WEDNESDAY, 6 March, 2024: RT Health and Transport Health members stand to benefit from HCF Australia’s announcement of an average premium rate increase of 2.89% for its members, from 1 April 2024.
The announcement supports our ongoing commitment to affordability for members with HCF (and thereby RT Health and Transport Heath) delivering the lowest rate increase among the major health funds.
HCF CEO Sheena Jack said managing rising healthcare costs, premium increases and member affordability remains a core priority.
“As Australia’s largest not-for-profit health fund, we’re pleased to be able to keep this increase so low, which is less than the other major funds and inflation.
“The escalating costs of delivering healthcare services, whether it be public or private, in Australia or globally is an increasing challenge for everyone. In fact, the cost of all healthcare is expected to increase more than any other category as a share of GDP over the next 40 years.
“The cost of private health insurance reflects the underlying cost of delivering that healthcare. Against this backdrop of cost-of-living pressures and the tough decisions we know many households are being forced to make, we’re pleased to have been able to limit the impact on our members with such a low increase at this time.
“As a not-for-profit and leading for-purpose organisation, we don’t have to provide a shareholder return, making it possible for us to sustainably operate on lower margins and stay focused on maximising affordability and value for our members,” said Ms Jack.
Ms Jack said HCF had given significant value back to members (including members of RT Health and Transport Health) since the start of the pandemic, with total benefits and support exceeding over half a billion dollars.
“True to our commitment of not profiting from the pandemic, we gave back another $176 million in FY23 in surplus COVID-19 savings, bringing our total benefits and support provided to members throughout and following the pandemic to over half a billion dollars.
“As Australia’s largest not-for-profit health fund, our focus remains where it’s always been for almost a century. On providing value-for-money health cover and access to affordable, quality care to help members achieve the best possible health outcomes for themselves and their families.”