Edition 60
September 2008
Message from the Manager
Fund Financial Performance — 30th June 2008
Preliminary end-of-year figures indicate a continued healthy performance, with a good surplus yet again.
This is primarily due to the number of hospital admissions being lower than expected, and the hospital contract increases lower than anticipated.
Reports & AGM Notices will be issued when available, and also placed on our website.
Email Addresses & Phone Numbers
Members are encouraged to check their email addresses and telephone numbers as registered with the Fund – via Web services.
Having these details on file will allow the fund to contact you easily and quickly should we need to do so, and also to advise you – with a simple, one-line email – of the availability of Healthlinks newsletters, and Annual Reports on our website. This will reduce delays and postage costs.
Note that we will not disclose these details to any third party, and will not use these details for unsolicited calls or emails to you.
REBEL SPORT Gift Card Member Promotion
The Fund promotion which extended until 30th September 2008, is winding up.
There are a few weeks left to introduce a new member to the Fund, with both yourself and the new member receiving a $50 gift card from Rebel Sport.
Rebel Sport has stores throughout Australia, as well as an on-line store.
The new YoungSavers product, specifically developed for young singles, is proving to be an excellent value entry point to private health cover.
Note that Phoenix Health Fund is a Restricted Access fund, open to current and former employees (and their immediate family members) of OneSteel, BHP, Tubemakers and associated companies.
Eligibility can be confirmed by contacting our office on Freecall 1800-028817.
William Beaton
Chief Executive Officer
The Back Page
Ancillary Services — Benefits via HICAPS — Quick Bites
Certain items are not able to be paid using the HICAPS system. One example is Dental Surgical extractions. These can still be claimed – the old way, by completing a Claim Form, attaching the receipt or unpaid invoice and posting to the Fund office.
Payment of benefits can be made directly to a Bank, Building Society or Credit Union account - just fill out the details on the Claim Form.
For profit or not for profit?
Phoenix Health Fund has always been a Not For Profit organisation, since 1953, when the fund came into existence, and the Board of Phoenix Health Fund strongly believes that this is the way Phoenix Health should stay.
Why is the Board committed to Not For Profit status?
The Board of Phoenix Health Fund firmly believes that it would not be in the best interests of our membership to change to ‘for profit’ status as this would mean a different approach to running the fund.
For one thing, ‘for profit’ health funds need to generate profits to pay dividends to their shareholders in addition to providing health cover for their policy holders. To pay dividends to their shareholders, they must make profits above and beyond the cost of claims, running their business and the statutory requirements of the regulator.
For-profit companies also have the additional cost of paying income tax on their profits. This would mean that to generate additional profits for shareholders, contributions would have to increase more than the average, or benefits would need to decrease, or the cost of running the fund would need to reduce.
In Phoenix Health Fund’s case, the cost of administering the business (otherwise known as ‘management expenses’) is already amongst the lowest in the industry.
In essence the Board believes that providing the health cover needs of Phoenix Health Fund members is best served by remaining a Not for Profit fund, owned and run by its members, for its members.
Phoenix Health Fund Website at www.phoenixhealthfund.com.au
- Member Registration — A wide range of services for members, including lodging of email addresses and phone numbers;
- Online Private Hospital Search, also the latest listing of Contracted Private Hospitals;
- Access Gap Cover Doctors who wish to be listed — via interactive lookup;
- Travel Insurance — Online, with payment by Credit Card (some restrictions);
- Quarterly Payment Options, including BPay and Credit Card;
- Latest Listing of Alternative Therapy Provider Associations;
- Copies of various Fund forms, including Claim Forms, Membership Application Forms, Rebate Application Forms, Direct Debit Forms;
- Privacy Statements; Contribution Rates; General Information;
- Recent Healthlinks newsletters and view most information from the Fund Brochure.
