CEO COMMENTARY:
“This year has presented many challenges for all industries across Australia, particular those in the health sector.
“We were part of a global pandemic that no one could have predicted, that forced health funds to be agile and pivot the way they delivered services, associated with private health insurance. As a business, HIF supported our members with $5 million in COVID-19 relief options to date.
“The HIF business processed close to 500,000 members' claims this year and paid a total of $151 million in Hospital, Medical and Extras, in support of insuring our members health and wellbeing.
“Despite the impacts of the pandemic, HIF remains in a solid financial position as we move into 2021. The business finished with a surplus this year of $3.6 million.
“Over the past few years, the HIF business has made some much needed pricing adjustments to its policies to ensure we were aligned with the industry, but also remained competitive.This year specifically, we have seen the normalisation of this work into our financial performance. These changes will help us to continue to cover the cost of claims, inflation, our operations and investing heavily in our community.
“Our business is absolute in our commitment to community and choice. From bettering our member experience, to our increased risk and compliance effort, to some exciting new partnerships that are yet to be announced, HIF is moving full steam ahead and we are excited for what’s to come."
Justin James, CEO Health Insurance Fund Australia (HIF)
To find out more about last year's financial performance, read our latest Annual Report.