Members Health Funds give back $1.3bn to policyholders
Members Health Funds give back $1.3bn to policyholders | Insurance Business Australia
Life & Health
Members Health Funds give back $1.3bn to policyholders
Alliance hopes that payback will help Aussies cope with financial pressures
Life & Health
By
Noel Sales Barcelona
Member Health Fund Alliance (Members Health) has returned $1.323 billion to its members since the onset of the COVID-19 pandemic, and an additional $42.8 million is on its way, the non-profit health insurer announced today. Once the $42.8m has been paid off, this brings the total support provided by the alliance of Members Health funds to a staggering $1.365bn.
“Members Health funds understand the current cost of living pressures Australians are experiencing, and we hope these payments help,” Members Health CEO Matthew Koce (pictured above) said in a statement.
“Members Health funds are run for people, not for profits, so it makes sense that the only place for COVID-19 savings to go is back into the pockets of policyholders.”
Koce said that Members Health has been quick in providing support to its members, ranging from cash givebacks, premium rise deferrals, and targeted hardship relief.
“Our funds are different because they operate as mutuals, which means they don’t have to generate profits for overseas investors or shareholders and can consistently give more back to their customers than would otherwise be the case,” Koce said.
“Practical efforts to care for members and put people first has increasingly been recognised by Australian consumers, with the not-for-profit and member-owned health fund community growing to serve well over 5.3 million Australians.”
Koce also said that the organisation takes pride in the initiative.
“I am not aware of any other industry that has given back COVID-19 savings in the same transparent, accountable, and substantive way as health insurers. It is something consumers can take heart and confidence in. Equally, it is something that the more than 85,300 people whose jobs are directly related to the 24 Members Health funds can take enormous pride in,” he said.
Members Health also helped its members with hospitalisation and other medical and health needs, especially during COVID-19.
“Public hospital waits are at historic highs, so right now it is especially important that our health fund community go above and beyond to help keep health insurance as affordable and accessible as possible,” Koce said.
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