Members Health CEO Matthew Koce has welcomed the Australian Government’s new rules for private health insurance as a significant move towards strengthening consumer choice and competition in the marketplace.
“The Government’s rules for private health insurance, announced on 11 October, represent a great outcome for Australian consumers and the country’s smaller not-for-profit, member owned and community based funds,” Mr Koce said.
“The new tiers are a very positive reform, they were designed to be cost neutral and will not impact the price of health insurance.”
“They enhance transparency across the marketplace, help make private health insurance easier to understand and empower consumers to make more informed choices about their cover.”
Mr Koce said the 12-month transition period for funds to fully implement the suite of Government reforms, also announced by the Health Minister, will ensure the smooth migration of members to the new range of policies.
“It is important this is not rushed and that consumers have time to shop around,” Mr Koce said.
Members Health commended the Morrison Government and Health Minister Greg Hunt for continuing to engage the private health insurance industry, with a focus towards improving the consumer experience across the board.
“The fact that the Australian Government continues to fully support private health and the interests of private health consumers highlights the value of the industry and benefits it offers.”
Private health is critical to the Australian health system. More than 13 million Australians have private cover, and last year it generated $20 billion in health care services that would otherwise have been paid for by taxpayers, and overstretched public hospital waiting lists.
The Member Health funds are not-for-profit, member owned and community based. They only exist to serve consumers and together they welcome Minister Hunt’s efforts to help enhance the value and accessibility of private health insurance coverage for all Australians.
“Our funds pride themselves on their customer-first ethos and making sure their members have the best value cover possible,” Mr Koce said.
“The introduction of these reforms, making private health insurance easier to understand, will make it much simpler for all Australian consumers to shop around, compare products and get the best value from their health insurance.”
Members Health is the peak industry body for 23 health insurers which are not-for-profit, member-owned and community based. In all, the Members Health funds provide private health insurance to over 1.7 million Australians.
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