What does not-for-profit health insurance mean?
Frank Health insurance is simple, easy, not-for-profit health insurance for our members, not shareholders.
The main difference between a profit and not-for-profit is that a for-profit health insurer has shareholders who are paid dividends from the profits made during the year.
Not having shareholders means instead of trying to create profit from your premiums and the benefits you’re entitled to, we offer members value in the form of the cheapest health insurance plans, increased rebates and new benefits and services.
Why join a not-for-profit health fund?
One of the major reasons to choose a not-for-profit insurance company is because it is often considerably cheaper, or better value. Not-for-profit insurance companies can offer reduced premiums without compromising the level of cover.
What does joining a not-for-profit health insurance company mean for you?
- Lower premiums
- More back on claims
- More extras choice – no need to go to a preferred provider to get the maximum refund
- Great customer service
- Notifications about ways to use health insurance because we want you to use it
- Simple great value health insurance with no strings attached.
What is a Members Own health fund?
Members Own Health Funds has been created to ensure not-for-profit health funds like Frank can communicate the advantages they provide over funds driven by the profit needs of shareholders and overseas owners, such as Medibank Private, BUPA and NIB.
The Members Own Health Funds brand carries the promise that participating funds:
- Are run to benefit members – not shareholders or overseas owners
- On average give more (of members’ premiums) back to members
- Offer a better, more personalised service to their members
The message is clear - with Members Own Health Funds people are treated as a member, not a number or a profit centre. Members Own Health Funds deliver better service, have higher member satisfaction and loyalty, and receive fewer complaints than for-profit and overseas owned funds.
The data used to support Members Own facts has been independently validated by KPMG. Access the report.
Joining a not-for-profit health insurer is easy
At Frank Health Insurance we offer a range of hospital, extras and bundle covers to suit different budgets and life stages. Whether you are single, a couple or family, Frank Health Insurance has the cheapest health insurance plans to suit your needs.
We are a not-for-profit, 100% member based health fund which means we work for the benefit of you and your family.