Thousands of younger Australians are turning to not-for-profit and member owned health insurers as the value of having fast access to high quality care and doctor of choice becomes increasingly apparent.
“Exclusive figures sourced from the Australian Prudential Regulation Authority show that younger Australians have been flocking to the Members Health funds in droves”, said CEO Matthew Koce.
“It bodes well for the future of private health insurance that the not for profit and member owned sector has led such strong growth among younger Australians.
“It is staggering that the group of Members Health funds attracted more than four times as many Australians aged 25 years and under.”
Strong growth of between three and four times the rest of industry was also experienced among the key 30-39 age group, under 45-year-olds and under 65-year-olds.
“It goes to show, no matter which way you slice it, the official data points to a very bright future for the group of Members Health funds and for the private health system they lead,” Mr Koce said.
“Young people are savvy and know how to access information, so it is no secret to them that public hospitals are in crisis, with waits blowing out into the years.
“Young people have missed out on so much due to COVID-19 and they don’t want to risk missing out on even more due to long public hospital queues.
“The data suggests that younger Australians are increasingly coming to the realisation that their health is their most important asset and it is clear they are overwhelmingly choosing to join health funds that are attuned to their member-first values, not shareholders or profits for the big end of town.”
These latest membership growth statistics come as the Government passes legislation to further help young people benefit from private health cover by lifting the age for dependants from 25 to 31. However, Mr Koce said, more could still be done.
“The alliance of Members Health funds urges the Morrison Government to deliver on their long held commitment to restore the private health insurance rebate back to the original 30 per cent,” Mr Koce said.
“Many younger people qualify for the rebate, which has been slashed from 30 per cent to just 25 per cent. The declining private health insurance rebate more than anything else is undermining access and affordability for younger Australians.”
A full 30 per cent rebate could help save Australians on a singles Gold Hospital policy (with a mid-range $500 excess) up to $891 per year.
Members Health is the peak 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. Our funds represent the interests of more than 3.9 million Australians.
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