CBHS is a not-for-profit insurance fund that was set up for the sole-purpose of serving its members. Unlike traditional commercial insurers, CBHS is not profit motivated.
CBHS’s member focus ensures that the company delivers exceptional service to its members.
Not-for-profits vs commercial insurers
Non-profit or not-for-profit entities differ from commercial entities in many ways. While the central goal of commercial entities is to increase profits, not-for-profit organisations exist for other reasons.
In not-for-profit organisations, resources are geared toward goals other than the bottom line. In CBHS, the central goal is to service our members and improve members’ satisfaction and offer greater benefits and thus value in the context of health insurance.
Key benefits to using CBHS
1. Member satisfaction
CBHS is exclusively available to former and current employees of the Commonwealth Bank group and any eligible family members. Our not-for-profit commitment means we prioritise member satisfaction in everything we do.
One of the ways we have endeavoured to do so is by setting up a user-friendly website filled with useful, practical information for members. Members can update their membership, tax file number and other details through their online portal, as well as search for service providers.
We also pay quickly. Claims can be processed on the spot through certain providers or submitted via email, web form, fax or post. Members can expect to have their claims processed within five days in most cases.
For every dollar of premium received, CBHS aims to give back 92 cents by way of benefits, a rate which is among the highest in the industry. In addition to maintaining a very lean profit margin of less than two per cent, our management costs are much lower than the industry average. The result is that members get more in return for their insurance premium.
2. National coverage
CBHS has developed private hospital agreements and relationships health services and hospitals around Australia. We offer national coverage for private hospitals around the country, so our members can rest assured that they will usually be able to use their preferred private hospital.
3. Established fund
CBHS has a long history of providing superior benefits to members, with more than 60 years of operation. The fund has demonstrated reliability and consistency for members throughout the decades.
Please visit CBHS’s website to find out more about our services and policies for our members.