Members Health Fund Alliance insurers reached a record of over 5.3 million private health insurance members in the 2022/23 financial year, according to the Australian Prudential Regulation Authority (APRA).
During the 12 months to June 30, 112,922 Australians joined a Members Health fund. Over the last five years, Members Health fund members have increased by more than half a million despite the competitive market.
“The APRA data reaffirms how popular the not for profit and member-owned health funds are with Australian consumers, consistently achieving good growth year on year,” said Members Health CEO Matthew Koce. “We are especially finding that younger people are more ethically driven than previous generations and that they immediately connect with the values that come with being part of a not for profit and member-owned health insurer.”
People aged 75 to 84 accounted for a majority of new members, according to the latest APRA quarterly report, corroborated by data from the Private Health Insurance Intermediaries Association.
The report said that the surge in interest in private health insurance among older Australians was driven by long elective surgery waiting times in the public system, which remained high post-COVID-19 pandemic.
“Members Health funds sit close to the individuals and communities they serve and are in tuned with their members’ needs and expectations. Whether it be care delivered in a day or overnight hospital or seeing a dentist, physio, or optometrist, Members Health funds are there to help when you need them most,” Koce said.
In last year's report, APRA revealed that young people accounted for a majority of new Members Health fund members. From 12 months to March 2022, the number of people covered by a Members Health fund hospital policy rose by 3.7%, more than thrice the pace of the rest of the industry. Most (more than 100,000) of these members were under 45 years old.
