Due to a less than anticipated volume in claims after the end of lockdowns in NSW, Victoria and other parts of Australia in 2021, rt health will return these savings to members by not increasing premiums until at least November 2022.
rt health has already delivered support to members throughout COVID-19 in 2020 and 2021, in the form of financial assistance where it has been badly needed to help long-term members retain their health cover; new and more flexible cover suspension options; making it possible to claim many ancillary services via telehealth; and the deferral of the industry’s usual 1 April premium increase in 2020 to 1 October 2020.
In addition, the charity run by rt health staff, the rt Families Foundation, in the past year awarded $50,000 in grants to members suffering financial impacts as a result of a health-related issue, whether it was COVID-connected or not.
CEO of rt health, Simone Tregeagle, said: “Due to the postponement of some health services during the pandemic, we had anticipated a higher volume in claims, particularly in NSW and Victoria after their respective lockdowns ended. As this increase in claims has not been as high as we expected, we are able to pass these savings back to members as a freeze on current premium prices until 1 November 2022.
“As a not-for-profit, we only exist to benefit our members. But we still need to be prepared for a large amount of suspended surgery taking place after service providers get back to normal. We need to ensure we have sufficient provisions to cover those costs when they occur but want to give members a meaningful benefit at a time when other living costs are increasing” added Ms Tregeagle.
The freezing of premiums at current rates is the most cost-effective way of returning funds to members. rt health’s aim is to make the process as simple as possible so that actual savings can be applied for the direct benefit of all members. This action is in line with rt health’s commitment to keeping health cover affordable and available to as many members as possible and rewarding our faithful membership through these difficult times.
As a division of HCF, Australia’s largest not-for-profit health fund, for rail, transport and energy workers, this decision aligns with rt health’s commitment to putting its members first at all times.
Media contact: Kristen Costandi, Dec PR. M:0401 445 886 firstname.lastname@example.org
ABOUT rt health
rt health was the first registered health fund in Australia. Started in 1889 by railway workers at Sydney’s Eveleigh Workshops, the fund eventually extended eligibility to all transport and energy workers. Now a division of HCF, rt health continues to focus on the health needs of rail, transport and energy workers.
HCF, Australia’s largest not-for-profit health fund protecting Australians since 1932, covers over 1.7 million members with health and life insurance, and travel and pet insurance. On average over the last five years, HCF has paid out more cents in every dollar in premiums to members as benefits than the industry average. To learn more about HCF go to hcf.com.au/about-us