In 2023, Frank froze premium increases for six months. This meant that premium increases that were due to come into effect on 1 April 2023 were deferred until 1 October 2023.
COVID-19 impacted our members’ ability to use their cover. This resulted in Frank generating unintended savings.
With this premium increase, over $2.3 million in COVID-19 claims savings were returned to Frank members. This was in addition to the savings already returned to members through previous premium freezes in 2020 and 2022, and the return of COVID-19 claims savings in 2022 and 2023.
The final return of COVID-19 claims savings to eligible Frank members in 2024 brings the total support provided to over $43 million.
Premium freeze FAQ's
Why did Frank freeze premiums?
COVID-19 impacted our members’ ability to use their cover, this resulted in Frank generating unintended savings. We made the decision to return these savings to our members by deferring our planned 2020, 2022 and 2023 premium increases. It was a simple way for us to return value to our members when they needed it the most.
What are claims savings?
During the COVID-19 pandemic, Frank set aside funds to pay for claims we anticipated would be delayed, but not all claims that we planned for have been made. This has resulted in us generating additional claims savings which we’re giving back to members through a range of support initiatives. Find out more.
Why do premiums usually change each year?
Health insurance premiums are reviewed because health care costs increase year-on-year. Health care costs are driven by a number of factors, including:
- Increased cost of health service delivery with things like new medical technologies and treatments
- An ageing population and people living longer
- Growing rates of chronic conditions.
Learn more: Premium review
What can I do to save on health insurance costs?
Review your cover to make sure you’re only paying for what you’re likely to need. Contact us to assess your cover and see if you’re on the right policy for your health and financial needs.
What support measures were put in place during the pandemic?
COVID-19 related hospitalisation cover
During the pandemic, Frank introduced temporary support measures which meant existing active members with hospital cover were covered for all COVID-19 related hospital treatments as a private patient (even if the applicable clinical category was an exclusion on your level of cover). The two-month waiting period was also required to have been served. This coverage was extended throughout 2020, 2021 and 2022 and expired on 30 April 2023.
If you have been admitted to hospital as a result of a condition developed from contracting coronavirus on or after 1 May 2023, your eligibility for benefits depends on whether the condition falls under a clinical category covered by your policy, e.g. if you have a lung complaint, it’s necessary for your policy to cover "Lung and Chest" in order for you to receive benefits. Please check your policy documents to understand what clinical categories you are currently covered for and if they will still be suitable for your needs now that the temporary COVID-19 hospitalisation cover has ended.
Telehealth benefits
Telehealth benefits for some extras services that were introduced as part of our COVID-19 support package (in line with the level of cover you hold) are now permanent. Learn more about telehealth and what services are eligible.
