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Health insurer is anticipating record profits this financial year, but according to the (APHA), instead of repaying members鈥� fees as others have done, it is pocketing the extra cash.

APHA CEO Michael Roff said nib has reported it expects its underlying operating profit for the financial year 2020鈥�2021 to be in the range of $200 to $225 million, citing lower than expected catch-up from last year鈥檚 COVID-19 elective surgery shutdowns.

鈥淭his would represent a 50% increase in profit on the previous year, driven by the fact nib members paid premiums for services they couldn鈥檛 access.

鈥淔unds have been saying they need to hold on to these payments because of the 鈥榠nevitable鈥� catch-up in elective surgeries. But, this is not happening at anywhere near the rate they are suggesting. Instead, they should return the fees paid to their members and stop hoarding cash on a pretence.鈥�

Roff said other funds have led the way. HBF in Western Australia has recognised returning unused funds to members was 鈥榯he right thing to do鈥� and put $40 million back into policyholders鈥� pockets, while AIA is providing members with an average rebate of around $200 each.

鈥淢edibank reported in March they are holding deferred claims of $310 million, so there are more funds making money out of COVID-19 than not,鈥� Roff said. 鈥淲e also know that activity levels in private hospitals were down 6.9% in 2020 compared to 2019, so the rush to elective surgery has not occurred. There is no reason why all health funds can鈥檛 declare how much they will return to members.

鈥淎ustralians have been hit hard by the pandemic and, if private health insurers are holding on to money that could help people struggling to pay the bills, they should also 鈥榙o the right thing鈥�,鈥� he said.

Image credit: 漏stock.adobe.com/au/wladimir1804