Members Health Fund Alliance, the peak body for member-run and not-for-profit health insurers has welcomed the latest release of health insurance data from the Australian Prudential Regulation Authority (APRA). The data shows continued positive trends for the industry, highlighting the enormous value Australians place on private health insurance.
Australians with cover for hospital treatment grew by almost 55,000 during the September to December 2023 quarter, while those with extras cover for services such as dental, optical and physio increased by more than 53,000.
The latest APRA data shows more than $23.5 billion in hospital and general claims were paid by health insurers to members over 12 months to December 2023, including over $6 billion in the last quarter.
This represents an 11.1 per cent increase in benefits paid for Hospital Treatment over the 12 months period, and a 7.6 per cent increase over the same 12 month period in benefits paid for General Treatment (ancillary) services such as visits to the dentist, chiropractor, physio or optometrist.
In welcoming the latest figures, Members Health Fund CEO, Matthew Koce reminded Australians about the critical role of the private health sector in Australia’s world leading health system.
“The 55% of Australians who are members of a health fund not only receive access to high quality care sooner – they’re also easing pressure on our public health system, freeing up beds for those most in need,” Mr Koce said.
“It is a remarkable achievement that more than 14.7 million Australians have chosen to be members of a health insurance fund, more than at any other time in Australia’s history. Over 5.3 million Australians and growing are with a Members Health fund.”
“Members Health funds are not driven by shareholder or overseas investor interests,” said Mr Koce. “Our sole focus is on providing people with the best possible health cover and value for money. We are a trusted source of advice and support and are committed to helping Australians navigate the healthcare system to get fast reliable access to high quality care.” Mr Koce said.
Members Health is the peak industry body for an alliance of 24 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. Our funds represent the interests of more than 5.3 million Australians.
Media Contact
brenton.baldwin@membershealth.com.au
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