09 February 2015
Not-for-profit and mutual health funds make up more than a third of funds in the Australian health insurance market, and 15, representing 18 brands have joined forces to promote the mutual difference.
Members Own Health Funds has been launched in the wake of the sale of Medibank Private last year, which removed that entity from ownership by the Australian Public.
Members Own Health Funds Chairman Brad Joyce highlighted the fact that there is a philosophical difference between funds like Medibank and BUPA, and the member owned and mutual insurers. “Members Own Health Funds is underpinned by the belief that participating funds are there for members and their wellbeing … ” said Mr Joyce.
This is underpinned by research from KPMG which shows that over the past five years, on average member-owned funds have collectively given more back to their members than the comparative group of privately-owned funds. The member-owned funds have consistently delivered better service than the comparative group collectively, and have enjoyed higher member satisfaction and loyalty, and dramatically lower relative rates of member complaints to the Ombudsman than the comparative group.
Members Own Health Funds will launch a nationwide public awareness campaign to make sure Australians know there is a choice beyond health funds run to benefit shareholders and overseas owners. View the full list of Members Own Health Funds members. View Members Own Health Funds’ Youtube announcement:
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