Bupa customers to receive $120 million cash back in COVID savings, bringing total support to $315 million
Bupa is returning $120 million in cash back to Australian customers as a result of savings made from lower claims activity during COVID-19 restrictions.
Emily Amos, Managing Director Bupa Health Insurance, said the decision to return funds was the next step in Bupa’s support for customers who have been impacted by COVID-19.
“We’ve always said we wouldn’t seek to benefit from the COVID pandemic. As we haven’t seen claims return to levels that we originally anticipated, we wanted our customers to share in these savings,” Ms Amos said.
“We know many of our customers and communities have struggled through this time, and we want to support them given the ongoing lockdowns.”
The payments will be available to all domestic Australian resident customers who had private health cover with Bupa for a minimum of three months between 1 July 2020 and 30 June 2021.
Ms Amos said customers could expect to receive a payment of between $15 and $110 depending on their policy, with an average payment of $71.
“We are returning savings in the form of a cash payment as we know this gives our customers more choice to use the money in a way that is most valuable to them,” Ms Amos said.
The money being returned brings Bupa’s COVID-19 support for its health insurance customers to more than $315 million over the past 18 months. This includes:
- Implementing a $50 million financial hardship package which was accessed by 50,000 customers in the form of premium waivers and discounts;
- Delaying premium increases worth $142 million;
- Increasing mental health support benefits by $200 in 2021 for 2.2 million customers; and
Encouraging our customers to stay healthy by providing the 28 by Sam Wood fitness program for three months at no cost.
“We’ll be writing to our customers over the coming months to let them know when and how much money they can expect to see the money in their account.
Ms Amos said most customers would receive funds directly to their bank account by the end of the year, and where Bupa didn’t have a customer’s bank account details, they would be in touch to get those details.
“It is clear that COVID-19 will continue to impact our customers and communities, as we’ve seen through the current outbreaks. Our focus remains on supporting our customers and our people throughout this challenging time,” Ms Amos said.
More information can be found on the Bupa COVID support page here.