The Health Insurance Fund of Australia (HIF) processed approximately $150 million in member claims and expensed almost $9 million, funding a range of COVID-19 support measures for its 51,000 members in 2020/2021.
HIF has today released its 2020/ 2021 Annual Report, the Choice and Access edition, showcasing continued financial strength and an ongoing commitment to renewing community confidence in private health insurance.
Over the past 12 months HIF has accelerated its operational prowess. A solid financial position, linked to stabilised member growth and positive operational returns has delivered a net profit of $11.6 million, a stable result in uncertain COVID-19 times.
HIF Chief Executive Officer Justin James said this pandemic has reshaped the way our health system operates, and as a health fund we have evolved.
Members have always come first at HIF, but this was even more prevalent in 2020. In total, HIF invested close to $9 million in COVID-19 hardship measures to support our members during these tough times. This included:
- Over 1000 financial hardship suspensions, supporting those hit hardest by the pandemic
- Expanding mental health support services to all HIF members
- Deferred premium increases from April 2020 to October 2020 and
- Updated products to include access to telehealth and teledentistry services, to ensure members could still access their health appointments from home.
In the year ahead we hope to see our country and community move safely and freely, while we at HIF work as hard as ever for our members to deliver genuine and tangible choice and access.
Click here to view the 2020-2021 Annual Report.