We made a promise to members in 2020 that we would not financially benefit from the pandemic and we are committed to honouring this promise simply because it’s the right thing to do. We’ve answered some of the most common questions about the Give-Back payments below.
About the Give-Back Payments
Why is Phoenix Health giving money back to members?
We understand that as restrictions were imposed across the various states, normal access to healthcare providers was, for many members, disrupted. As the next part of our continued commitment to you and our promise not to profit off of COVID-19, we will be returning cash-back payments to eligible members.
Why is Phoenix Health returning the money now, couldn’t it have just been a deduction on the premium increase?
There’s a couple of reasons why. Firstly, as a registered health fund we’re regulated by and work closely with the Australian Prudential Regulations Association (APRA) with regards to our financial obligations. APRA is responsible for making sure that as a health fund we always have the ability and resources available to pay member claims, so we’re able to meet our obligations to you.
Due to the ongoing uncertainties of the pandemic, APRA requires funds to have a claims liability – where we hold a cash reserve – to ensure that we are able to pay for any catch up in additional claims arising from cancelled surgeries and treatments.
Now that life has almost all returned to normal and we’ve had time to be sure that claims have started to normalise, we’re now able to release some of these claims provisions and will be sharing these with our members – because it’s the right thing to do.
Secondly, the reason we will be making these payments separately to any premium adjustments is that the money being returned to members is not a premium refund but rather for monies that were held in claims provisions.
How do I know if I’m eligible for a payment?
We will be writing to eligible members at the end of July. Give-Back payments are being made to members who held hospital cover with Phoenix Health at or before 31 December 2022, and who were active members as at 30 June 2023.
How will payments be made?
Payments will be made via Direct Credit directly into the members bank account so as long as your details are up to date, there’s nothing you need to do – your payment will be transferred automatically on Wednesday 2 August 2023.
What if I don’t have a Direct Credit account or need to update my payment details?
You can add new Direct Credit information, check or update existing details by logging in to the Phoenix Health Online Member Service (OMS) Portal and selecting payment details.
When will I receive my payment?
Payments will be made Wednesday 2 August 2023. Please allow at least two business days for your payment to reach your bank account depending on your bank or financial institution.
How did you work out how much to give members?
The Give-Back payment is based on your membership type (i.e. Single, Couple, Family, etc.) and the type of cover held with Phoenix Health on the 31 December 2022.
For members who joined after 31 March 2020 the Give-Back payment will be paid pro-rata to the length of membership
Have more questions?
If you have any other questions about the COVID Give-Back payments, additional benefits related to COVID or your membership, we’d love to hear from you! Email us, message us on Facebook or give us call; we’re here to help.