Common rating is intended to give more certainty for those at retirement age regarding future health insurance premiums.
However, when members have reached 65 years their premium has increased significantly. Members have told us this large jump wasn’t easy to manage. So, we’re making this transition smoother by gradually increasing the common rating age from 65 to 75 years from 1 November 2016 onwards.
By changing our common rating age from 65 to 75 years, premiums can remain affordable for longer – meaning there isn’t such a large increase at 65. We hope this helps more members retain their health insurance for longer.
While our population is getting older, modern medicine means we are living healthy, active lives for longer. A change to age banded premiums for those aged 65 to 75 will result in lower premiums for longer, as members will only be sharing the claiming risk with other members the same age – until age 75.