Ah, private health insurance. It can be a complicated beast, filled with tricky jargon and unexpected extras. You pick a plan and pay your premiums, all with the idea of having the best possible health coverage at the most affordable price.

But the HCF Health Fund might have changed the game by announcing they’re giving customers $40 million in cashback!

On Monday, August 14, HCF CEO Sheena Jack announced the release of the additional amount to their 1.8 million customers as part of their pandemic savings support package.

In December 2022, the insurance provider returned $130 million to policyholders.

This brings their total cashback to $176 million in a year. Since the start of the pandemic, HCF says it’s released $536 million in benefits.

HCF and allied health insurance clients can expect cashback due to pandemic insurance claim savings. Image Credit: Shutterstock

Jack said this move is part of the Health Fund's 'strong commitment to protecting Australians’ health'.

'We recognise the current pressures on household budgets being faced by our members and have kept our promise to continue passing on any COVID-19 savings,’ she said.

‘This additional cash back is another way HCF is putting its money where our members are.'

Members of HCF, RT Health and Transport Health will receive funds deposited directly into their accounts later this year after members are notified of the exact details of what they’re owed.

The timeline for the exact deposit is unclear, but members are expected to be informed of the cashback details in late September.

According to Jack, each member’s return will differ depending on their cover. In other words, some may get more money than others.

Members of the aforementioned funds are encouraged to verify their bank details are correct by logging into their respective health insurance accounts or apps.

HCF isn’t the only health insurance provider to pony up some funds to assist their customers during these trying times. Funds such as Bupa have previously given away similar cashbacks in recognition of the extra strain many Australians feel.

Key Takeaways

• Health insurance company HCF has announced an additional $40 million in health insurance claims savings to be given back to its members.
• This increases the total pandemic cash-back from HCF to $176 million to pass on their COVID-19 savings.
• HCF CEO Sheena Jack stated that the cashback and ongoing effort to keep premiums affordable is part of their commitment to supporting Australians' health.
• HCF, RT Health, and Transport Health members will see the funds directly deposited into their accounts later this year, with individual cash giveback details announced in late September.

So, if you are a member of any of those three health funds, keep your eyes peeled! Having some extra cash in our pockets is always rewarding, especially for something as serious and stressful as health coverage.

What are your thoughts on this, members? If you were one of those who received earlier cash-backs from HCF or other health insurance firms, how much did it help? Let us know below!

 

[Kellettw]

A refund is nice, but wouldn’t it be simpler to just not increase premiums

 

[Joydie]

We’ve been with HCF since 1976. Since almost all my working life of 45 years was in healthcare, I’m very familiar with health funds. HCF, in my opinion, pays out more in benefits than any other fund. It might be slightly more expensive than other funds, but it’s definitely worth it in the long run.

 

[Marj53]

I received a refund from Medibank Ptivate a long time ago. Also hey haven't raised their premiums this year. I only have extras cover because I can't afford hospital cover.

 

[Viellarde]

Hi Marj. I called iSelect and switched my Extras to AHM (different arm of Medibank Pvte) a couple of years ago. I've kept the same immediate cover, same 70% rebate, but around $9 cheaper per month. Every little bit helps.

 

[Marj53]

Hi Marj. I called iSelect and switched my Extras to AHM (different arm of Medibank Pvte) a couple of years ago. I've kept the same immediate cover, same 70% rebate, but around $9 cheaper per month. Every little bit helps.

Thank you I will have to look into it.

 

[margaretritchie48]

Received mine from HBF a few months ago.

 

[Joshryan]

I received mine last week from Phoenix I think so far since the pandemic this is our 3rd rebate. Their price was delayed 3 mths then it was only nominal.