Changes to Our Health Insurance Products for 2023

How we’ve developed our pricing model for health plans starting in 2023

Average premium inflation

From 2022 to 2023, the average premium inflation is 6.39%.

A reminder: the average premium inflation is an average and it doesn’t take into account age-related increases.

Pricing changes

Base rates—We’ve applied the majority of the 6.39% increase to the age base rates and the base rates for optional benefits.

Excesses—As we’ve projected in previous years, from 2023 onwards we’re applying only nominal adjustments to excesses (subject to performance and claims behaviours). We’ve completed our work on the US$250 per annum excess (the original goal was aligning the discounts for new business and renewal business). We did some minor work on pretty much every excess from nil to US$1,600 per claim.

USA-90—We’re closing USA-90 for new business. USA-90 remains open for renewal business.

Zone 7—We’ve created a new area of cover.

Medevac Plus—We’re switching Medevac Plus from percentage pricing to fixed-premium values. We’re also delinking Medevac Plus from the USA-45 and USA-90 (renewal only) options.

Dental Basic/Plus for members aged 0-17—Since we switched this optional benefit to a fixed-premium value, we’ve conducted a 3-year remedial plan. With 2023, that plan is now complete.

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