Bupa announces $320 million customer cashback
Bupa has today announced its biggest customer cashback of $320 million, taking the total customer support being delivered since the pandemic started to a record $1.27 billion - the largest of any health insurer to date.
The money will start arriving in customers’ bank accounts towards the end of the year, with Bupa’s 1.7 million policyholders to receive between $38 to $276. Customers will be sent letters later this year advising them of their exact amounts and when they can expect the cash payment.
Bupa Health Insurance Managing Director Chris Carroll said this latest cashback would help provide some financial relief for customers during a tough time for many and was part of Bupa’s COVID-19 related savings being returned to customers.
“With cost-of-living pressures continuing to impact Australian household budgets, we’re returning a further $320 million to our customers at a time when they need it most,” Mr Carroll said.
With cost-of-living pressures continuing to impact Australian household budgets, we’re returning a further $320 million to our customers at a time when they need it most.
“We know returning savings will be welcomed by our customers and we hope it can provide some reprieve for their everyday expenses.
“The pandemic encouraged Australians to prioritise their health and wellbeing and I’m pleased we can continue to help our customers get the most from their health insurance and give them choice around their care.”
Bupa’s total announced customer support since the COVID-19 pandemic started in 2020 is $1.27 billion, delivered through cashbacks, premium deferrals, financial assistance for impacted customers and other support programs.
The cashback is on top of Bupa’s announcement earlier this year that it would delay its 2023 premium increase for six months until 1 October, in a cost-of-living measure worth $154 million.
This latest cashback will be available to all domestic Australian resident policyholders who had domestic private health cover with Bupa for a minimum of three months between 1 July 2022 and 30 June 2023.
Mr Carroll said the money would be paid using the same bank details from the previous cashbacks.
“We’re making this as easy as possible for our customers with the money landing in their nominated bank account as a cash payment towards the end of the year and in time for Christmas,” he said.
Members whose bank details have changed since the last cashback are encouraged to update their details via the Bupa website to ensure the money arrives quickly.
For further details about the cashback, please click here.
How Bupa has supported customers during the pandemic:
Bupa’s COVID-19 announced commitments are more than $1.27 billion comprised of:
- $320 million cashback announced today
- $154 million six-month freeze on 2023 premiums.
- $315 million cashback announced in September 2022.
- $168 million through a seven-month premium delay for all members in 2022.
- $120 million cashback announced September 2021.
- $134 million six-month premium freeze announced in March 2020.
- $58 million financial hardship package from 2020.
- $5 million mental health support package from 2020.