Westfund Health Insurance (Westfund) has announced that it will return a record $6 million in claims savings to members.
The latest amount, to be given to eligible members in August, takes the total cashback over the past three years to $16.8 million.
Commenting on the latest cashback, Westfund CEO Mark Genovese (pictured) highlighted the need for extra funds amid rising cost-of-living pressures.
“As a not-for-profit health fund, our members are our focus. Everything we do is about supporting them on their health and wellbeing journey while making it as affordable as possible,” Genovese said. “We know many of our members are experiencing financial hardship due to the rising cost-of-living. We’re fortunate to be in a position for the second time this year to provide them with some relief.”
Eligible members will receive formal communication on the exact amount of their cashback in late July.
“We stand by our commitment to putting people before profit, and this is once again demonstrated by our largest claims savings return of $6 million this year. We exist because of our members and are here to help in any way we can,” Genovese said.
Many insurers have been returning their COVID-19 savings to their members. Most recently, Medibank and ahm started returning $125 million in savings to their members.
