Smaller health funds beat bigger players on satisfaction
But only two health funds showed improvements in satisfaction over the last 12 months.
Satisfaction with health insurers hit its lowest level since 2010, according to the latest research from Roy Morgan.
Overall satisfaction with private health funds hit 71% in October, down 0.2% month-on-month and 3.4% from October last year.
The Roy Morgan survey, which looks at the 15 largest insurers, found smaller health funds continue to dominate larger funds when it comes to customer satisfaction.
Teachers Health topped the satisfaction ratings at 83.4%, which was down 1% from October 2016. Teachers Health was followed by TUH Health Fund (82.8%, up 3.7%), Defence Health (82.8%, down 1%), CBHS (82.1%, holding steady) and Health Partners (80.9%, down 0.7%).
The four largest funds HCF (70.2%), nib (68.3%), Bupa (68.3%) and Medibank Private (66.8%) ranked 11, 12, 14 and 15 for satisfaction respectively.
Over the last 12 months, only two funds saw increases in satisfaction: TUH Health Fund (up 3.7% points) and Australian Unity (up 2.1% points).
This dissatisfaction comes after years of continued premium hikes, which have left many Australians questioning the value of having a private health insurance policy. To combat this problem, the government announced a raft of reforms to be rolled out over the next couple of years including discounted premiums for the young and simplified product categories.
If you're not satisfied with your current health fund, why not compare your options and see if you can find one better suited to your situation?
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