Due to the rising costs of medical treatment in Australia and the evolving medical needs of our member population, we are unable to continue offering OVHC at your current premium. Our premiums have been affected by:
- A significant increase in average hospital admission costs
- An increased demand for medical treatment
- An aging member population; and
- Medical cost inflation in Australia, which has increased by 3 - 10% each year for the past 5 years.
If you cannot afford the increase to your Standard / Mid / Top OVHC products, we have a lower level of cover known as Budget Workers / Visitors. Please be aware this does not provide services for out-of-hospital treatment including doctor and specialist appointments, prescription medicines or radiology and pathology tests.
If you cannot afford the increase to your Workers OVHC product, you can choose to add a $500 Hospital Excess to your policy which will reduce your premium.
If your policy has an excess, the excess is the amount you are required to pay upfront before receiving a benefit for overnight or same day hospital admissions under your policy.
NOTE: If you are subsequently wanting to remove the applicable excess from your Workers OVHC policy, you will need to serve a 2 month waiting period where your previous excess will still apply.