Westfund Health Insurance to return $5.7 million to its members this May
Lithgow, NSW - One of the leading regional and member-owned health funds is demonstrating its credentials of putting people before profit by once again keeping its annual premium increase lower than the industry average while also improving benefits and returning $5.7 million to its members.
Westfund Health Insurance recently announced that premiums would increase by 2.65%, a rise that is lower than the industry average of 2.9%. The announcement follows a raft of improved healthcare benefits including higher claim limits introduced earlier this year on some Extras and Hospital benefits.
Westfund CEO Mark Genovese said it was the second consecutive year the health fund had kept premium increases lower than the industry average and would complement other member benefits already introduced.
“We understand the financial pressures members are facing, which is why our premium increase this year is under the industry average of 2.9%. We have also committed to giving back around $5.7 million to our members to help provide some cost-of-living relief,” Mr Genovese said.
“Westfund is dedicated to keeping our premiums as low as possible, and it is becoming standard practice for our annual increases to be lower compared to other industry providers.
“We have also introduced a range of other benefits, which amount to around a dozen in total, specifically designed to improve affordability and access to health services.
“These changes include higher benefits for dental care and prevention, increase in annual limits for speech therapy, occupational therapy, and benefits for social workers to provide counselling services amongst others.
“These enhanced benefits, along with the smaller than industry average annual premium increase, form part of Westfund’s strategy to provide a suite of packages aimed at minimising the cost of healthcare while improving access to services.
“These measures prove that Westfund is committed to putting our members before profit, and we will continue to look at ways we can best support our members on their health and wellbeing journey.”
Eligible Westfund members will receive formal communication on the exact amount they will receive in their return next month, while the premium increase will take effect on April 1 2023.
Westfund Health Insurance is a not-for-profit private health fund providing healthcare cover for over 110,000 members with origins dating back to 1881.
For more information about Westfund’s benefit increases visit their dedicated page here.