HCF boasts successful financial year despite COVID-19 pandemic

Despite the impacts of the COVID-19 pandemic on the Australian health insurance industry, HCF, the largest not-for-profit health fund in Australia, has boasted a 5.3% increase in its annual policy growth, 1.6% higher than the industry average.

Health insurers have been in a tight spot since the pandemic hit Australia. What's worse, the Federal Government's 2020 report warned of an increasing number of young Australians ditching their private health insurance (PHI) – leaving the industry to expect participation rates to drop further due to a decline in younger premium holders.

However, while the pandemic continues to impact the health insurance industry, HCF remained strong with a 7.3% growth in revenue in the current financial year (FY2021) and solid national growth with a market share increase to 11.6%.

HCF's health and wellbeing programs also helped 4,300 members find support, thanks to the not-for-profit's partnerships with mental health service PSYCH2U, family nutrition service Healthy Families for Life, diabetes telehealth program COACH, and online educational support program Calm Kid Central. Moreover:

• More than 2,000 members were able to receive support for their relationship with alcohol through HCF's bespoke offering with Hello Sunday Morning;
• Almost one in six lesions reviewed by a dermatologist were identified as cancerous after members used the free MoleMap service at participating HCF branches; and
• 13,200 treatments like chemotherapy or complex wounds care were covered for members in the comfort of their home.

Read more: HCF to return $66 million in COVID-19 claims savings to customers

HCF chief executive officer Sheena Jack said HCF was proud to deliver value and peace of mind for more than 1.75 million Australians.

“We've just experienced our highest retention rate in nine years,” Jack said. “Our success is not just measured by membership growth and retention though – it's measured by how we successfully provide industry-leading health and wellbeing programs to help members live healthier lives.

“As a not-for-profit, our members can rest assured knowing every decision we make is for them. We are deeply committed to meeting our members' needs and budgets better than anyone else.”

Since the pandemic hit the country last year, HCF has continued supporting its members while staying at home.

“During the pandemic, we supported people by providing $83 million in financial support, including a six-month deferral of last year's premium increase,” Jack said.

In October 2021, HCF took another step to help its customers by announcing that it will return $66 million of claims savings to all of its PHI policyholders as part of its COVID-19 support for customers.

“The anticipated volume in claims due to the postponement of some health services has not fully eventuated, which means we're passing these savings on to all members by freezing premiums at current rates until November 1, 2022,” Jack said.