How to "lock in" your premium
If you can, pay a full 12 month premium now, before the rates increase on 1 April 2008 and you could lock in your premiums at the current rate for the next 12 months. This means you will miss the ‘08 rate rise and be ahead of the current year’s rate rise for the next 12 months.
An Example:
- The rate rise will occur on 1st April 2008.
- You pay a year's (12 months) premium in advance in March 2008 (at the current rate).
- Your premium is protected (at the current rate) till March 2009.
- Your payment must be received and processed by the health fund before March 27th 2008 to 'rate guarantee' your premium for the following 12 months. (Please check the fund’s final process date with your iSelect consultant by calling 13 19 20).
- If you continue to pay another year in advance in March 2009, you will again benefit from a liklely rate increase in April 2009.
SOURCE DISCLAIMER
*Source: Dept. Health and Ageing web site, 6 March 2008 (www.health.gov.au)
**Source: Private Health Insurance Administration Council Annual Report 2007 (www.phiac.gov.au)
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