Australian health insurance company Bupa is giving back $320 million in health insurance claims savings to members.
Bupa announced on Thursday it would be giving back the massive nine-figure sum to customers, taking the total amount of cashback being delivered by the insurer since the pandemic started to $1.27 billion.
The funds are part of the insurer’s COVID-19 related savings being returned to customers.
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Bupa Health Insurance Managing Director Chris Carroll said this latest cashback would help provide some financial relief for customers during a tough time for many.
“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.
“We know returning savings will be welcomed by our customers, and we hope it can provide some reprieve for their everyday expenses.
“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.”
How do I get cash back?
The cashback will be available to all policyholders who had domestic private health cover with Bupa for a minimum of three months between 1 July 2022 and 30 June 2023.
The money will start arriving in customers’ bank accounts towards the end of the year, with Bupa’s 1.7 million policyholders to receive between $38 and $276.
Customers will receive a direct communication later this year advising them of their exact amounts and when they can expect the cash payment.
In the meantime, members whose bank details have changed since the last cashback are encouraged to update their details via the Bupa website to ensure the money arrives quickly.
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