Victorian Bupa customers to pocket share of $320m in record cashback

Victorian Bupa customers will pocket a share of more than $300m as the health insurer makes good on its promise to return its Covid pandemic savings. See how much you could receive.

Victorian Bupa customers will receive a huge share of $320m in cashback as part of the health insurer’s promise to return its Covid pandemic savings.

Bupa’s 1.7m policyholders will be handed back between $38 and $276 by the end of the year.

It’s available to customers who had domestic private health cover for a minimum of three months between July 1, 2022 and June 30, 2023.

Bupa Health Insurance Managing Director Chris Carroll said the record cashback would provide financial relief for customers during a “tough time”.

“With cost-of-living pressures continuing to impact Australian household budgets, we’re returning a further $320m to our customers at a time when they need it most,” he said.

Bupa Health Insurance Managing Director Chris Carroll said the record cashback would provide financial relief for customers during a “tough time”. Picture: Supplied

“We know returning savings will be welcomed by our customers and we hope it can provide some reprieve for their everyday expenses.

“The pandemic encouraged Australians to prioritise their health and wellbeing and I’m pleased we can continue to help our customers get the most from their health insurance and give them choice around their care.”

Since the start of the pandemic, Bupa had committed a total of about $1.27b in customer support through cashbacks, premium deferrals and financial assistance.

It comes as the insurer revealed earlier this year that it would delay its 2023 premium increase for six months until October 1, in a cost-of-living measure worth $154m.

Customers will receive communication later this year advising them of the their exact amounts and when the funds will be deposited into their nominated bank account.

Medibank is expected to make a cashback announcement before the end of the financial year with the insurer giving back a total of $1.06b to date.

Just last year, Medibank returned an additional $205m in Covid permanent net claims savings to customers.