Health insurance will now be on the membership benefits menu of Australia’s largest corporate superannuation fund, Telstra Super.
The fund announced today it had entered into an alliance with health fund HCF that would deliver members and their immediate families access to HCF’s full range of hospitals and extras cover with a substantial discount on premiums.
Commenting on the alliance, Telstra Super general manager of client development Kevin Moloney said the fund was pleased to be able to offer the arrangement at a time when there had been significant increases in health insurance premiums.
He said HCF had been selected for the alliance following extensive industry research.
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.