Yahoo Finance 2 million Aussies eligible for $375 million cash back
Aussies with Bupa and Teachers Health will receive the payments.
Millions of Aussies with private health insurance will receive a share of $375 million in cash back later this year.
Bupa and Teachers Health Group are giving money back to their members as part of their COVID-19-related claims savings and to help with the current cost-of-living pressures.
Bupa is returning $320 million to its 1.7 million members. Teachers Health, which includes Teachers Health, UniHealth and Nurses & Midwives Health, is giving back $55 million to its 400,000 members.
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The two funds have also delayed their annual premium increases by six months from April 1 to October 1.
Who is eligible for the cash back?
If you are a Bupa member, you will be eligible to receive the cash back if you had domestic private health cover with Bupa for a minimum of three months between July 1, 2022 and June 30, 2023.
If you are a Teachers Health member, you will be eligible if you had up-to-date hospital and/or extras cover on both July 1, 2022 and August 1, 2023.
How do I get the cash back?
Bupa customers will start receiving the cash back in their bank accounts later this year. You will receive between $38 and $276, depending on your policy.
Bupa said it would contact customers directly to advise them of their exact amounts and when they could expect the payments.
Teachers Health customers can expect to receive their cash back by September 2023. Again, the exact amount will depend on your policy.
In the meantime, both Bupa and Teachers Health are encouraging members to make sure their bank account details are up to date.
When are premiums increasing?
Health insurance premiums typically rise on April 1 each year, but a number of insurers have opted to delay this increase until later in the year.
The average premium increase this year is 2.9 per cent, which will cost families an extra $135 per year and singles an extra $60 per year.
Both Bupa and Teachers Health have delayed their increase to October 1. Bupa is increasing premiums by 3.39 per cent, on average, while Teachers Health is increasing premiums by 2.5 per cent.
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