HCF TO GIVE BACK A FURTHER $130M IN COVID SAVINGS TO ELIGIBLE MEMBERS
- HCF maintains promise not to profit from the pandemic by announcing an additional $130m giveback to eligible members to be returned by Christmas
- $130m forms part of a $300m package of pandemic-related support for members
Saturday September 3, 2022: HCF, Australia’s largest not-for-profit health fund, has announced it will give eligible members back an additional $130 million in pandemic-related savings before the end of this year.
The savings form part of a larger package of support HCF has provided to members since the start of the pandemic, including both financial and increased health services support.
HCF CEO Sheena Jack said the additional giveback was part of HCF’s ongoing commitment to make health cover more affordable and accessible for members.
"Given the changed healthcare landscape over the past three years, it’s only fair we work hard to find more ways to give back and to help members manage mounting cost of living pressures,” Ms Jack said.
"A strong commitment to putting health before profit remains a guiding force in all of the decisions we make for our members.
Throughout the pandemic, HCF has continued to be there for our members with over $300 million in total benefits and support, including:
- cash giveback to eligible members in December 2022
- postponement of 1 April 2020 premium increases for 6 months
- postponement of 1 April 2022 increases for 7 months
- premium relief for all eligible members experiencing financial hardship
- free mental health check-ins for all eligible members
- COVID-19 related hospital admissions covered at no extra cost on all hospital policies^
- expanded range of telehealth services, mental health and wellbeing programs and in-home hospital treatments for all eligible members.
Members will be notified in November with specific details on the amount they will receive and how the savings will be returned.
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HCF, Australia’s largest not-for-profit health fund protecting Australians since 1932, covers more than 1.8 million members with health and life insurance, and travel and pet insurance. On average over the last 10 years, HCF has paid out more cents in every dollar in premiums to members as benefits than the industry average~. To learn more about HCF go to hcf.com.au/about-us ^Some claims from Overseas Visitors Health Cover are excluded. Overseas Visitors Health Cover members should check their product information to see if they're covered. ~90% compared to 86% across the industry. Calculated based on the average of the past 10 years, sourced from APRA Statistics: Private Health Insurance Operations Reports 2012-21.