Bupa tops up cashback to $395 million
Bupa has today announced a cashback top-up of $75 million, taking the amount that will be returned to eligible members to $395 million, with many receiving it ahead of Christmas.
The $395 million total cashback includes the extra $75 million announced today, and Bupa’s cashback of $320 million committed to in June this year.
Bupa will begin paying the cashback in November, with Bupa’s 1.8 million eligible policyholders to receive between $47 and $344, depending on their policy.
Bupa Health Insurance Managing Director Chris Carroll said members would receive the money at a time of year when household expenditure usually increased, especially against the backdrop of high inflationary pressures.
“We’re topping up our members’ cashback to a total of $395 million which we hope will support them through the current cost of living challenges, and with their health and wellbeing,” he said.
We’re topping up our members’ cashback to a total of $395 million which we hope will support them through the current cost of living challenges, and with their health and wellbeing.
“The money will go directly into our members’ bank accounts, giving them more choice to use the money in a way that is most valuable to them.”
Bupa’s total announced financial support to customers since the pandemic started is $1.35 billion through cashbacks, premium deferrals, financial assistance for impacted customers and other support programs.
The cashback is part of Bupa’s cost of living support and COVID-19 related savings.
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 all members needed to do was check their bank details were up to date.
“The money will be paid using the same bank details from the previous cashbacks, so I encourage our members to make sure their details are up to date with us,” he said.
For further details about the cashback, please click here.
How Bupa has supported customers since the pandemic
Total announced commitments are $1.35 billion comprised of:
- $75 million cashback announced today
- $320 million cashback announced in June 2023
- $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.