PMIF FAQs for corporate insurance members

If you’re part of a CIAs, you might be affected by these laws now or in the future.

Info for CIA members
My employer pays for some or all of my insurance cover. Am I affected by PMIF

If your employer pays for only part of the cost of the cover provided automatically through the corporate arrangement, you will be affected by the PMIF laws if your balance is less than $6,000 as at 1 November 2019. You must let us know by 31 March 2020 if you want to keep your cover.

If your employer pays the full cost of your fees, you will not be affected. Your cover will continue from 1 April 2020 regardless of your super account balance at that time. If you leave this arrangement after 1 April 2020 and your account balance is under $6,000 and/or you’re under 25, you may need to let us know if you want to keep your cover. We’ll write to you at that time, so you can make a choice.

My employer pays for some insurance cover and I pay for additional or other cover. Will I lose any of my cover due to the PMIF laws?

The PMIF changes are only relevant for members with standard insurance cover. Because you’ve chosen to have additional or other cover, you will not be affected by PMIF and all your cover will continue from 1 April 2020.

I am currently part of a corporate insurance arrangement and my employer pays the full cost of my insurance cover. Will I be affected by the PMIF laws if I either leave the employer in the future or my employer stops paying your fees?

In the event you become responsible for paying your fees in the future (for example you are no longer employed by your current employer or your employer stops paying your fees) and you’ve already elected to keep your cover, you will move to the CareSuper Employee Plan.

You will be responsible for covering the cost and insurance fees will be deducted from your super account.

If you haven’t already elected to keep your cover at the date you become responsible for it, your cover will be cancelled. You may be able to have your cover reinstated, however there will be a gap in cover so you won’t be covered for an insurable illness or injury that occurs between the date your employer stopped paying the cost of your fees and the date your cover starts again. This cover will be subject to an active employment test and may be restricted to limited cover.

My employer was responsible for paying for my standard insurance fees. I’ve recently left that employer or have been told I am now responsible for paying my fees. Am I affected by these new laws?

Please contact us as soon as possible to find out up to date information about your insurance cover and the cost of cover.

If your balance has not reached $6,000 at least once between 1 November 2019 and 31 March 2020, you will be affected by these laws. Your cover will be cancelled on 1 April 2020 unless you elect to keep it. If your cover is cancelled and your account balance later reaches $6,000, your insurance cover may start again from the date the $6,000 is reached, however different terms and conditions may apply and you, not your employer, will be responsible for paying the fees.

If you want to keep your cover from 1 April even if your account balance is less than 6,000, you must let us know. See your recent email or letter with information on how to make an election. If you choose to keep your cover, you not your employer, will be responsible for paying your insurance fees.

If I become responsible for paying my fees in the future, can I make an election to keep my cover at that time?

If you have not elected to keep your cover when you become responsible for your fees, cover will be cancelled from that date. However, you have a second opportunity to keep your cover if you let us know within 30 days from the date you become responsible for your fees. Please contact us at that time.

You can also make an election now to keep your cover after you become responsible for paying for it, regardless of the size of your account balance at that time. See your recent letter or email from us for details on how to make this election. Electing to keep your cover now does not affect your rights to cancel or apply to change your insurance cover in the future.

Putting Members’ Interests First (PMIF) FAQs
If you have questions about these changes and what you should know, take a look at our FAQs.
I’m a new or current member
If you’re affected by PMIF, there’s a number of things you should consider before 1 April 2020.
I’m an employer
See how your employees may be affected by these laws and where you can get help to answer their questions.