PEOPLE MEETING COMMON ECONOMIC, SOCIAL AND CULTURAL NEEDS TOGETHER
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 lower premium healthcare which creates competition in the market
On average, mutual health insurers paid out more cents in every dollar in premiums to members as benefits, than the industry average.
Offer better quality products
In 2018, the private health industry announced an average premium rate increase (3.95%) for 2018, with Australia’s largest not-for-profit health fund, HCF, demonstrating its commitment to addressing affordability in the sector, with the lowest of the big four funds at 3.39%.
Examples
Australian Unity
Australian Unity is a national healthcare, financial services and independent and assisted living organisation with over 6,000 employees providing services to nearly a million Australians including some 300,000 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 an award-winning health insurance fund with more than 1.5 million members nationwide. It uses all of its profits for the benefit of its members, delivering the lowest premium increases of the major funds. It is Australia’s largest not-for-profit health insurer.
Year established: 1932
Type: Mutual
Industry: Healthcare, Insurance & Risk Protection, Private Health Insurance
Westfund Health Insurance
Westfund Health Insurance is a regional, not-for-profit health fund with locations across NSW and Queensland. Its profits are directed at member benefit.
Year established: 1953
Type: Mutual
Industry: Healthcare, Insurance & Risk Protection, Private Health Insurance