What is a Members Own health fund?
Members Own Health Funds have been created to ensure not-for-profits like Frank can communicate the advantages they provide, and how they differ to funds driven by the profit needs of shareholders and overseas owners, such as Medibank Private, BUPA and NIB.
What is the difference between for profit and not for profit?
The main difference is that for profit health insurers have shareholders that are paid dividends from the profits made during the year, whereas not-for-profit insurers like Frank aren’t here to make money for investors. We’re here to look after our members, so when we make a profit, it’s used to benefit members, through lower premiums and investments for the future.
What are the benefits of Members Own health funds?
Because we exist for you, not for shareholders, we offer benefits like:
- 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, so you’ll be more satisfied.