Why is HCF giving back?
When it comes to healthcare, people want to know they’ll be genuinely cared for in their time of need. As Australians face ongoing challenges to their health and wellbeing, we’re keeping our promise of not profiting from the pandemic and returning an additional $66 million in claims savings as part of our continued COVID-19 support for members. This decision aligns with our commitment to put the health of our members first and is part of the $150 million we’ve provided in total financial support.

How is HCF giving back?
Due to the postponement and reduced access to some health services throughout the pandemic, we're passing on an additional $66 million in claims savings to members by freezing premiums at current rates until 1 November 2022.

This decision aligns with our commitment to put the health of our members first and is part of the $150 million we’ve provided in total financial support.

In addition, we’ve seen the growing importance of having quick and early access to mental health support when and where you need it. That’s why we’re temporarily expanding our mental health offering to include a free HCF HealthyMinds Check-in for members from 12 October 2021 to 31 December 2022⁺. This gives members faster, easier access to qualified mental health professionals and digital support services to help you take control of your mental wellbeing.

We've also given members greater flexibility in how, when and where their care was delivered, many from the convenience and safety of their homes through our telehealth services and hospital treatments at home.

What are COVID-19 claim savings?
Since the onset of the pandemic last financial year, health insurers have been required by the industry regulator to maintain provisions to cover the cost of the anticipated suspension of elective surgeries and claims after the lifting of COVID-19 restrictions. COVID-19 claims savings are excess funds held which we’re returning to our members as part of our commitment to not profiting from the pandemic.

What was the level of premiums raised and the level of claims for 2020/21?
We saw significant levels of hospital and ancillary activity throughout the year. Over the past financial year, HCF has paid $2.8 billion in benefits for our members, covering over 630,000 hospital admissions and 10 million extras visits for popular services such as physio, dental and chiro.

In line with Australian Prudential Regulation Authority (APRA) guidance, we had set aside provisions to cover delayed claims arising from elective surgery shutdowns. The anticipated volume in claims due to the postponement of some health services has not fully eventuated, which means we're passing these saving on to all members by freezing premiums at current rates until 1 November 2022.

Why couldn’t this refund come as a discount off my next bill?

The decision to freeze premiums at current rates until 1 November 2022 was the simplest and most cost-effective way of ensuring every dollar of savings is returned to members and in line with our commitment to keep health cover affordable and available to as many Australians as possible.

How is the give back calculated and applied to my policy?

Members pay premiums in different ways and frequencies and the freezing of premium rates was the simplest and most cost-effective way of ensuring every dollar of savings is returned to members and in line with our commitment to keep health cover affordable and available to as many Australians as possible.

What else has HCF done to support members throughout COVID-19?

As Australia’s largest not-for-profit health fund, we’re keeping our promise of not profiting from the pandemic. That's why last October, we announced that we’re freezing our premiums at current rates until 1 November 2022. This brings our total financial support for members to $150 million and includes 2 premium rate freezes and premium relief to more than 71,000 members experiencing financial hardship. 

During the 2020-21 financial year, we paid $2.8 billion in benefits for our members, covering over 630,000 hospital admissions and 10 million extras visits to frequently claimed services like physio, dental and chiro. We've also continued to show a level of care that's uncommon by providing members with greater flexibility in how, when and where their care is delivered, many from the convenience and safety of their homes, including telehealth services, mental health and wellbeing programs and hospital treatments at home. 

What if I’ve prepaid my premium beyond October 2021?

Depending on when your premium is prepaid until, you can still benefit from the freezing of premiums at current rates until 1 November 2022. You’re also able to pre-pay and lock in your current premium for up to 18 months (from the day you make the payment) and will still have the option to benefit from the premium freeze at current rates until 1 November 2022.

How will this affect my next payment?

You won’t need to do anything and your current premiums will stay the same until 1 November 2022. You can continue paying via your normal payment method.

How will I hear about my new premium following 1 November 2022?

We'll contact you by your preferred way of hearing from us by mid-October 2022. You can also find information about your premium change by:

• using the My Membership app and tapping on Cover Details
• logging in to online member services and going to My Cover then Cover Details.