The Health Insurance Fund of Australia (HIF) has joined other health insurers in giving back COVID-19 savings to eligible members.
The national insurer, which recently released its 2021/22 financial year results, will give back $3 million in COVID-19 claims savings to eligible policyholders in addition to the $2.785 million given back in the 2020/21 financial year in response to reduced access to health services during the COVID-19 pandemic.
HIF CEO Justin James said the latest round of givebacks reflects the insurer's commitment to not profit from COVID-19.
“Members before profit is ingrained in everything we do at HIF. We are so happy to be able to pass on these savings to those that matter the most to us before Christmas,” James said. “This is the third year in a row we have returned a surplus, while our membership has remained stable. As a relatively small fund with 50,000+ members, this is something we are exceptionally proud of.”
For the past 12 months, HIF has focused on providing choice and access to its members and offering support when needed.
After delaying its April 01, 2020, premium increase for six months, the insurer's 2022 premium rate of 3.20% was the lowest in the past eight years. Acknowledging the pandemic's impact on mental health, HIF provided members aged 18 and over with free access to Mental Health Navigator, a quick virtual access to a network of leading clinical psychologists and psychiatrists in Australia.
Meanwhile, the total estimated amount of financial relief provided to HIF members in response to COVID-19 – including premium relief, givebacks, and access to additional mental health support – stands at $9.7 million as of June 30, 2022.
“Strong financial performance is never taken for granted; however, our core operations are showing resilience and quality, and this allows us to invest in things that will make a difference to our members now and into the future, which is what we strive for,” James said.
For the 2022/23 financial year, HIF aims to use its “What if” brand to explore new ways to help its members, including conducting discussions around emerging therapies in mental health condition treatment and improving members' sleep through a soon-to-be-rolled-out sleep study.
In addition to HIF, Members Health Fund Alliance (Members Health) insurers have committed to returning millions of savings to their policyholders.
