Independent government figures released today show the Australian private health insurance industry has returned more than $4.8 billion to policyholders in financial relief since the onset of the COVID-19 pandemic.
Members Health, the umbrella body for Australia’s not-for-profit and member owned health insurance funds, welcomed today’s news, describing the $4.8 billion figure as “unprecedented in size and scale.”
“These are big savings that are returning hundreds of dollars back into the hip pockets of Australians during a time where living pressures are biting.” Members Health CEO, Matthew Koce said.
“Members Health funds are not for profit and member owned. It makes sense that the only place for COVID-19 savings to go is back into the pockets of policyholders and the government report shows that is exactly what has happened.”
“A further small number of givebacks are planned in 2025-26, with the scheme now winding down to its conclusion, some five years after the arrival of COVID-19.”
“When COVID-19 hit, the Members Health funds moved quickly to immediately put in place a range of consumer support measures that included cash give backs, premium rise deferrals and targeted hardship relief.”
“Members Health funds operate as mutuals, that means they don’t have to prioritise profits for overseas investors or shareholders and are focused entirely on serving their members and delivering best value for money.”
“It is staggering that since the onset of COVID-19, Members Health funds have grown by well over 500,000 new members.” Koce said.
The not for profit and member owned health fund community now serves well over 5.4 million Australians and continues to expand its national reach.”
“No other industry has given back savings in the same transparent, accountable and substantive way as health insurers. It is something that both members and health fund staff can take enormous pride in.”
Australians considering taking up or changing private health insurers should consider joining a Members Health fund that is committed to putting people before profit.
A full list of Members Health funds can be found at: www.membershealth.com.au/our-funds
Members Health is the peak industry body for an alliance of more than 20 health funds that are not-for-profit or part of a member-owned group, regional or community based. They all share the common ethos of putting their members’ health before profit. Our funds represent the interests of more than 5.4 million Australians.
Media Contact
brenton.baldwin@membershealth.com.au
0409 517 176