Bupa customers to share in biggest round of customer cashbacks as COVID-19 support tops $618m
Bupa customers will share in $155 million as part of its second round of cashbacks from COVID-19 related savings – the biggest of any private health insurer to date.
Approximately 3.4 million Bupa customers will receive payments between $16 and $118, depending on their policies, from October.
The latest cashback figure takes the total amount returned to customers since the pandemic started to $618 million.
Bupa Health Insurance Managing Director Chris Carroll said the cashback was part of Bupa’s ongoing commitment to return savings from unused claims and other impacts of COVID-19, which also included deferring premium increases for six months until October 1 this year.
“This latest cashback is the biggest one to date of any private health insurer. It gives money directly to customers at a time when they need it most,” Mr Carroll said
“Australians are facing increasing cost of living pressures, so we know every dollar makes a difference to household budgets. This is not just about doing what we said we’d do but doing it in a way that’s best for customers.
“We’re determined to keep health insurance affordable and that’s why we’re returning COVID-19 related savings where we can.
“Through our COVID-19 customer support package of cashbacks, premium deferrals, financial assistance for impacted customers and other support programs, we’ve returned $618 million to customers since the pandemic started.”
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 2021 and 30 June 2022, excluding ambulance only and overseas visitors and students.
Customers living in New South Wales and Victoria, who were less able to use hospital and ancillary services due to extended COVID-19 restrictions, will receive a higher share of the return.
Mr Carroll said the savings would be returned as a cash payment to eligible customers using the same bank details from the previous cashback.
“I encourage our customers to ensure their details are up to date so they can receive their cashback as quickly as possible,” he said.
Details can be updated via the Bupa website.
How Bupa has helped during the pandemic
Since the start of the pandemic, Bupa has delivered a range of customer support programs, including:
· $120 million cash via our first cash giveback program
· $50 million financial hardship package in the form of premium waivers, policy suspensions and discounts.
· $146 million through a six-month premium delay for all customers in 2022
· $134 million through a six-month premium delay for all customers in 2020.
· $8 million by not passing on the October 2020 premium increase to customers suffering financial hardship.
· $5 million towards a bonus $200 one-off increase for mental health claims to support more than 2.2 million customers during the pandemic.