Members Health welcomes fund growth

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Members Health says the 27 not-for-profit health insurers it represents have "recorded another year of exceptional membership growth".

According to CEO Matthew Koce, “The latest industry data is yet another indication of strong consumer sentiment underpinning the not-for-profit owned and run Members Health funds.”

He said APRA data shows Members Health funds have continued to grow well above the industry average.

"Members Health funds grew by 2.85 per cent over the 12 months to June 2019, while the rest of the industry shrunk, by -0.53 per cent. Over the same period, the Members Health funds experienced an increase of 106,395 persons covered, while the rest of the industry saw a decline of more than 52,000."

"Over the past five years, Members Health funds have achieved a sustained average growth rate of 2.31 per cent – a stark contrast to the rest of the industry, which grew by just 0.38 per cent," said the association in a statement.

“Members Health funds are run for people, not for profits, which means they can give more back to their members. They don’t need to pay large dividends to shareholders or overseas investors and put members’ health before profits. They are sometimes described as the industry superfunds of health insurance,” said Mr Koce.

“With affordability and value for money in private health insurance an ongoing point of discussion, the fact that there is a diverse range of funds operating solely in the interests of consumers is of growing significance.

“It is great to see that the not-for-profit business model is resonating with Australian families and that more people are enjoying the benefits that come from being with a Members Health fund.

“Shopping around can save household budgets a lot of money and it is pleasing to see that more consumers than ever are becoming aware of the value and peace of mind that comes from being part of a not-for-profit, so it pays to shop around.”

“And consumers can switch health funds with the security of knowing that there is no need to re-serve waiting periods for benefits previously covered.”