CANBERRA (Boscutti Report) — Health Minister Greg Hunt has described falling profits of health funds as a matter of ‘considerable community concern’, announcing an expert committee to look into the issue.
Mr Hunt said health funds were suffering plunging profits and that some investors were unaware of the scale of these losses. For some investors, these profit losses were resulting in financial hardship, he said.
‘Despite handing them a Government mandated revenue stream, some health funds are struggling to properly profit from members fees,’ he said.
‘They are nowhere near as profitable as American health insurance companies.’