Some tailored insurance arrangements provide for members to have the cost of their cover paid for by their employer. If your employer covers the full cost of your insurance and meets its obligations under the tailored insurance arrangement the PMIF laws will not affect you.
If you became a member of Hostplus before 1 April 2020 and your employer did not pay the full cost of your tailored insurance arrangements, then your cover will have ceased on 1 April if your account balance didn’t reach at least $6,000 or you did not make an election to maintain the cover.
For example, if your account balance didn't reach at least $6,000 before 1 April 2020 and you had obtained additional cover beyond the cover that your employer pays for under the tailored insurance arrangements (eg. you pay premiums for your own salary continuance cover), this cover would have ceased unless you made an election to maintain the cover prior to 1 April 2020.
If your employer pays the full cost of your insurance cover, then you will have retained your cover on and from 1 April 2020 as long as your employer continues to meet its obligations under this arrangement.
New members joining after 1 April 2020 under an arrangement where their employer pays the full cost of their insurance will generally have default cover automatically applied to their account despite having an account balance below $6,000 or being aged under 25. If your employer does not pay the full cost of cover offered under your tailored insurance arrangements, then you will only be able to obtain cover when your account balance reaches at least $6,000 and you are aged 25 or over (unless you make an election to obtain cover even if your account balance is less than $6,000 or you are under the age of 25).
If you cease working for the employer at any stage, your insurance cover will be cancelled if you have not made an election to maintain your cover and your account hasn’t reached at least $6,000, and, for new members joining after 1 April 2020, if you have not reached age 25 before you cease work.