HCF URGES AUSTRALIANS TO TAKE STOCK OF HEALTH COVER OPTIONS THIS EOFY
MONDAY JUNE 27, 2022: Australia’s largest not-for-profit health fund, HCF, is urging Australians to review their private health insurance policies to make sure they’re getting value for money as the end of the financial year approaches.
With more than 14 million Australians realising the value of private health insurance membership in 2022, and cost of living a major issue for most, the end of financial year presents an opportune time to take stock of understanding where value and savings can be found.
HCF Chief Officer Product and Diversified Business, Lorraine Thomas, said that financial stress could be helped by having peace of mind when it comes to knowing the true worth of health cover.
“At HCF we’re not your typical health fund – we genuinely want our members to get great value cover, but that might look different for every Australian household,” Ms Thomas said.
“There’s no denying cost of living pressures are mounting for many Australians, so we’re encouraging people to understand how to make the most of their cover so they’re not paying more than they need to, and also to tap into the benefits and offers they might not realise are included.”
To find out if you have the best cover for your situation, Ms Thomas recommends the following tips:
- Regularly review your cover and inclusions as your health needs and life situation changes
- Use our extensive networks of hospital and extras providers around Australia to ensure a no or known gap experience for services included on your cover
- Make use of loyalty programs such as HCF Thank You for a range of offers and discounts that can save you on everyday items such as groceries, petrol and other essentials
- Find out about the health and wellbeing programs available for free on top of your cover
- Consider the value you receive from your cover. At HCF, for every dollar our members paid in premiums, we’ve given back more in benefits than the industry average over the past 10 years*, and we’re waiving wait periods for members who join before June 30
- Explore financial hardship options to ensure you can maintain your cover during difficult times. At HCF we’ve deferred our rate rise to November 1 as part of our promise not to profit from the pandemic
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ABOUT HCFHCF, Australia’s largest not-for-profit health fund protecting Australians since 1932, covers more than 1.75 million members with health and life insurance, and travel and pet insurance. 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* 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 **Terms and conditions apply