• HCF announces lowest rate increase of major health funds at 2.89%
• Total COVID-19 benefits and support exceeding half a billion dollars
• Additional $16 million invested in members’ extras benefits this financial year
• Canstar’s most-awarded health fund in 2023 for Outstanding Value

TUESDAY, 5 March, 2024: HCF, Australia’s largest not-for-profit health fund today announced an average premium rate increase of 2.89% for its members, from 1 April 2024.

HCF has maintained its commitment to affordability for members by delivering the lowest rate increase among the major health funds.

HCF CEO Sheena Jack said managing rising healthcare costs, premium increases and member affordability remains a core priority for HCF.

“As Australia’s largest not-for-profit health fund, we’re pleased to be able to keep this increase so low, which is less than the other major funds and inflation.

“The escalating costs of delivering healthcare services, whether it be public or private, in Australia or globally is an increasing challenge for everyone. In fact, the cost of all healthcare is expected to increase more than any other category as a share of GDP over the next 40 years.

“The cost of private health insurance reflects the underlying cost of delivering that healthcare. Against this backdrop of cost-of-living pressures and the tough decisions we know many households are being forced to make, we’re pleased to have been able to limit the impact on our members with such a low increase at this time.

“As a not-for-profit and leading for-purpose organisation, we don’t have to provide a shareholder return, making it possible for us to sustainably operate on lower margins and stay focused on maximising affordability and value for our members,” said Ms Jack.

“Reinforcing our commitment to delivering great value, quality cover that meets the health and budget needs of everyday Australians, we were the most Canstar awarded health fund in 2023. This includes the Outstanding Value Health Insurance Award for the eighth year running and more than 10 state-based awards across Extras and package products.”

Ms Jack said, “HCF’s dominance across all award categories underscores our resolve to continue delivering great value and quality cover to support our members, while keeping downward pressure on premium costs amid rising living expenses”.

“Over the last decade^*, HCF health insurance products returned more in benefits than the industry average for every dollar members paid in premiums, ensuring our members have lower out-of-pockets costs and more value when they wish to use their health cover.

“We’ve listened to members and invested an additional $16 million in extras benefits this financial year, which means they can get more back on the extras they use the most, such as dental, optical and therapies,” said Ms Jack.

Ms Jack said HCF had given significant value back to members since the start of the pandemic, with total benefits and support exceeding over half a billion dollars.

“True to our commitment of not profiting from the pandemic, we gave back another $176 million in FY23 in surplus COVID-19 savings, bringing our total benefits and support provided to members throughout and following the pandemic to over half a billion dollars.

“This includes deferring premium increases three times during the past three years and providing financial hardship relief for 72,700 of our most vulnerable members,” said Ms Jack.

“As Australia’s largest not-for-profit health fund, our focus remains where it’s always been for almost a century. On providing value-for-money health cover and access to affordable, quality care to help members achieve the best possible health outcomes for themselves and their families.”

HCF members who would like to find out more about their award-winning cover and benefits can call 13 13 34 or visit their local branch.

ENDS

Media enquiries to:

Joni Thomes +61 475 576 738 or jthomes@hcf.com.au

ABOUT HCF

HCF, Australia’s largest not-for-profit health fund protecting Australians since 1932, covers nearly 2 million members with health and life insurance, and travel and pet insurance. HCF has been awarded Outstanding Value Health Insurance by Canstar eight years in a row from 2016-2023. On average over the last ten years, HCF has paid out more cents in every dollar in premiums to members as benefits than the industry average. To learn more about HCF go to hcf.com.au/about-us

^* For every dollar our members pay in premiums, we’ve paid out more benefits than the industry average over the last 10 years. Savings calculated for the FY20-23 period.