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News Corp Australia Network
Sue Dunlevy
Amid the ongoing cost-of-living crisis in Australia, News Corp’s latest investigation has revealed a practical solution which may provide much-needed financial relief for Australian households. By simply switching their health fund policy, households may save up to $3,800 each year.*
News Corps’ recent investigation has compared the price of every Australian health fund policy in the country and found that Navy Health was consistently in the top ten cheapest private health insurance products for Gold policies. It was also found that the cheapest private health insurance Gold policies were usually offered by smaller health funds including Navy Health, Mildura Health Fund, Teachers Health and CBHS, all of which share a similar trait of being not-for-profit health funds.
Mathew Koce, Chief Executive of the funds lobby group, Members Health Fund Alliance, explained that the reason not-for-profit health funds are able to offer cheaper prices is because “they don’t have to generate profits for shareholders or overseas investors, so can give back more in benefits than would otherwise be the case”. Instead, additional profits made by these funds will go back to benefit their members.
Members Health Fund Alliance also indicate that not-for-profit funds generally pay back 83.3% of their premium revenue in benefits on average, compared to the 80.2% rebated by for-profit insurers.
News Corps’ investigation points out the importance of making informed decisions when it comes to choosing your private health insurance fund. In order to capitalise on potential savings, it is recommended to consider switching to cheaper policies, such as those offered by smaller, not-for-profit funds like Navy Health. Mathew Koce urged those wanting to switch health insurers to call funds directly rather than using a third-party broker due to them charging commission and being selective about what they offer.
Navy Health’s CEO said, “the not-for-profit and member owned health funds focus on delivering the best services and cover for their members”. At Navy Health, profits are used to benefit members by minimising premium increases and offering great value products and services.
The investigation also revealed that many Australians are paying more than necessary for their private health insurance due to various factors including premium hikes by some insurers well above the average. The Australian government claimed the “average” rate rise in 2023 was 2.9%, however analysis showed Medibank members experienced premium rises of up to 14.4% in one year. This is a large difference when compared to Navy Health’s average premium increase rate of 2.9% across its products for the same year.
Dr Rachel David, the chief of Private Healthcare Australia said that “despite cost-of-living pressures and increasing financial stress, more than one million Australians have taken out private health cover since the start of the pandemic to avoid long waiting lists and access urgent treatment such as mental health care.” While private health insurance remains crucial for many Australians to access timely medical help, it’s important to note that a lot of people might be paying more than they need to.
*The information in this article is for general information only. It should not be taken as constituting advice from the article owner – Navy Health. Navy Health is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the information mentioned in this article relates to your unique circumstances. Navy Health is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, reliance on, the information provided directly or indirectly, by use of this article.
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