If an insurer removes an Age-Based Discount from a product, how will members be informed of this change?
If an insurer chooses to remove Age-Based Discounts from a product, the Private Health Insurance (Complying Product) Rules require the insurer to inform policy holders within a reasonable time before the change:
- that the policy will no longer provide an Age-Based Discount; and
- of the new premium that will be payable for the policy.
This will allow those affected, time to consider transferring to a Retained Age-Based Discount policy.