Published 27 Feb 2025
- GMHBA, Australia’s leading not-for-profit health insurer, puts health and wellbeing of members first
- Extras base premium increases on hold for 2025
- GMHBA Ltd average premium increase just 2.4%, lower than industry average for the third year in a row
GMHBA is easing financial pressure on its members by freezing increases to base premiums for extras cover in 2025*. With the rising cost of living hitting households nationwide, this move ensures members can continue to access vital health services without the stress of higher premiums.
Extras products offered by GMHBA cover a wide range of health services including dental, optical, physiotherapy, and other allied health treatments. These services are crucial for maintaining overall health and wellbeing, yet the ongoing financial strain felt by many Australians has made it harder for some to manage the cost of care.
And while GMHBA members with hospital or combined cover may still experience an increase in their premium, the average increase of 2.4% across all GMHBA Limited products is below the industry average for the third year running.
GMHBA CEO David Greig said the decision reflects GMHBA’s ongoing commitment to its members, ensuring they receive excellent value from their private health insurance.
“Amid the ongoing pressures of the cost of living, this will allow our members to focus on their health with peace of mind.” he said.
“As a not-for-profit, every decision we make is to benefit our members and community, not shareholders. GMHBA is an active contributor in building the health and wellbeing of communities and the premiums our members pay go toward paying benefits for member claims and the cost of running the business.”
Premium reviews are conducted by all funds annually** and support increasing healthcare costs driven by several factors, including higher costs associated with new medical technologies and treatments, an ageing population requiring higher levels of care and rates of chronic health conditions increasing.
“Having extras is a great way for members to get value out of their cover and proactively manage their health and wellbeing, by accessing ancillary care like dental check-ups or optical or physiotherapy,’ Mr Greig added.
“For more than 90 years GMHBA has supported and empowered our community to live healthier lives, and we are committed to standing by them, especially in times like these.”
GMHBA continues to offer a wide range of health services, providing flexible options that meet the different needs of members.
* provided there are no changes to any discounts or the Australian Government Rebate on private health insurance applied to the members’ premium and they remain on the same type and level of cover. Rebate percentages (rates) will be adjusted effective from 1 April 2025.
** All Australian health funds review their premiums each year with any adjustments approved by the Australian Government Minister for Health and Aged Care.
