Melbourne, 2 August 2023 – AIA Health has revealed today more than 35 per cent of its customers will benefit from either a net decrease in their premiums this year — or their premiums will stay the same.
This comes after the insurer delayed its 2023 premium increase, deferring its annual rate rise from 1 April until 1 July 2023. At an average of 1.69 per cent, this is AIA Health’s smallest-ever increase, and one of the lowest in the industry.
Thousands of AIA Health’s eligible customers have also already benefitted from refunds on their insurance premiums in 2023, thanks to the insurer’s Extras Value Protect initiative.
In addition, AIA Health customers have received up to $2,040 in refunds on premium paid for unused Extras in 2022, representing a significant windfall for those who may be navigating cost-of-living challenges.
AIA Health introduced Extras Value Protect (EVP) in 2020 as an intended one-off benefit to support customers who were unable to use their extras due to COVID-related disruptions. AIA Health maintained the initiative to continue to support members as these disruptions eased, in the past year the EVP payment has assisted those faced with new financial pressures with the rising cost of living.
Meanwhile younger AIA Health members are in luck, those aged 18-to-29 will now receive up to 10 per cent off their premiums if they hold one of AIA Heath’s eligible hospital covers where the Aged-Based Discount is now applicable*.
AIA Health Insurance CEO Damien Mu said “We’re proud to be able to support our customers during challenging times. During the pandemic, our EVP benefit provided considerable help and it made sense to refund premiums when certain services couldn’t be used.
“Now with the cost of living increasing and hitting Australians’ hip pocket, we continue to look for ways to make a difference through premium decreases, refunds, and discounts.
At AIA, we have a dream to champion Australia to be the healthiest and best protected nation in the world, and we believe that your health comes first. We want to ensure our customers can stay covered at a level that best suits their needs.”
Other initiatives AIA Health has recently introduced to improve value by supporting Healthier, Longer, Better Lives include:
- The addition of a new mental health benefit to all its Extras policies, helping promote early access to both psychology and counselling services.
- A partnership with CancerAid that allows customers diagnosed with cancer to access Cancer Coach- an educational, behavioural change program which endeavours to support people living with cancer to take back control of their care, in the hope of achieving more favourable outcomes.
- The AIA Vitality Apple Watch Benefit gives AIA Health customers the opportunity to earn an Apple Watch Series 8 (GPS) for reaching their weekly physical activity targets. With no upfront cost, they can receive an Apple Watch and lower their repayments just by being active, essentially covering the cost of their Apple Watch in full ($629) over 24 months.
AIA Health customers are eligible for AIA Vitality, the insurer’s world-leading, science-based health and wellbeing program that incentivises and motivates Australians to make small conscious choices to improve their health and wellbeing every day.
The program rewards customers with savings on everyday expenses and life's little luxuries, cashback on eligible flights and even discounts on their insurance premiums. Rewards partners include Virgin Australia, endota spa, Uber, Uber Eats, Myer, Woolworths, HOYTS, rebel, Apple Gift Card, Google Play, JAGGAD, and Allen Carr's Easyway to Stop Smoking.
For more information, visit https://www.aia.com.au/en/individual/health-insurance.html
