How not-for-profit health funds reward you in the long term

Published October 2025 | 5 min read
Words by Angela Tufvesson

Not all health funds are the same. Not-for-profit health funds like HCF put people first, focusing on affordability and the best value health cover.

HCF was founded in 1932 as the Metropolitan Hospitals Contribution Fund of New South Wales, with more than 100,000 members joining the fund in the first two years. Today, we've grown to become Australia’s largest not-for-profit health fund, trusted by over 2 million Australians^*.

Like for-profit health funds, not-for-profit organisations like HCF do make profits. The key difference is that we reinvest those profits back into the fund to improve services and benefits for our members.

This means we can remain focused on maximising affordability and value for our members. Over the past decade, for every dollar members paid in health premiums, HCF has returned more benefits than the industry average^{^}, paying over $3.5 billion for members’ hospital and extras services in the past year. We also continue to be a leading choice for Australians seeking trusted, quality coverage, having recently been named by Roy Morgan as Australia's Most Trusted Health Fund⁺ and by Canstar for providing Outstanding Value Health Insurance for the past 10 years running.

What is a not-for-profit health fund?

A not-for-profit health fund doesn’t aim to make profits for shareholders or investors, but if there is any surplus, at HCF, we reinvest funds back into the organisation to benefit our members.

HCF has retained its not-for-profit status throughout its 93-year history. This means we have no share capital, and therefore no shareholders. Under our constitution, our surplus and assets must be reinvested back into the organisation for the benefit of our members. We retain only a small surplus (1%) to keep our operations sustainable.

More value for members

As a not-for-profit health fund, we’re focused on maximising affordability and giving our members great value health cover. We take this responsibility seriously, prioritising fair, affordable healthcare. Our partnerships with hospitals and providers across Australia help members reduce their out-of-pocket costs. Members can get 100% back on popular extras through our nationwide No-Gap^# network of dentists, physios and optometrists, which saved our members $207 million in FY2023–24^**. We also helped members lower their hospital costs with 97% of in-hospital medical services covered by our no or known-gap network.

Operating as a not-for-profit health fund means we can reinvest our profits into a range of health programs and services for members so they can keep on top of their health. HCF offers eligible members access to free, preventive heart and diabetes checks ^{^^} in partnership with the Victor Chang Cardiac Research Institute, as well as online GP access, mental health, nutrition and sleep improvement programs that focus on long-term wellbeing. 

We also reward member loyalty through our HCF Thank You program, which saved members $6.2 million last year⁺⁺. Members get access to a range of exclusive offers, discounted e-Gift cards and benefits on everyday essentials to help ease household financial pressures and offset the cost of their health cover.

A people-focused private health fund

At HCF, being a not-for-profit health fund means putting people at the heart of everything we do. That’s why we offer personalised care to support our members when they need it most. Whether it’s managing a chronic condition, recovering from an illness or surgery, or navigating a major life event, our goal is to make your health journey easier.

For example, we’ve chosen to pay for some treatments members can receive in the comfort of their homes, like IV antibiotics, chemotherapy and complex wound care. For HCF member Shirley, our Treatment at Home program^## meant she could manage her chronic lung condition without lengthy hospital stays. It allowed her to remain independent and supported, getting the care she needed with minimal disruption to her everyday life.

To help manage chronic conditions like heart disease or type 2 diabetes, eligible members have access to The COACH Program^®***, a four- to six-month phone-based program with an accredited health coach who builds personalised management and medication plans.

For weight management, there’s the evidence-based CSIRO Total Wellbeing Diet^{^^^}, a high-protein, low-GI eating plan with proven weight management tools. Plus, we offer a range of joint health programs including the GLA:D program+++ for pre-surgery intervention, as well as our No-Gap Joints program, which provides eligible members peace of mind with no out-of-pocket costs (except their hospital excess) from hospital admission through to discharge and post-surgery rehab for primary hip and knee replacements with participating private hospitals and clinicians in NSW and Victoria^###.

Making a difference to the health outcomes for all Australians

As a not-for-profit health fund, our commitment goes beyond individual members. We’re invested in improving the health and wellbeing of the wider Australian community.

For 25 years, the HCF Research Foundation has helped to solve complex, real-world health challenges and drive meaningful change in our healthcare system. As one of Australia’s largest non-government funders of health services research, the Foundation has invested over $36 million to supports projects which aim to improve patient care and create better working environments for healthcare professionals. We focus on areas with the greatest potential for impact, including chronic disease, mental health, rural access and hospital performance, supporting evidence-based innovations that can directly benefit patients.

Through our three-year partnership with Royal Flying Doctor Service (RFDS), we’re supporting the purchase and maintenance of RFDS aircraft and the life-saving equipment needed to deliver essential healthcare and services in rural and remote communities.

Our partnership with The Smith Family will give 1,500 young students across Australia access to the Learning for Life program, providing them with long-term financial, personal and practical educational support to reach their full potential.

Our long-term national partnership with Netball Australia supports our mission to build a healthier next generation by empowering women and girls to stay active in sport and be strong advocates for their own health.

From our purpose-driven beginnings in 1932 to becoming the nation’s largest not-for-profit health fund, our focus remains where it’s been for nearly a century – making sure HCF members have access to affordable health cover and the highest standard of care.

Get more from your health cover

We're not your typical health fund – we genuinely want you to get great value cover. To chat to our friendly, award-winning Australia-based team about whether your cover is right for you, call us on 13 13 34 or visit a branch.