Bupa boosts ‘biggest’ COVID customer cashback

Bupa boosts ‘biggest’ COVID customer cashback | Insurance Business Australia

Life & Health

Bupa boosts ‘biggest’ COVID customer cashback

Latest cashback now totals $395 million

Life & Health

By
Roxanne Libatique

Bupa has added $75 million to its recently announced COVID-19 customer cashback, taking the total amount to $395 million.

The health insurer will begin returning $395 million to its members in November, with 1.8 million eligible policyholders to receive between $47 and $344, depending on their policy.

Bupa managing director Chris Carroll said eligible members will receive the money as household expenditure increases, especially against the backdrop of high inflationary measures.

“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,” Carroll 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.”

Financial support

The $395 million total cashback includes the extra $75 million announced by Bupa this week and the $320 million announced in June 2023, deemed the insurer’s “biggest cashback.”

Bupa’s total announced financial support to customers since the COVID-19 pandemic started is $1.35 billion through cashbacks, premium deferrals, financial assistance for impacted customers, and other support programs.

The latest cashback will be available to domestic Australian resident policyholders who had a domestic private health insurance policy with Bupa for a minimum of three months between July 1, 2022, and June 30, 2023.

“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.