HIF has released its Annual Report for 2022/23 In Our Members’ Best Interests, showcasing its continued financial strength and ongoing commitment to supporting its 50,000+ members.
During the 2022/23 financial year, HIF processed 492,874 claims, paid out almost $135 million and gave $3 million in COVID claims savings back to members, while delivering a healthy surplus.
HIF also supported members by:
- Ensuring its average premium increase was the lowest in nine years
- Paying benefits on oral contraceptives for all medical conditions (not just acne) for members with Extras cover for Pharmacy[1]
- Increasing the age limit for student dependents from 25 to 31
- Providing family level cover on Basic Plus Hospital
- Providing premium rate rise reprieve for single parents on Hospital cover
- Continuing to provide access to Mental Health Navigator for all members aged 18 years and over on any level of cover
- Supporting members impacted by flooding across the country by offering the option of suspending their policy if needed and access to Mental Health Navigator support
Chief Executive Officer Justin James thanked HIF members for their loyalty over the past 12 months and said in 2023/24, the not-for-profit health fund would be investing back into products and services.
“As we reflect on a positive year gone by, we will never take for granted the responsibility to act in our members’ best interests,” Mr James said.
“Where in previous years we have offered cash back payments, over the next 12 months we will be investing back into things we may otherwise not have had the opportunity to, including our dental offerings and helping our members get a better night’s sleep.”
Mr James said the COVID-19 pandemic saw an increase in the number of people taking out private health insurance as Australians recognised it allowed greater choice and access to health services at a time when the public system was under pressure.
As cost-of-living pressures begin to take their toll, he added it was important to remind people of the value of private health insurance.
“In 2022, we emerged from the pandemic more committed than ever to supporting our members, strengthening existing partnerships and reinforcing the value of private health insurance,” Mr James said.
“The cost-of-living crisis is impacting people’s decisions and choices when it comes to where they spend their money. Our goal at HIF is to renew community confidence in private health insurance and remind our members of its value.”
Click here to view the 2022/23 Annual Report.
[1] Effective from 28/02/2023. For members on eligible Extras products with cover for Pharmacy (non-PBS) Drugs. Benefits payable up to available limits. Waiting periods apply. The claim must be accompanied with a letter from the treating medical practitioner to state the medical condition for which the medication is being prescribed for. Oral contraceptives are excluded where prescribed for the purpose of contraception only.