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News Corp Australia Network
Sue Dunlevy
29 October 2023
Cheapest health fund policies revealed as Australians pay up to $3800 more
News Corp has compared the price of every health fund policy in the country and found the cheapest Gold policies were offered by not-for-profit funds, including St Luke’s, Mildura Health Fund, CBHS for Commonwealth Bank employees, Teacher’s Health and Navy Health.
Unlike big for-profit funds…these mutual health funds don’t need to set aside money to pay dividends to shareholders or make a profit.
“Members Health funds don’t have to generate profits for shareholders or overseas investors, so can give back more in benefits than would otherwise be the case.” Mathew Koce, chief executive of the funds lobby group Members Health, said.
They also pay back 83.3 per cent of their premium revenue in benefits to their members compared to the 80.2 per cent rebated by for-profit insurers, he said.
However, some of these funds are “closed”, meaning you have to be a member of a workforce such as a teacher or be in the Navy to join.
“Even if you don’t work in a particular industry, you can often qualify for membership through a family member that does – such as a parent, child or grandparent,” Mr Koce said.
You can check on the Member’s Health website to see if you qualify to join some of these cheaper funds.
The CEO of Navy Health Ron Wilson said “the not-for-profit and member owned health funds focus on delivering the best services and cover for their members.”
The CEO of Navy Health Ron Wilson said “the not-for-profit and member owned health funds focus on delivering the best services and cover for their members.”
Source:
Members Health is the peak industry body for an alliance of 26 health funds that are not-for-profit or part of a member-owned group, regional or community based. They all share the common ethic of putting their members’ health before profit and help care for more than 5.3 million Australians.
Media Contact
mkoce@membershealth.com.au
0407 852 010