Date posted: 22/04/2022 5 min read

CAs can keep health insurance costs under control with HCF

HCF has won Canstar’s National Award for Outstanding Value in Health Insurance for the sixth year and has a special offer for CAs. Brought to you by HCF.

It’s no secret that with Australia’s ageing population, higher technology costs and an increase in medical procedures, healthcare costs have been rising.

This year, as many Australians grapple with pandemic financial pressures, the federal government has announced the average private health insurance increase for 2022 will be 2.7%.

Aware of the impact COVID-19 has had on its members, not-for-profit health fund HCF has announced it’s easing the financial strain by freezing premiums until 1 November 2022 – saving members a collective estimate of A$66 million.

This additional financial support for HCF members was possible due to the reduction in claims resulting from the COVID-19 global pandemic. Since the beginning of the pandemic, HCF has provided financial support of more than A$150 million-plus to its members.

“Everything we do is for our members,” says HCF’s chief executive officer Sheena Jack. “As a not-for-profit, our members can rest assured knowing every decision we make is for them. We are deeply committed to meeting our members’ needs and budgets better than anyone else.”

Following HCF’s merger with rt Health in 2021, the health fund now provides cover to more than 1.8 million Australians. This includes providing members access to health and wellbeing programs to help members live healthier lives.

CA ANZ has partnered with HCF^ to offer CA ANZ members A$200 for family or couples cover and A$100 for singles cover if they join corporate hospital and extras before 15 April 2022 and stay with HCF for 3 months~.

Value for members

HCF’s value for members has been recognised nationally, with the health fund taking out Canstar’s National Award for Outstanding Value in Health Insurance* in 2021, for the sixth year running.

Canstar analysed 2,735 hospital policies, 2822 extras policies and 12,106 package policy combinations from 26 health insurers to find the ones that provide the most bang for buck.

HCF also took out state-based awards for Outstanding Value – Hospital Cover in NSW, Qld, WA, Tas., SA and NT; Outstanding Value – Extras Cover in NSW, NT, Tas. and WA; and Outstanding Value – Packaged Cover in NSW, NT, SA, Tas. and WA.

Jack says HCF’s dominance of Canstar’s health insurance awards “makes it clear to new and existing members they can have confidence HCF offers outstanding value in a competitive market”.

“We’ve grown significantly stronger than the rest of the industry over the past five years. Over the past year alone, we’ve grown 5.3% compared to the industry average of 3.2%#,” she says.

“We are focused on continuing to put downward pressure on premium increases while supporting the value of our products, so we can ensure members have access to health care that is more affordable, and high quality.”

“We are focused on continuing to put downward pressure on premium increases while supporting the value of our products.”
Sheena Jack, HCF

Jack says not having to pay shareholder dividends has enabled people to be prioritised over profits: For every dollar HCF members paid in premiums over the past 10 years, HCF has paid out 90% in benefits compared to the industry average of 86%**.

“That means 100% of our focus can be on our members and maximising affordability of their PHI (private health insurance) membership,” she says.

Find out more:

Discover more about HCF’s corporate cover here:

*Canstar six years in a row for 2016-2021.
+Figure from 1 March 2020, including premium increase deferral scheduled until November 2022.
^CA ANZ may receive a referral fee from premium commission received by HCF as a result of referrals made by CA ANZ to HCF.
~Payment will be made by direct deposit up to 6 weeks after paying your first 3 months’ premium and maintaining your policy for 3 months. HCF will send you an email to redeem your EFT payment and you must provide your bank account details within 90 days to redeem the offer. You must not have been an HCF member 2 months prior to taking up the offer and must provide a valid email address. Limit 1 EFT payment per policy. Terms and conditions apply and can be obtained by contacting HCF.
#Includes all policies except Ambulance Only.
**90% compared to 86% across the industry. Calculated based on the average of the past 10
years, sourced from APRA Statistics: Private Health Insurance Operations Reports 2012-21.

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