HEALTH FUNDS TURN ON EACH OTHERNews & Announcements
Posted: May 19, 2016
Members Own Health Funds a consortium of smaller Health Funds has launched a public attack on the “Big Three” Funds – Bupa -MediBank-NIB claiming that they are making excess profits and driving up the price of health insurance. AHPRA the health governing authority reported that the big three funds make a net profit of over $1 Billion in 2015
The big three funds control two thirds of the health insurance market and their actions largely determine what and why things happen. In the drive for profit health funds are increasing the number of treatments that s are excluded from claims. Many consumers are finding out at the reception desk that the policy they signed up for has new exclusions that they were never informed about.
Sooner or later the combined messages from Choice Magazine/Health Minister and many other sources about the lack of value in Ancillary Health Cover alue for their dental dollars and their strong recommendation that consumers should look at self-insurance to get full value for their dental dollars.
Independent Dentists Network practices offer patients three choices :-
- Switch their dental insurance to a smaller mutual Health Fund
- Enter into a fixed cost Preventative Care Plan
- Self Insure via the Preventative Care Savings Plan.