Many millennials are ditching private hospital health plans due to steadily rising premiums. It is not hard to understand why they are running away from paying for decent medium hospital insurance plan… [read]
How do companies like iSelect and Compare the Market make money and are consumers always getting the the best deal for their needs?
Are some health insurance comparison services more equal than others?
It’s hard to ignore their advertising. Brands like iSelect and Compare The Market completely dominates our TV screens. However, that doesn’t mean that they’ll offer you the best value coverage for your needs.
How exactly do these comparison services work?
Many people want to know how these companies make money and if they have customers best interests at heart. For example, do private health insurers pay commissions to appear in their search results?
Both iSelect and Compare The Market state that yes they do receive commissions and that all of these fees are paid by the relevant insurer and are not an additional cost to customers. So far so good right? However, it gets a little confusing when people ask if they get a comparison of the entire market or just certain insurers.
While these services are definitely convenient for customers, choice is still limited to those insurers willing to pay commissions. So it’s possible you’re missing out on smaller brands who promote their products differently.
Here’s a pretty powerful fact: Members Own operates the only exclusive not-for-profit health insurance comparison service in Australia.
The Members Own online comparison service is a brilliant way of identifying the top policies for your specific needs. We can ensure you’re going to benefit immediately from your health insurance by exploring your waiting period options and take the time to properly explain the tax benefits you’ll receive.
Choosing a not-for-profit health fund is a really smart move. Unlike the for-profit insurers, Members Own health funds spend zero time looking after the financial interests of their investors and overseas shareholders – because there aren’t any.
Instead, we spend all our time and resources looking after members’ interests. In fact, our research shows that year after year our members are happier than other health insurers. Like David & Sue below.
“I like the fact that the money goes back to us and our family.” – Sue
So if you feel like now is the right time to review your cover and get better value, we’re confident you’ll be better off with a Members Own fund. You can also call us on 1300 34 34 36, and we’ll help you find the best health cover for your current lifestyle.