The not-for-profit health fund announced on Friday it would be giving $130 million back in pandemic-related savings to its 1.8 million Australian customers.
The savings formed part of a larger package of support HCF provided to members since the start of the pandemic, including both financial and increased health services support.
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HCF CEO Sheena Jack said the return of funds was part of HCF’s ongoing commitment to make health cover more affordable and accessible for members.
“Given the changed healthcare landscape over the past three years, it’s only fair we work hard to find more ways to give back and to help members manage mounting cost of living pressures,” Jack said.
“A strong commitment to putting our members before profit remains a guiding force in all of the decisions we make for our members.
Members will receive further information in November, including specific details on the amount they will receive and how the savings will be returned.
The payment will differ for each member depending on their cover, the company confirmed.
Members can expect to receive the payment before Christmas.
Meanwhile, 3.4 million Bupa customers will receive cashback payments from October.
A total of $155 million in cashbacks will be distributed to members, with individual payments between $16 and $118 depending on each policy.
The fund will use the bank details listed with each account and begin depositing the sum from October 2022.
Payback amounts will vary from state to state, depending on how severely the area was affected by the pandemic.
“We recognise that customers in NSW and VIC, due to strict government lockdowns, were more significantly impacted in their ability to use their policy,” it said in a statement.