Teachers Health Group today announced it would further delay premium increases until 1 October 2023, having previously delayed April’s earlier premium increase this year. The move will save members $14 million in 2023, recognising the Group’s commitment to putting members first and the impact of the rising cost of living on household budgets.
The deferral is the latest in the Group’s COVID support initiatives that have returned approximately $79 million to members, including $31 million in one-off payments in 2022.
Comprising Teachers Health, UniHealth and Nurses & Midwives Health, the Group is Australia’s largest industry-based health fund covering over 400,000 lives as the fund for school staff, nurses and midwives, educators, and their families.
"Our members are at the heart of everything we do, and from the outset of the pandemic, we’ve maintained that any savings realised due to COVID would be returned in full. This is part of our commitment as a profit-to-member fund to prioritise their needs and provide support at a time when cost of living is top of mind," said Teachers Health CEO Brad Joyce.
The Group additionally deferred premium increases in 2020, 2022 and earlier this year in April 2023.
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About Teachers Health
Teachers Health is health insurance for teachers, the education community, and their families. Created by teachers for teachers nearly 70 years ago, Teachers Health has grown to become Australia’s largest industry-based health fund and one of the nation’s leading not-for-profit health insurers. As a profit-to-member fund, Teachers Health is committed to putting members first and delivering the best possible value (not payouts for shareholders).
About Nurses & Midwives Health
Nurses & Midwives Health is health insurance for nurses, midwives and their families. As a profit-to-member organisation, Nurses & Midwives Health focuses on what matters most – supporting the health and wellbeing of members, not delivering payouts to shareholders.
UniHealth is health insurance for the higher education community and their families. As a profit-to-member organisation, UniHealth is focused on putting members first and supporting their health and wellbeing, rather than payouts to shareholders.