Wednesday, 17 May 2023: HCF, Australia’s largest not-for-profit health fund today announced it will give a further $136 million in cash back to members. This additional give back means HCF will have provided a total of $495 million in pandemic related savings to members of HCF, RT Health and Transport Health.

HCF has deferred this year’s premium increase until 1 September 2023 which will save members $59 million. HCF will give a further $136 million in cash backs later this year taking the total amount returned to members to $269 million.

HCF CEO Sheena Jack said this additional cash give back is part of HCF’s commitment to make health cover more affordable and accessible for members especially when the cost of living is putting pressure on households.

“As a not-for-profit we are continually putting our money where our members are and this is another key example of how we put our members before profit,” Ms Jack said.

“We received a lot of positive feedback about our cash give back prior to Christmas last year. This time members should expect we’ll return the pandemic savings into their bank accounts later in the year again.

“I am really pleased that we can pass on the COVID savings in full to our members especially at a time when they’re feeling financial pressure on many fronts.

“Regardless of the pandemic situation HCF still paid out almost $3 billion in hospital and extras claims last financial year with 98% of medical services covered in hospitals with no or a known gap further supporting members in their time of need.”

Throughout and following the pandemic, HCF has continued to be there for our members with $495 million in total benefits and support, including:

• Cash give back to eligible members in December 2022 
• Cash give back to eligible members by late 2023 
• Deferral of 1 April 2020 premium increase for six months 
• Deferral of 1 April 2022 premium increase for seven months 
• Deferral of 1 April 2023 premium increase for five 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. 

HCF, RT Health and Transport Health members will be notified with specific details on the amount they will receive.

In the meantime members are encouraged to log in at hcf.com.au/members or via the My Membership app to check that their bank account details are correct.

Media contact: Scott McIntyre 0491 272 601

ABOUT HCF
HCF, Australia’s largest not-for-profit health fund protecting Australians since 1932, covers more than 1.9 million members with health and life insurance, and travel and pet insurance. HCF has been awarded Outstanding Value Health Insurance by Canstar seven years in a row from 2016-2022. 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