Putting members’ health before profit

Younger Australians drive growth in private health insurance

The release of Australian Prudential Regulation Authority (APRA) quarterly data for March 2023 continues the trend of private health insurance membership growth, with 55 per cent of the Australian population (14,492,100 people) having some form of private health insurance.

For the 12-months to March 2023, membership increased by 2.2 per cent (257,797 people) with membership among younger Australians (aged 20 to 49 years) surging by 2.5 per cent (103,830 persons) while the 50+ age group increased by 2.3 per cent (108,820 persons).

Members Health Fund Alliance CEO Matthew Koce said the uptake in private health insurance, particularly amongst the younger demographic, shows the strong demand for choice and value in the healthcare.

“Across Australia, 55 per cent have some type of private health insurance, which highlights that Australians want fast, dependable high-quality healthcare,” Mr Koce said.

Table for PHI March 2023

Source: APRA, https://www.apra.gov.au/quarterly-private-health-insurance-statistics (March 2023)

“With public hospital waiting lists increasing and putting pressure on the hospital system, this increased take-up of private health insurance reveals that people want choice, and with more than half of the population members of a health insurance fund, this eases the pressure on the public system for those who need it most.

“Although household budgets are tightening, today’s figures show that people see the value and benefits in private health insurance,” Mr Koce said.

“Members Health funds cover more than 5 million Australians with experienced prolonged growth due to our not-for-profit ethos aligning to members values and our desire to give back more in benefits, customer services and connection to our communities.

“We put members’ health before profit, allowing them choice and control in healthcare for when they need it most.”

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.