The rt health 2021 Annual Report is now available and can be viewed by logging in to Online Member Services, which you can do by clicking here.
We also recently advised you that rt health and the Hospitals Contribution Fund of Australia (HCF) have agreed to merge subject to completing a number of conditional requirements, including obtaining approval from our regulator, the Australia Prudential Regulation Authority (APRA). These conditional matters are well progressed and we expect to complete the merger shortly.
On completion date, the rt health and HCF health benefits funds will combine and rt health policies will become referable to HCF’s health benefits fund. For you, as an rt member, it will feel very much like business as usual with policies, contributions, benefits and the rt brand all remaining unchanged.
The Board entered into this merger on the basis that it was in the best interests of the members as a whole, and as a result there will be significant immediate and longer-term benefits to rt members. The Directors’ Report provides more detail on the merger and its benefits to members, as does our website: Our Future.
As we present this report on the financial year 2021, we reflect on a year that has been characterised by the many challenges presented by the COVID-19 pandemic, coupled with the continuing sustainability pressures facing the private health insurance industry. Despite these challenges, rt Group achieved a post-tax surplus of $2.36 million. Although the fund remains adequately capitalised, its long-term strength will be greatly improved following the merger, providing the fund with the financial capacity to address the longer-term challenges. The Directors’ Report and Financial Statements provide more detail on the activities of the group during the year. Last year we advised members of a range of COVID-19 support programs and these have been maintained throughout the current lockdown period, albeit members have only needed to access them on a very limited basis.
As we enter the final stages in the completion of the merger, we would like to acknowledge the hard work and commitment of the rt staff, Board and the advisors who have achieved the difficult task of completing the merger while continuing to operate a sound and highly member focused private health insurance business.
In our final address to you, our members, we thank you for the privilege of being able to serve you and share with you our confidence that we are passing you into excellent hands with HCF, where the best of your experience with rt health will not only be retained but will flourish.