• HCF reassuring members of ways it’s helping to ease cost of living pressure with thousands of dollars in member savings
• HCF members eligible for 100% back on six key extras including dental, eyecare, physio
• ‘Dr Gap’ tool helps members find specialists with no or known (capped at $500) out of pocket costs
• Thank You loyalty program offers discounts on groceries, fuel, entertainment, shopping
• Free mental health, second opinion specialist, and wellbeing programs help keep health costs down

Thursday October 20, 2022: Australia’s largest not for profit health fund, HCF, is maintaining its commitment to keeping costs low for members with a raft of exclusive offers that can help the average Australian family save thousands of dollars a year on household essentials and out of pocket health costs.

The message comes as exclusive research undertaken on behalf of HCF reveals only one in five Australians is prepared to reduce spending on healthcare when it comes to managing the rising cost of living. The research found that Australians are most likely to reduce spending on dining out (71%), entertainment (63%), and buying new clothes (58%).

This is even more critical for the ageing population, with more than one in 10 (12%) Australians 65+ years are least likely to say they would reduce spending on health care to help manage the rising cost of living.

Changes to premiums will come into effect on November 1, to cater for the increasing cost of healthcare due to the ageing population, rising demand for care, expansion of healthcare services and advances in health treatments. Despite this, HCF is reminding members that access to free GP, mental health, dental, chiropractic and physiotherapy care and even a free second opinion on health conditions may be just a click away, as part of their membership.

Members also have access to significant savings on everyday household spending items like groceries and fuel, as well as shopping and entertainment, which can quickly equate to an average saving of about $1000* per year.

HCF CEO Sheena Jack said the fund was continuously working to ensure health cover remained affordable for members.

“We don’t want our members paying more than they have to for their health, which is why helping them keep money in their pockets is one of the ways we go above and beyond,” Ms Jack said.

HCF Members can find significant savings on their household and health bills by:

• Accessing the ‘More For’ no-gap services: you can get 100% back on a dental check-up or first visit to a physio, chiro or osteo when you see an extras provider in our No-Gap network • Use HCF’s ‘no-gap’ search tool to find a specialist who charges no, or a known gap (capped at $500)
• Using HCF’s Thank You loyalty program, with access to a range of loyalty rewards discounts on groceries, fuel, and shopping
• Accessing member-only free health services, including mental health support; Second opinion services; Family Nutrition Support; online GP appointments; dietician-led weight management programs

Ms Jack said the savings and services HCF members had access to were proof that it paid to belong, regardless of premium changes.

“While we don’t want to increase premiums at all, they are necessary to enable us to ensure we can continue to deliver to our members,” Ms Jack said.

“As a not-for-profit we’re in the unique position to be able to assure members we’re doing everything we can to keep those increases to a minimum, and also tailor our offerings so that we can meet the needs of our members and advocate for the things they benefit from most, like greater transparency around out-of-pocket costs.”

HCF has supported members with no premium increase since April 1, 2021, as part of more than $300 million in total COVID-19 benefits and support to members. This support included freezing premiums twice (for 6 months in 2020 and for 7 months this year), extending cover for COVID-19 related hospital admissions, offering premium relief for more than 72,300 eligible members experiencing hardship and a give back to eligible members in December 2022.

HCF Members who would like to find out more about their cover and its benefits can call 13 13 34 or visit their local branch.

Full survey results:

When it comes to managing the rising cost of living, Australians are more likely to reduce spending on dining out (71%), entertainment (63%), buying new clothes (58%), holidays (55%), groceries (41%), technology (41%), home improvements (39%) and fuel (23%) compared to just one in five Aussies (20%) who would be prepared to reduce spending on healthcare.

• Women are more likely than men to make sacrifices in their spending on dining out (77% compared to 64%), buying new clothes (68% compared to 49%), groceries (49% compared to 33%) and home improvements (43% compared to 35%)
• Australians 65+ years are least likely to say they would reduce spending on health care to help manage the rising cost of living (12%)
• West Australians are more likely to try to reduce spending on fuel (32%) compared to people living in NSW (22%), VIC (20%) and SA (14%)
• Aussies living outside of the 5 major capital cities (61%) are more likely than those living in the 5 major capital cities (52%)to say they would sacrifice holidays when reducing spending to help them manage the rising cost of living
• Similarly, Aussies with children under 18 years at home are more likely than those without to say they would sacrifice holidays (61% compared to 53%) when reducing spending to help them manage the rising cost of living

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Media contact: Rebecca Page 0439130400 rpage@hcf.com.au

ABOUT HCF

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. HCF has been awarded Outstanding Value Health Insurance by Canstar six years in a row from 2016-2021. On average over the last five 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

*ABS data from 2015/16 based on average household spend who buys discounted e-gift cards.

ABOUT THE SURVEY

This study was conducted online between 9-12 October, 2022 by YouGov on behalf of HCF. The sample comprised of a nationally representative sample of 1,022 Australians aged 18 years and older. Following the completion of interviewing, the data was weighted by age, gender and region to reflect the latest ABS population estimates.