Not-for-profit health funds: What’s all the fuss?
A private health fund built for members, not investors - find out if the proof matches the pudding.
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*Prices updated November 2024, in line with Finder's database of health insurance policies. Prices reflect the cheapest available for a single individual with less than $97,000 income and living in Sydney with a $750 excess.
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Not-for-profit-health funds don't have shareholders, so they use extra funds to save members money.
Joining some funds is restricted to people working in certain industries and their families.
Not-for-profit health providers aren't all that different on average for customers.
What is a not-for-profit health fund?
A non-for-profit health fund (Not-for-profit) are funds that are run for members, not shareholders. Theoretically this means all premiums paid into the fund are put towards improving services, reducing premiums, and paying operating costs.
Many not-for-profit health funds are 'open funds' that anyone can join. These include HCF, Frank Health Insurance, and Westfund. Some other's, like Teachers Health and Defence Health, restrict membership to people who work in certain companies or industries and their families.
Not-for-profit vs for-profit health funds
The main difference between the two types is how the funds aim to use the money they make.
Different business structures. A not-for-profit is a mutual organisation owned by policyholders and members, while for-profits are corporations with owners and shareholders.
Profits go to members, not the bottom-line. Not-for-profit funds are designed to allocate a larger ratio of revenue to their members in the form cheaper premiums, rebates and benefits - rather than dividends or shareholders.
Policyholders are the priority. With all profits returned to the fund, members can often find better benefits and extra flexibility in their policy.
Are not-for-profit funds better?
There doesn't appear to be a huge material difference for customers.
According to the Ombudsman data, not-for-profit funds get fewer complaints and retain more of their members, but have slightly higher hospital charges and gap fees paid on average. For-profit health funds cover around 1% more extras on average.
However, depending on what not-for-profit or for-profit fund you're with, your mileage will always vary. Larger funds might have more bargaining power with providers and more financial assets to cover services. Plus, how well a fund is managed could play a bigger role in value for money than the business model.
It's always smart to shop around and compare different health insurers, because the differences can be significant.
Depending on your age, you may be eligible for an
aged-based discount. This is used to estimate your
rebate.
Under 65
65 - 69
70 or older
What's your household's taxable income?
This is the combined income you and your spouse earn before tax. It's needed to calculate the correct Australian government rebate.
$93,000 and under
$93,001 to $108,000
$108,001 to $144,000
$144,001 and over
What kind of health insurance do you need?
Combined (Extras + Hospitals)
Extras
Hospital
What level of hospital coverage would you like?
You can change this at any time later.
Legend
Covered
Restricted cover, You may be partially covered for
this category.
Not covered. Optional for insurer to include.
*Prices updated March 2024, in line with Finder's
database of health insurance policies. Prices are based
on a single individual with less than $93,000 income and
living in Sydney with a $750 excess.
What extras cover do you need? (Optional)
Select as many as you want or move to the next step
Preventative & general dental
Major dental & implants
Optical
Physiotherapy
Podiatry
Non-PBS pharmaceuticals
Chiropractic
Emergency ambulance
Remedial massage
Email me my results (optional)
To get a copy of your results for later, add your email below
You'll pay the same price as going direct - we don't
charge fees
We don't ask for your phone number to see prices
Hang tight - we're fetching policies just for you!
Comparing quotes from 40+ funds...
FAQ
Before you rush out to look for a not-for-profit health fund to join, you should keep the following things in mind.
Previous employment in an industry can go back a number of years, so you may be eligible to join a restricted fund even if you haven't worked in an industry for some time.
While most restricted funds are open to family members, this may be limited to immediate family only (ie, spouse and dependent children).
Membership of a restricted health fund can sometimes also give you access to other member benefits like industry super and life insurance.
Cheaper premiums should only be one consideration when looking at not-for-profit health funds. You also need to ensure the level of cover on offer is adequate for your needs.
Not all Not-for-profit will be cheaper, it's always important to shop around for the best deal, whether it's an Not-for-profit or regular for-profit fund.
Not-for-profit funds can be cheaper than for-profit funds, but it's not always that simple. While not-for-profit funds use profits to lower premiums, they tend to be smaller than for-profit funds. This can affect its ability to lower costs. Even so, not-for-profit funds are generally competitive on price.
HCF, HBF, Nurses & Midwives Health, Police Health and Emergency Services Health.
Cameron is the local insurance scholar at Finder. With a diverse background writing in independent education, web-3, and finance, his mission is to build helpful content and that speaks to readers in language they understand. See full bio
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Depending on your age, you may be eligible for an
aged-based discount. This is used to estimate your
rebate.
Under 65
65 - 69
70 or older
What's your household's taxable income?
This is the combined income you and your spouse earn before tax. It's needed to calculate the correct Australian government rebate.
$93,000 and under
$93,001 to $108,000
$108,001 to $144,000
$144,001 and over
What kind of health insurance do you need?
Combined (Extras + Hospitals)
Extras
Hospital
What level of hospital coverage would you like?
You can change this at any time later.
Legend
Covered
Restricted cover, You may be partially covered for
this category.
Not covered. Optional for insurer to include.
*Prices updated March 2024, in line with Finder's
database of health insurance policies. Prices are based
on a single individual with less than $93,000 income and
living in Sydney with a $750 excess.
What extras cover do you need? (Optional)
Select as many as you want or move to the next step
Preventative & general dental
Major dental & implants
Optical
Physiotherapy
Podiatry
Non-PBS pharmaceuticals
Chiropractic
Emergency ambulance
Remedial massage
Email me my results (optional)
To get a copy of your results for later, add your email below
