COMING TOGETHER TO ADDRESS COMMON ECONOMIC, SOCIAL AND CULTURAL NEEDS
Private Health Insurance
Mutual health insurers
Are completely focussed on the customers rather than the needs of investors
Put simply, it means the profit they make goes back into the fund instead of being divided among shareholders.
Offer good-value healthcare, creating positive competition in the market
On average, mutual health insurers paid out more cents in every dollar in premiums to members as benefits compared with the industry average.
Offer better quality products
The largest mutual health insurer, HCF, announced a 2.95% premium increase for 2021, compared with an average premium increase across the three largest for-profit insurers of 3.61%.
Examples
Australian Unity
Australian Unity is a national healthcare, financial services and independent and assisted living organisation with over 7,000 employees providing services to nearly a million Australians, including around 260,000 members nationwide. Australian Unity’s retirement communities assist over 3,000 older Australians to continue to live as independently as possible in communities with friends and supports. Australian Unity’s history as an independent mutual dates back 175 years.
Year established: 1840
Type: Mutual
Industry: Healthcare, Insurance & Risk Protection, Private Health Insurance
HCF
HCF is Australia’s largest not-for-profit health fund with more than 1.5 million members nationwide. On average, over the last 5 years HCF has paid out more cents in every dollar in premiums to members as benefits, than the industry average.
Year established: 1932
Type: Mutual
Industry: Healthcare, Insurance & Risk Protection, Private Health Insurance
HIF
HIF began in 1954 as the Western Australian Government Railways Employees Hospital and Medical Benefits Fund Inc. In 2010 it changed our name to reflect our increasingly nationwide membership base. Today HIF is a multi-award winning, not-for-profit health fund. It champions an ethical, member-focused approach, good value, and allowing members total freedom when it comes to choosing their own healthcare provider.
Year established: 1954
Type: Mutual
Industry: Private Health Insurance