HCF Health Insurance
From Insurance Wiki
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| Type | Non-profit organization |
|---|---|
| Founded | 1932 |
| Headquarters |  Sydney, Australia |
| Industry | Health insurance, Travel Insurance, Life Insurance, Pet Insurance |
| Website | HCF Health Insurance |
HCF (Hospitals Contribution Fund of Australia) was formed in 1932 to provide health insurance cover to Australians. Since then, it has grown to become one of the country’s largest combined registered private health fund and life insurance organisations.
HCF provides private health insurance cover for a full range of health benefits including private hospital, Australia-wide ambulance cover and ancillary services. HCF is financially secure and is one of the few major health funds to allow contributors to vote for Directors to the Board.
History
The early years 1932 -1942
In 1932, following negotiations between the long-established charitable organisation, the Hospital Saturday Fund (HSF) and a newly created Hospital Commission of New South Wales, a new fund was created to better serve the community. The new fund – called the Metropolitan Hospitals Contribution Fund – was launched on Friday June 16, 1932, with the Lord Mayor (Ald. S. Walder) presiding.
The fund's first office was established on the first floor of Adyar House (later the Savoy Building and now demolished) in Blight Street. At the end of the first two years' of operations, it had enrolled more than 100,000 contributors drawn from 3,290 employment groups and some 5,000 honorary agents, although its area of operations was confined to about 50 square miles around the City of Sydney. Contributions were 6d. a week (family) and 3d. a week (single). Benefits paid for hospitalisation in participating hospitals were 2/9/- pound per week.
Further rapid growth in the Fund's business led to a need for more accommodation and, in December, 1934, the Fund removed to offices on the fourth floor of the new Asbestos House in York Street, Sydney. The opening of additional offices on the ground floor of the same building in 1937 set the pattern for the HCF's contributor services offices. It is noteworthy that, by this time, higher costs of hospitalisation had forced a 100% increase in contribution rate.
In 1941, the HCF, now well-established in the community, moved to its first "home-of-its-own" in Hamilton Street. This building, duly named MHCF House, has now long since been demolished to make way for yet another high rise development in Sydney's booming commercial area. The purchase of its own offices was a fitting forerunner to the successful conclusion of the Fund's first decade of operations during which the original staff of 10 increased to 75 and annual revenue had grown from ₤31,757 at June 30 1933 to ₤364,180 at June 30 1942. As the 1942 HCF Annual Report records, “It was indeed a decade of progress”.
The growing years 1942 -1952
The 1942-52 decade of the Fund’s development began at the height of the bloodiest war in humanity’s history. Its effects were felt by every one in the community. During these years MHCF House was never left unattended, day or night, incompliance with National Emergency Services regulations. An air raid shelter was built in the basement and the entire male staff of 24 was formed into a voluntary patrol to protect the building. On the night of June 7 1942 when Japanese submarines shelled Sydney, a contributor in Bellevue Hill was struck by a shell fragment and admitted to St Vincent’s Hospital. In due course a claim (No. H711683) was paid in respect to this injury.
After 1952 (To be Updated)
In 1967, HCF formally changed its name to The Hospitals Contribution Fund of Australia and established further offices around the country.
1982 saw the establishment by HCF of a wholly owned subsidiary company, HCF Life Insurance Pty Ltd.
In June 2000, HCF established The HCF Health and Medical Research Foundation. The Foundation is a not for profit charitable trust established to encourage medical research of all kinds and research and enquiry into the provision, administration and delivery of health services in Australia for the benefit of HCF contributors and the public generally.
Today HCF has branches located in NSW, Victoria, ACT, SA and Queensland.
HCF has proposed a merger with Manchester Unity, and the Manchester Unity Board has accepted. The merger is currently subject to policyholder approval.
The current CEO is Terry Smith (since 1991).