HBF, Australia’s most trusted health insurer, is continuing to honour its commitment to not profit from the COVID-19 pandemic with an additional cash payment to members totalling approximately $110 million.
HBF had set aside funds while access and utilisation of health services were impacted by COVID-19, with those funds expected to be paid out as claims at a later date. With claims stabilising it is clear a significant portion of those funds will not be utilised and HBF is returning those savings direct to eligible members via a cash back.
Payments will commence in June 2023, ranging from $45 for singles with an extras-only policy through to $330 for families with a hospital and extras policy.
It takes total COVID-19 support provided by HBF to its members to $255 million. This includes savings from HBF’s decision as the only major fund to completely cancel its premium increase in 2020, the first major fund to return COVID-19 savings to members in 2021, and other COVID-19 hardship support measures.
HBF Chief Executive Officer Dr Lachlan Henderson said:
“Early in the pandemic HBF pledged to not profit from COVID-19 and we’re keeping to that promise."
“We’re now seeing claims stabilise and our commitment to our members is that they should be the direct beneficiaries of any COVID-19 savings.
“Our members have told us in surveys they would prefer the simplicity of having any savings paid directly into their own bank accounts rather than via premium increase deferrals. This gives them the choice of how to spend this money in light of cost-of-living challenges facing Australian households.
“HBF’s COVID-19 support now totals $255 million and is in line with our purpose of being there for members in the moments that matter.”
Members who held an eligible active policy on 1 March 2023 and remain with HBF when payments are made will receive the cash back. HBF will communicate directly to eligible members on the amount they will receive.
HBF Media Contact: Adrian Watson, HBF Corporate Affairs,
0419 040 807 / adrian.watson@hbf.com.au
About HBF
HBF was founded more than 80 years ago in Perth and has provided private health insurance to generations of Western Australians. HBF has expanded to become Australia's second largest not-for-profit health fund, providing hospital and ancillary insurance to approximately 1.1 million members nationwide. HBF is also becoming a more active participant in health services through the recent acquisition of physiotherapy business Life Ready, ongoing expansion of HBF Dental, its partnership with TerryWhite Chemmart outside of WA, and an ongoing alliance with Pharmacy 777 in WA. HBF is committed to actively connecting with and supporting the communities in which it operates as a trusted member-based organisation. Visit hbf.com.au