitment to pass on all cost savings from the Government’s Private Health Insurance Reform Package direct to members in the form of lower premium increases.”

Dario Molina, CBHS Corporate CEO added, “Our focus is on delivering operating efficiencies, cost savings and value to our members, which is why we’ve been able to keep our premiums lower.”

“We’re highly competitive when it comes to price and benefits. Feedback from members highlights our great value products and the peace-of-mind that comes from our award-winning service.”

The premium increases will take effect from 1 April, 2018 and CBHS will contact members directly to explain how individual cover is affected.

Suggested Articles

  • A woman looking at the sea

    Know the risks: Australia’s most common cancers in men and women

    One in three cancers in Australia are preventable. That means that there are lifestyle changes you can make right now that will greatly reduce your risk of being diagnosed.
    • Wellbeing
    17 July 2019
  • A man is getting his eyes tested by Optometrist

    The four common questions you’re asking optometrists

    What are the eye health questions OPSM’s optometrists get asked most by their customers? They’ve shared them, and the answers, with us.
    • Wellbeing
    17 July 2019
  • Dietitian help to lose weight

    How a dietitian can help you lose weight

    Nicole Dynan, Accredited Practising Dietitian, shares how a dietitian can play a pivotal role in helping people achieve real and lasting weight loss.
    • Fitness
    10 July 2019
  • AGM

    Advance Notice of Annual General Meeting and Director Nominations

    CBHS wishes to advise its members that the Annual General Meeting this year will be held on Thursday 7 November 2019 at the CBHS registered office, Level 5, 79 George Street, Parramatta, NSW 2150.
    9 July 2019