MELBOURNE, Australia, Oct. 16, 2024 /PRNewswire/ -- Members Health is calling for major reforms to boost health care accessibility and affordability and improve transparency of hospitals and doctors across Australia as part of a landmark report released today for the not-for-profit health insurance sector.
The 'Economic and Social Impact of the Members Health funds of Australia', released today, shows not-for-profit and member-owned health insurers serve over 5.3 million people, including more than 1.1 million across our regional and remote areas. Accounting for 80% of funds in the market, the 24 insurers contribute over $21.8 billion per annum to GDP, over 155,000 direct and indirect jobs, provide access to 6.4 million hospital bed days, 510,000 elective surgeries, and 37.8 million extras services.
"From Australia's earliest beginnings, not-for-profit and member-owned health insurance funds have stood alongside families – from the cities to our regional and remote areas – playing a vital role in healthcare delivery and the nation's economic and social wellbeing," Matthew Koce, CEO of Members Health said.
"Good health is fundamental to productivity, wellbeing and economic prosperity. Australia's private healthcare system is the envy of the world, but given cost of living pressures and long public hospital waits, there is an immediate imperative to further improve affordability, accessibility and consumer empowerment for Australian families."
The 'Economic and Social Impact of the Members Health funds of Australia' report outlines four key consumer reforms to support improved access to and affordability of private health insurance:
- Return the Australian government rebate on private health insurance premiums back from under 25% to 30%.
- Mandate greater transparency of pricing and performance for hospitals and clinicians.
- End the government ban on health funds helping to cover patient out-of-pockets for GP visits.
- Exempt private health insurance premiums from the Fringe Benefits Tax.
"We want health insurance members to be in control of their healthcare, and that can only occur if consumers are empowered with access to information on price and performance of healthcare providers. Sadly, it is easier to compare a fridge for price and performance than something as important as a medical specialist or hospital before going under the knife," said Mr Koce.
"Mandating these reforms to improve affordability, access and empower consumers and GPs to select the right clinician and hospital, is long overdue."