Members Own Health Funds Launched
Not-for-profit and mutual health funds unite to communicate the not-for-profit alternative in health insurance.
15 not-for-profit and mutual health funds have combined forces to take on the giant listed companies and overseas-owned multinationals that dominate much of Australia’s health insurance sector.
HBF has been a leader in the founding of Members Own Health Funds, an entity established to communicate why Australians should choose funds that are run to benefit their members, not shareholders or overseas owners.
The 15 funds in Members Own Health Funds have a combined membership of over 2.5 million - 20% of all Australians with health insurance – and manage 18 health fund brands.
HBF Managing Director and Deputy Chairman of Members Own Health Funds, Rob Bransby said Australia’s health insurance sector had undergone a transformation in recent years, to the detriment of fund members.
“Not so long ago the overwhelming majority of Australian health funds were not-for-profit or mutual funds run for the benefit of their members. More than half of the private health insurance sector is now dominated by a listed company driven by shareholder return and an overseas based multinational that sends profits back to its overseas owners,” Mr Bransby said.
“Insurers answerable to shareholders or overseas owners are bound to put profit before people and shareholder return before member wellbeing,” Mr Bransby said.
Mr Bransby said there was a tangible difference in the experience of members of for-profit or overseas-owned insurers and Members Own Health Funds like HBF.
“Compared to the big for-profit funds, Members Own Health Funds on average give more back to their members, have higher member satisfaction and their members are less likely to leave their fund,*” Mr Bransby said.
A national campaign was unveiled today, inviting Australians to join a Members Own fund and be treated as a person rather than a profit centre.
For FAQS and further information visit hbf.com.au/about-hbf/members-own-health-funds.
*The following is taken from a report, independently validated by KPMG, comparing the performance of Members Own health funds and Medibank, AHM, Bupa and NIB. Refer to membersown.com.au for detailed information supporting these facts.