Get simple, low cost accident protection from HCF.
Cash Back Cover is a low cost insurance solution that is offered by HCF that provides a cash benefit payment if you suffer from an accident that requires surgery, or if you are suffering from a serious medical condition (that are covered in the policy).
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HCF Cash Back Cover can be owned as a single cover, which is available to all Australians or as family cover, which is only available to those with HCF family health policies. The policy benefits have been designed by HCF Life Insurance to assist policyholders in meeting any extra expenses that maybe incurred by events unable to be covered by their health insurance policy.
What does it cover?
The HCF Cash Back insurance plan is designed to provide financial assistance to enable you to recover without having to worry about medical expenses that may arise. The benefits that can be derived from the plan are as follows:
- Coverage for Serious Illness: You will also be eligible for a $5,000 benefit payment if you are diagnosed with the following medical conditions:
The HCF cashback cover will remain payable to a maximum of $20,000 for those with family cover and $10,000 for those with single cover. This means that after a claim has been successfully made for one of the events occurring for which either you, or your family, are covered. Following claims can still be made until the maximum amount is reached while the cover remains valid.
- Maximum coverage for Single or Family Cover: HCF Cash Back cover will remain payable to a maximum of $20,000 for family cover and $10,000 for single cover. This means, after a claim has been successfully made for one of the events in which you are covered for, the subsequent claims will be made until the maximum amount is reached while the cover remains valid.
- Affordable premiums for quality protection: HCF Cash Back Cover premiums are available at $8.65 for families and $4.30 for singles per month. The only time premiums will increase is when it applies to all policyholders, in which one months notice will be provided.
Is it tax-deductible?
HCF Cash Back Cover premiums are not presently tax-deductible; however, any benefit amount received as the result of a claim will not be treated as taxable income and therefore, is free of any personal tax.
Tax laws often change and this is only the current situation for ordinary taxpayers in Australia. It should be noted that individual circumstances may differ and it is essential to consult a taxation agent if you require more professional advice.
What isn't covered?
As with most types of insurance policies, there are exclusions on certain circumstances in which HCF Cash Back Cover benefits will not be payable. The following exclusions will apply if the disablement:
- Was caused by AIDS (Acquired Immune deficiency Syndrome) or any complex or human immunodeficiency virus that is AIDS related.
- Has Workers Compensation cover, or any other third party liability insurance cover which includes social security benefits, or other type of accident protection package.
- Takes place while you are outside of the Australian border.
- Is the result of any act of war whether it be officially declared war or not, intentional self injury, general civil hostilities, insurrection or acts of terrorism, any professional sport including that of racing, while in military service, while involved in aviation other than being a fare paying passenger in a commercial aircraft, when involved in a criminal act of some kind.
- Has occurred as a result of the insured person being associated with alcohol or drug abuse, or being intoxicated in any way other than when using prescribed drugs as instructed by a doctor.
- Is one that has been caused by a recurring medical condition.
- Doesn't result from an injury, or symptoms that become evident, within two months from when the cover started.
- Occurred as a result of an injury that was sustained either on the same day or prior to the cover starting.
HCF Cash Back Cover insurance benefits will cease when the maximum amount payable under the policy has been reached ($10,000 for Single Cover or $20,000 for Family Cover), if you have not paid the premiums for the previous two months, or when the insured person reaches 65 years of age.
Who can apply for cash back cover from HCF?
To apply for HCF Cash Back Cover, you will have to be:
- Between 16 and 60 years old
- An Australian citizen or a permanent resident
- A policyholder of HCF family health cover, if you are applying for HCF Family Cash Back Cover.
HCF Cash Back Cover applicants will be automatically accepted with no medical questionnaire or examination required. Once your policy has commenced, you will also have a 30 day cooling off period to further assess the policy and whether or not it meets your needs. If you feel that it does no longer meet all your insurance requirements, you can cancel the policy and you will entitled for a full refund, if no claim has been made.