APRA: More Australians join Members Health funds than the rest of the industry
More people are joining Members Health Fund Alliance (Members Health) funds than the rest of the industry, according to the Australian Prudential Regulation Authority’s (APRA) exclusive analysis of private health insurance (PHI) data.
Over the 12 months to December 2021, APRA found that the number of people with a Members Health fund hospital policy increased by 3.79% compared to only a 0.96% increase for the rest of the industry. Moreover, in the past five years, Members Health had seen an extra 420,573 people covered by its funds compared to 183,277 fewer people in funds in the rest of the industry.
“With public hospital waiting lists extending into years, more Australians want the protection, certainty, and choice of doctor that they get with Members Health funds,” said Members Health CEO Matthew Koce. “There are more Australians with private health cover than ever before, confident in the knowledge that it provides fast access to high quality and affordable healthcare.”
Read more: Members Health Fund Alliance announces HBF as new member
Koce also noticed a growing number of younger Australians and working families recognising the significance of PHI.
“The growth in the number of young Australians and working families with health cover shows that they value having fast access to care when they need it, so they can live healthier and more secure lives,” he said. “At the same time, every private hospital bed that is in use alleviates pressure on the public system by making space and services available for those who need them most.”
Members Health is the peak body industry for an alliance of 26 health funds in Australia that are not-for-profit or part of a member-owned group, regional, or community-based. In addition, its funds, representing the interests of more than 5 million Australians, share the common ethic of putting their members’ health before profit.
In March 2022, Members Health welcomed PHI provider HBF to the alliance, strengthening its efforts to advocate for improvements in the Australian health system.
