Money has started landing in the bank accounts of Bupa customers this week, as part of the health insurer’s $75 million profit share initiative.
Most of the payments, of between $47 and $344, are expected to land before Christmas.
The size of the cash injections depends on the individual policy held by each of Bupa’s 1.8 million eligible policyholders, and the payments will be processed automatically.
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“Hopefully it helps to have some extra cashback,” the company’s 2023 profit share notification said, promising payment within 10 business days of receiving the notice.
Eligible customers will just need to have held a domestic private health cover policy with Bupa for three months between July 1, 2022 and June 30, 2023, and be Australian residents.
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International members without a domestic extras policy, who held an Overseas Visitor Cover (OVC) hospital policy, Overseas Student Health Cover (OSHC) hospital policy, or members who held an ambulance-only policy, are ineligible for the cashback scheme.
It is the third profit sharing initiative to be rolled out by the company this year as part of Bupa’s cost of living support and COVID-related savings.
Bupa already announced $320 million cashback in June 2023, and a six-month freeze on 2023 premiums worth $154 million until October 2023.
The company’s managing director Chris Carroll said members would receive the money at a time of year when household expenditure usually increased, especially against the backdrop of high inflationary pressures.
An email sent to a Bupa customer this week informing them of the payment. Credit: 7NEWS.com.au
“We’re topping up our members’ cashback to a total of $395 million which we hope will support them through the current cost of living challenges, and with their health and wellbeing,” he said.
“The money will go directly into our members’ bank accounts, giving them more choice to use the money in a way that is most valuable to them.”
Carroll has urged customers to check that their bank details are current, to ensure the funds flow directly into their accounts.
“The money will be paid using the same bank details from the previous cashbacks, so I encourage our members to make sure their details are up-to-date with us,” Carroll said.
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