The latest cashback takes the total customer support delivered by Bupa to $1.27 billion, which Bupa deemed the largest of any health insurer to date. The insurer defined support as having been delivered through cashbacks, premium deferrals, financial assistance and other support programs.
Bupa managing director Chris Carroll said the latest cashback aims to help provide customers with financial relief amid rising cost-of-living pressures.
“With cost-of-living pressures continuing to impact Australian household budgets, we're returning a further $320 million to our customers at a time when they need it most,” Carroll said.
More than 80% of Australians have made sacrifices to cope with cost-of-living stresses, according to Zurich survey data released this week.
We’re returning $320 million to our members in our biggest cashback ever.
— Bupa Australia (@BupaAustralia) June 22, 2023
Members just need to make sure their bank details are up to date and we’ll be in touch later in the year to confirm how much they’ll get back and when!
Read | https://t.co/y2Hix3sh83#BupaCashBack pic.twitter.com/jhMvRvd5pG
The Bupa cashback will start arriving in customers' bank accounts towards the end of the year, with the insurer’s 1.7 million policyholders to receive between $38 and $276. The customers will receive letters later this year, advising them of their exact amounts and when they can expect the cash payment.
The latest cashback will be available to domestic Australian resident policyholders who had domestic private health cover with Bupa for a minimum of three months between July 1, 2022, and June 30, 2023.
“We know returning savings will be welcomed by our customers, and we hope it can provide some reprieve for their everyday expenses,” Carroll said. “The pandemic encouraged Australians to prioritise their health and wellbeing, and I'm pleased we can continue to help our customers get the most from their health insurance and give them choice around their care.”
In March 2023, Bupa announced that it will delay its 2023 premium increase until July 1 as Australians face the skyrocketing cost-of-living due to inflation.
