Participation in private health insurance (PHI) continued to grow over the past year to June 2022, according to Members Health Fund Alliance’s (Members Health) analysis of the latest Australian Prudential Regulation Authority (APRA) PHI data.
APRA’s latest PHI statistics showed that hospital treatment membership increased by 2.1% during the year to June 2022, making it the eighth quarter of continuous growth as the number of Australians taking out hospital treatment cover increased by 235,699 individuals. Among these individuals, membership in the 50+ age group jumped by 2.4%, while membership among the younger population (individuals aged 20 to 49) increased by 1.8%.
“It is particularly pleasing that the alliance of Members Health funds continued to outpace the rest, growing more than one and a half times faster than the industry average,” said Members Health CEO Matthew Koce. “The latest set of numbers is a demonstration of the confidence Australians have in private health insurance and in the not-for-profit and member-owned health funds we represent.”
As public hospital wait times stretch into years, Koce said more Australians now focus on the peace of mind from fast access to high-quality care and doctor of choice in the private healthcare system.
“Living with pain and waiting up to two years to receive a joint replacement, tonsillectomy, a cataract removal, or ligament repair has an awful impact on a person’s wellbeing,” Koce continued. “Waiting for surgery means that the other important things in our lives are often delayed: such as getting to work or spending quality time with the family.”
Koce further explained that PHI enables patients to improve their health and receive treatment much sooner than in the public system and helps take the pressure on overstretched public hospitals by freeing up beds for those who need them the most.
