Members Health insurers to return almost $900 million to policyholders

Members Health Fund Alliance (Members Health) – the peak industry body for an alliance of 26 health funds that are not-for-profit or part of a member-owned group, regional, or community based – has announced that its members will return $894.7 million in savings to policyholders by the end of the COVID-19 pandemic.

Staying true to their people-not-profit values, Members Health insurers have already returned a massive $661.6 million, and there’s another $233 million on the way.

Members Health CEO Matthew Koce said the latest amount to be returned to policyholders reflects insurers’ “unwavering commitment to doing the right thing”.

“Consumers can be confident that Members Health insurers are providing all the support they can during what has been an incredibly tough and challenging time for Australian families,” Koce said. “Throughout the pandemic, Members Health funds have been standing shoulder to shoulder with their members to help provide timely access to the care and support they need.”

Read more: Members Health sees surge in young people taking out private health insurance

Among Members Health fund, HCF is the most recent insurer to announce that it will give back additional COVID-19-related savings to policyholders.

Aside from returning savings to policyholders, Members Health funds have extended telehealth coverage, expanded benefit coverage for COVID-19-related care, and donated to Lifeline and other community mental health initiatives.

“Time and time again, Members Health funds have gone above and beyond to help provide access to the best possible care to their more than 5 million members,” Koce said. “Long public hospital waits have made private health cover more important than ever, while the cost-of-living pressures are stretching family budgets, so we need to do all we can to help keep health insurance as affordable and accessible as possible.”