Putting members’ health before profit

More Australians turn to Members Health Funds

As we head into the end of the financial year and with increasing cost-of-living pressures, Australians are urged to shop around for the best private health insurance. Many people are now turning to not-for-profit, and member owned health funds for savings and benefits.

Members Health Alliance CEO Matthew Koce said that it is important to maintain your private health insurance as it provides certain benefits over the public health system.

“With household budgets tightening and the end of the financial year upon us, now is the time to ensure you are getting value for money from your private health insurer and you have the cover you need, when you need it most,” Mr Koce said.

The release of new data from the Australian Prudential Regulation Authority (APRA) shows more people are turning to the not-to-profit and member owned Members Health funds, with a year-on-year growth rate of 2.38 per cent in the March 2023 quarter.

The trend towards Members Health over the past five years has seen significant growth of 10.49 per cent, compared to the rest of the industry of just 1.18 per cent, revealing that more Australians are seeing the benefits of not-for-profit and member-owned health funds.

“We put members’ health before profit and with more than 5 million Australians with our 25 funds, we are offering them more choice and control with their healthcare when they need it most,” Mr Koce said.

There are lots of advantages to having private health insurance, including:

  • Shorter waiting times for surgery or emergency care;
  • Complex or additional treatments needed not covered by Medicare;
  • Able to choose your Doctor and have continuity of care;
  • Avoid the Medicare Levy Surcharge;
  • More flexibility and control over your medical care;
  • Greater choice around a private room.

“Consider your private health insurance this financial year wisely, skipping it might save you now, but could cost you more at tax time,” Mr Koce warned.

“Private Health insurance membership could save you from having to pay the Medicare Levy Surcharge. Depending on your pay bracket, this could result in avoiding a tax of between 1% – 1.5% of your income.”

Members Health is the peak industry body for an alliance of 25 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 million Australians.