We all want the most bang for our buck, right? While two of Australia’s biggest healthcare funds, HCF and Bupa, are said to be returning hundreds of millions of dollars to customers before Christmas, this isn’t the full story. There’s a way we can all save. HCF and BUPA were 2 out of 13 health insurers who increased their rates in September or are increasing their rates in October. This means many Australians are going to be paying more money for the same level of health cover. 

Whilst HCF and Bupa customers can expect cash back, they can also expect their rates to increase along with customers of the health insurers listed below, who can all expect a premium increase of an average of 2.70% (please check with your health insurer for the exact amount) over September and October 2022. 

HCF announced on Friday 2 September that it would be giving $130 million back in pandemic-related savings to its 1.8 million Australian customers. The savings are part of an even larger package of support that has been provided to HCF members since the start of the pandemic, which includes both financial support and increased access to health services.

According to HCFs CEO Sheena Jack, the return of the funds are a part of the not-for-profit’s ‘ongoing commitment to making health cover more affordable and accessible for members’. She went on to say, ‘given the changing 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 the mounting cost of living pressures’.

‘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.’ According to HCF, the payment will differ for each member depending on their cover, and members can expect to receive the payment before Christmas.

Meanwhile, Bupa–which is also increasing its rates–announced that 3.4 million customers will receive cashback payments starting from October 2022. According to Bupa, ‘a total of $155 million in cashback will be distributed to members, with individual payments between $16 and $118 depending on each policy’. 

It is understood that Bupa will use the bank details listed with each account to deposit the funds to its customers and that the payback amounts will vary from state to state depending on how severely the area that the customer lives in 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,’ Bupa explained.

Health Insurers who are increasing their rates:

September premium increases  

• Doctors’ Health Fund
• Defence Health 
• Frank Health Insurance 
• Latrobe Health Services 
• Mildura Health Fund 
• TUH | Teachers Union Health Fund
• Peoplecare 
• Teachers Health 

October premium increases

• Medibank 
• HCF
• Bupa 
• ahm
• nib

If you are a member of any of the funds mentioned above, we highly recommend comparing your health insurance or at least talking to your health insurer to see if you can get a better deal. We know that often, Aussies over the age of 60 are left to fend for themselves, unknowingly paying for cover they will never be able to use. We’ve seen Aussies in their 60s, 70s and even 80s paying for pregnancy and IVF cover, without knowing it, and this shouldn’t be the case.

According to health.gov.au, if you are over the age of 65 you could be paying up to $174 more for the same policy. The worst part is that a lot of Aussies don’t actually need to be paying more for their health cover. Some companies bank on the hope that you’ll never look for a better deal. There are health insurers out there who are implementing very modest increases, and even some that are not raising their premiums at all. 

If you are a bit overwhelmed by all of this information but want to avoid paying more for your health insurance come September and October, the best thing you can do to avoid paying more is to compare your health cover and switch to another insurer*. It is important to note that when you do compare and switch your health insurance if you stick with the same or lower level of cover, you do not have to re-serve waiting periods.

As many of you may or may not know, we have been partnered with Health Insurance Comparison* for about a year now and they have been able to compare, switch and save many of our members’ health insurance, including me (Maddie). I even wrote an article about my scepticism and how surprised I was by the experience!