How to "lock in" your premium
If you can afford it, consider paying a full 12 months of premiums before the rates increase takes affect which normally occurs in April each year and you will lock in your premiums at the current rate for the next 12 months. This means you essentially delay having to pay the increased premiums for up to 12 months.
An Example:
- The rate rise occurs on 1 April 2010.
- You pay a year's (12 months) premium in advance in March 2010 (at the current rate).
- Your premium is protected (at the current rate) till March 2011.
- Generally your payment must be received and processed by the health fund before March 26th 2010 to 'rate guarantee' your premium for the following 12 months.
You should note that 'locking in your premium' does not mean that funds cannot make changes in specific policy details and coverage; including changes to rebates or annual limits, or in the services covered by the policy/health fund.
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