HBF has announced an additional cash payment to members that will total approximately $110 million.
The Perth-based private health insurer said it set aside funds in response to the COVID-19 pandemic and the restrictions imposed on elective surgery.
"With claims stabilising it is clear a significant portion of those funds will not be utilised and HBF is returning those savings direct to eligible members via a cashback," said the company.
It said payments will commence in June 2023, ranging from $45 for singles with an extras-only policy to $330 for families with a hospital and extras policy.
"It takes total COVID-19 support provided by HBF to its members to $255 million," it said.
HBF CEO Dr Lachlan Henderson said, “Early in the pandemic HBF pledged to not profit from COVID-19 and we’re keeping to that promise.
“We’re now seeing claims stabilise and our commitment to our members is that they should be the direct beneficiaries of any COVID-19 savings.
“Our members have told us in surveys they would prefer the simplicity of having any savings paid directly into their own bank accounts rather than via premium increase deferrals. This gives them the choice of how to spend this money in light of cost-of-living challenges facing Australian households.
“HBF’s COVID-19 support now totals $255 million and is in line with our purpose of being there for members in the moments that matter.”
Members who held an eligible active policy on 1 March 2023 and remain with HBF when payments are made will receive the cashback.