Millions of Aussies who have private health insurance with either Bupa or HCF will receive cash back before Christmas.
The two major health funds are returning money to members in COVID-19 claims savings and to assist with the rising cost of living.
Altogether, around 5 million people are set to benefit from the cashback scheme, with money to hit bank accounts before Christmas this year.
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Bupa is returning $315 million and HCF is returning $130 million.
If you’re a Bupa member and are eligible to receive money back, payments will start from October 2022 and should range between $35 and $314 depending on your level of cover.
Bupa said it would use the same bank account details nominated from your claims, or the previous cashback it announced in June.
“If you currently receive claims payments into your account, you don't need to do anything,” Bupa said in a statement.
“If your bank details have changed recently, you're unsure if they're correct or you haven't provided them to us yet, it's a good opportunity to make sure we've got them.”
If you’re an HCF member you will receive more information from your fund in November about the cashback offer.
“Our priority is to ensure the give-back process is as fair and efficient for our members as possible,” HCF said.
“Given the scale and complexity involved, we’re taking the appropriate time to get it right and make sure you have money back in your pocket before Christmas.
“We’ll be in touch in November with specific details on the amount you’ll receive and how we’ll be returning the savings to you.”
Who is eligible for the cashback scheme?
If you’re a Bupa member, you're eligible to receive a payment if you held a domestic Australian resident hospital policy, and/or domestic extras policy for a minimum of 90 days between July 1, 2021 and June 30, 2022.
You are not eligible to receive a payment if you were an Overseas Visitor Cover (OVC) hospital or Overseas Student Health Cover (OSHC) hospital member, and you didn’t hold a domestic extras product or were an ambulance-only member.
If you’re an HCF member, you’re eligible to receive a payment if you held an active hospital and/or extras policy on June 30, 2022 and held it continuously for more than six months.
Members with ambulance-only policies and Overseas Visitors Health Cover policies are not eligible.