Teachers Health (THF) and Nurses and Midwives Health (NMH) will merge and consolidate as one of Australia's largest not-for-profit private health insurers.
The merger is due to take effect on 1 January 2022 pending approval from the Australian Prudential Regulation Authority.
"As one health fund, THF and NMH will combine their efforts to create operational efficiencies and, in turn, focus on what matters most – supporting their members to achieve positive health outcomes," they said in a joint statement.
"Although they will operate as one fund, THF and NMH will both retain their unique identities, names and branding. The strength of each brand will continue to flourish, and their commitment to supporting the health needs of both the education and nursing and midwifery communities will remain as strong as ever."
“Over the past 18 months, our frontline workers have faced significant challenges. Australia’s teachers, educators, nurses and midwives have adapted and found new critical ways of delivering their services and care,” said Teachers Health Group CEO Brad Joyce.
“Now more than ever before we need to reassure our members that we understand their real and unique needs and put them first in everything we do – and our not-for-profit status enables us to deliver on this promise”.
“Members of each health fund will benefit from the economies of scale that come with being a larger health fund,” continued Mr Joyce.
“We know that affordability of health insurance is a key issue many Australians face. The good news for our members is that one of the goals of the merger is to positively influence affordability and pricing, without compromising on the quality of the products we offer. Our members can be confident that they will have access to quality health insurance that gives them the level of cover they need.”
“Importantly, there won’t be any detrimental changes to products or pricing as a result of the merger. The impact to members day-to-day will be minimal, in fact, we’re confident that it will provide many positive outcomes.”
“Both Teachers Health and Nurses & Midwives Health will continue to be committed to both groups of members – Australia’s education and nursing and midwifery communities. We’ll continue to work closely and strengthen our ties with our union partners and associations to ensure the needs of our members are met,” added Mr Joyce.