Members Health welcomes steady growth in private health cover
Members Health welcomes steady growth in private health cover | Insurance Business Australia
Life & Health
Members Health welcomes steady growth in private health cover
Comment comes on the back of recently released private health insurance statistics
Life & Health
By
Roxanne Libatique
Members Health Fund Alliance (Members Health), the peak body for member-run and not-for-profit health insurers, has responded positively to the latest private health insurance data from the Australian Prudential Regulation Authority (APRA).
The data revealed a steady rise in Australians choosing private health cover, signifying its ongoing importance.
Australian private health insurance statistics for March 2024 quarter
During the March 2024 quarter, APRA found a notable increase in the number of Australians with private health coverage.
Among age groups, Australians aged 40 to 44 saw the largest increase, with nearly 11,000 new policyholders.
Extras cover also saw substantial growth. The March 2024 quarter experienced an increase of more than 93,000 Australians securing extras cover for services including dental, optical, and physiotherapy.
The APRA data highlighted the significant financial contributions of health insurers. In the March 2024 quarter, insurers paid out over $5.9 billion in claims for hospital and general treatments to their members. This included benefits for three million hospital days resulting from 1.2 million hospital admissions.
Additionally, insurers processed over $1.6 billion in general treatment benefits for services such as visits to dentists, chiropractors, physiotherapists, and optometrists.
Members Health emphasises private health insurance’s role in healthcare system
Commenting on the data, Members Health CEO Matthew Koce welcomed the increase in Australians opting for private health insurance and emphasised its crucial role in Australia’s healthcare system.
“The more than 14.8 million Australians who are members of a health fund receive fast access to high-quality care with doctor of choice while also helping to alleviate pressure on our overstretched public health system,” he said.
“Australians are increasingly choosing private health cover because they understand its value and want peace of mind around fast access to quality care.”
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