Pixi.

Pixi is a creative multi-concept WordPress theme will help business owners create awesome websites.

Address: 121 King St, Dameitta, Egypt
Phone: +25-506-345-72
Email: motivoweb@gmail.com
  • By intesolsdev
  • May 18, 2016
  • 0 Comment
  • 32 Views

As reported in the Australian on 18 May 2016, Australia’s not for profit health insurance funds are set to launch a national television campaign to tackle the ‘big three’ companies, who they argue are fuelling affordability concern whilst enjoying rising profits. This is aimed at Bupa, Medibank and nib.

Big three making huge profits
The group titled Members’ Own Health Funds (MOHF) chief Troy Sheahan points to recent data from the Australian Prudential Regulation Authority showing that the ‘big three’ recorded a combined gross surplus of over $1 billion in 2015. They control over two thirds of the market.

Big three gouging profits
‘What we’re inevitably seeing on the back of that market dominance is more money being taken out of the sector as returns for shareholders or overseas owners [Bupa] and questions must be asked about the impact that is having on affordability.’

Mr Sheahan highlighted that the recently released State of the Health Funds Report shows that MOHF funds had increased the benefits paid as a percentage of contribution, while the ‘big three’ recorded a decrease.

MOHF plans to inform consumers on the choice they have with a national television campaign scheduled to launch on 22 May.

Complaints about big three
The State of the Health Funds Report also finds that the ‘big three’ were responsible for 66.2% of complaints against their market share of 63.5%. The MOHF funds accounted for only 13.3% of complaints against their market share of 20.2%.

Synstrat’s view
Dentists are well aware that the big funds gouge exorbitant profits from their extras insurance tables for which they pay out about 78% of what they receive. Consumers should consider cancelling their extras/ancillary insurance entirely or, if unwilling to do so, should insure with smaller not for profit funds such as Australian Unity, HIF, Defence Health, Teachers’ Health Fund or Frank.

The time is long overdue when the ADA needs to engage dentists nationwide in a campaign to advise patients to switch to smaller, not for profit insurers.

The big question
Why any knowing Australian would want to insure with Bupa to have their benefits gouged and see Bupa’s profits remitted to their UK parent is a mystery, nor is it logical that they insure with Medibank or nib which have to make profits for shareholders, rather than recycle surplus in benefits to members.

Request An Appointment

    Name*
    Phone Number
    Email Address*
    Appointment Date*
    Services*

    If you need a dentist

    Make An
    Appointment
    Now!

    Get in Touch

    Visit Us

    Suite 1, Mezzanine Level, 181 William Street, Melbourne
    VIC 3000, Australia

    Call Us

    (03) 9670 9020
    (03) 9670 5640

    Office Hours

    Monday to Thursday:- 8.30am to 5.30pm
    Fridays:- 8.30am to 3.30pm

    Google Rating
    4.8
    //Header fix start