Is a not-for-profit fund right for me?

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.

Are not for profit health funds cheaper?

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.