HCF giving customers $136 million cash back

HCF customers are getting millions of dollars in cash back later this year. (Source: AAP)

Millions of Aussies will be getting a share of $136 million in cash back from one of Australia’s major private health insurers.

Not-for-profit HCF is giving its 1.8 million customers the pandemic-related savings later this year. This will be on top of the $130 million in cash back given to members late last year.

HCF CEO Sheena Jack said the cash back was part of a commitment to make health cover more affordable and accessible for members as the cost of living continued to bite.

• Also read: Thousands of Aussies to get $768 cash boost

• Also read: Bupa customers told to watch out for ‘cashback’ text message

• Also read: Medibank giving customers cash back in $266 million package

“We received a lot of positive feedback about our cash give-back prior to Christmas last year. This time, members should expect we’ll return the pandemic savings into their bank accounts later in the year again,” Jack said.

“I am really pleased that we can pass on the COVID savings in full to our members, especially at a time when they’re feeling financial pressure on many fronts.”

HCF has delayed its annual premium increase until September 1, which it said would save members $59 million.

How do I get the cash back?

The cash back will be paid to eligible HCF members’ bank accounts by late 2023.

The payment amount will differ, depending on your cover, and HCF said it would notify customers with specific details on the amount they would receive.

In the meantime, HCF is encouraging members to make sure their bank account details are up to date.

When are premiums increasing?

Health insurance premiums usually rise on April 1 each year, however a number of insurers have decided to delay this increase to later in the year.

Premiums are set to rise by 2.9 per cent, on average, costing families an extra $134 per year and singles an extra $60 per year.

Here’s a look at when the major funds are increasing their premiums:

• ahm - June 1

• Medibank - June 1

• Teachers Health - July 1

• HCF - September 1

• nib - September 1

• Bupa - October 1

• Defence Health - October 1

• GMHBA - October 1

• Australian Unity - November 1

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.