HCF's single parent members will have a reduction in premiums for most products of up to 20%. A single parent family membership is a policy that has only one adult and any number of children.
The rate reduction for single parent families has become possible due to legislative reforms enacted by the Australia government, which come into effect from April 1.These reforms change the amount that health fund's contribute, for single parents, to the industry risk equalisation pool.
As one of Australia's largest not-for-profit health funds, HCF is continually striving to provide its members with value for money and minimise any necessary rate increases.
Benefit payments to HCF members are projected to increase over $86 million in the coming financial year. These benefits will be used to fund increased costs for member's no gap' payments, prostheses, medical and hospital charges, medical technologies and member utilisation of health services. Last financial year HCF provided $783 million in total member benefits – up by 8%.
Also included from July 2007 a boost to HCF ancillary benefits, returning an additional $8.5 million to our members, on top of the $7million in extras benefits improvements of this year. From July 2007 HCF is increasing dental benefits by a further $4.6 million, optical benefits by $1.9 million and therapy benefits by $2 million.
To fund these costs and improvements HCF's average 4.8% rate increase has again been kept as low as possible. The average hospital cover increase for NSW/ACT single members is $1.01 per week and the average extra covers increase is 21 cents per week (single membership including the 30% government rebate).
The effective date for the HCF rate change is Sunday, 1 April 2007.
As the first major health fund in Australia to offer online claiming for a range of extras, HCF commissioned the survey to assess demand.
HCF continues to return more to members in benefits than most other funds. Last year the fund returned 89 cents in hospital and extras benefits for every dollar of contributions received from members, higher than the average of 85cents for other funds.
"We expect HCF will continue to offer better value by returning more to members in 2007 and 2008," said HCF Chief Executive Officer Terry Smith. "Our commitment to members and their satisfaction with our service has seen our national market share increase to 8.9%, with almost a million lives now covered by HCF".
"Whether you are 25 or 75, HCF is working hard to provide you with high quality, affordable health care cover," Mr Smith added. "Even young people can sometimes be faced with large health care expenses for procedures such as knee replacements and heart surgery."
Examples of health care payments made on behalf of our members during 2006 include:
- an 83 year old with severe back and leg pain that required surgery to stabilise their spine and ease discomfort. Total benefit from HCF: $121,394.90
- a 39 year old who required emergency surgery after suffering severe blood loss following the birth of their baby. Total benefit from HCF: $144,395.53
- a 70 year old with a life threatening heart condition which required the person to have a pacemaker and a defibrillator inserted to regulate their heart beat as well as a stent to open up a blockage in the heart. Total benefit from HCF: $108,809.44
- a 26 year old with a congenital heart condition underwent surgery to correct the condition. Total benefit from HCF: $22,657.44
- HCF is celebrating its 75th anniversary year in providing affordable health insurance cover to Australians. Since forming in 1932 HCF has grown to become one of the country's largest not-for-profit health funds, covering almost one million people.
Information copyright © HCF 2007
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