What is the difference?
When considering health insurance funds, respective business models can affect premiums as well as amounts payable on claims. This is because Members’ own funds – or not-for-profit funds – are run for the benefit of members not a corporation or shareholders.
The fine print
Many of the Members’ Own group offer ‘no excess’ hospital cover which means one less thing to worry about if/when hospital admission is required. This may be the sort of peace of mind that members appreciate.
And most of these funds claim to offer generous rebates for ‘Extras’ such as dentistry, physiotherapy and optical etc. Being not-for-profit, they can achieve this without affecting the company ‘bottom line’.
Not-for-profit Members’ Own funds
Some of these funds are among the best known, and it may come as a surprise to learn this is the way they operate.
Within this group of health funds, many of which are long established, are the restricted funds which include Police Health, Teachers Health Fund, Emergency Services Health and Nurses Midwives Health.
It may be worth researching this group of health insurance providers if you are considering taking out or changing your health insurance. And they have helpful telephone consultants to answer any questions and help narrow down your search!