Nearly 2 million Aussies will be getting a cash boost from private health insurer Bupa just in time for Christmas.
From November, Bupa will begin paying cash back to its 1.8 million eligible policyholders. The payments will range from $47 to $344 depending on the policy.
The cashback will be available to all domestic policyholders who had an active Bupa hospital and/or extras policy for at least three months between July 1, 2022 and June 30, 2023.
All members need to do is check their bank details are up to date, Bupa health insurance managing director Chris Carroll said.
“The money will be paid using the same bank details from the previous cashbacks, so I encourage our members to make sure their details are up to date with us,” Carroll said.
If you are eligible for a cashback payment, Bupa said it would be in contact to let you know exactly how much and when you could expect to receive it.
Bupa will be providing a total of $395 million in cash back to its customers, including the $75 million just announced and the $320 million committed in June this year.
But it’s not all good news for customers, with the announcement coming ahead of premium hikes on October 1.
Health insurance price hikes
Millions of Aussies will see their health insurance premiums increase in the coming days, with some Aussies set to fork out as much as $170 more per year.
Bupa, NIB, GMHBA, Qantas and Frank are among the insurers hiking their premiums on October 1, following a temporary pause to the annual increase.
Bupa customers will see their premiums go up by 3.39 per cent, while NIB customers will see their premiums increase by 2.72 per cent.
The other big three insurers - Medibank, HBF and HCF - already increased their premiums earlier this year.