Not-for-profit health insurance
We're a not-for-profit health fund, which means our members come first. Everything we do is designed to deliver better value for our members and the communities we serve.
What is not-for-profit health insurance?
Not-for-profit health insurance is private health insurance provided by a fund that doesn't pay profits to shareholders. Instead, any profit may be used within the fund to support members, services and long-term sustainability.
GMHBA is one of Australia’s leading regionally based not-for-profit health insurers. Established in Geelong in 1934, we have a long history of caring for our members and supporting the communities we serve.
Not-for-profit vs for-profit health insurance: what’s the difference?
For-profit health funds are owned by shareholders or investors. They are expected to generate financial returns for their owners, which means a portion of profits may be distributed as dividends or used to increase shareholder value.
Not-for-profit health funds have no shareholders to pay. Instead, any surplus is reinvested into the fund to benefit members. This can include improving services, investing in member support, helping keep premiums competitive, and funding community health initiatives.
Delivering member value as a not-for-profit
During the COVID-19 pandemic, GMHBA returned value to members through premium freezes and a range of support initiatives, including:
- Freezing premium increases for six months in 2020, 2022 and 2023.
- Returning claims savings to active members in 2022, and to suspended and former members in 2023.
- Returning further COVID-19 savings to eligible members in 2024.
As a regionally based health fund, we are committed to supporting our members and the community during difficult times.
Support is available for eligible GMHBA members affected by natural disasters. Impacted members can suspend their membership for up to 12 months.
A true community health fund
As a not-for-profit health fund, being community-minded comes with the territory. GMHBA has a proud tradition of supporting our local community, through partnerships and employee engagement programs.
We partner with groups like The Resilience Project and Read the Play to support the health of our community.
GMHBA employees get one day of paid volunteer leave per year. It’s just another way we’re giving back.
Canstar approved, four years in a row!
GMHBA has done it again with Canstar’s 2025 Winner of Outstanding Value Award – Hospital & Extras Insurance: VIC. We are proud to provide Australians with 5 star health cover for our hospital and extras products.
More than just health insurance
Eligible GMHBA members can access a range of health and rehab programs including;
At your service
Personal, attentive service. That’s something that really sets GMHBA apart. Whether it’s in-branch or over the phone, our Geelong-based team is here to help.
We're part of the Australian Health Service Alliance (AHSA), which represents a number of private health insurance funds, including GMHBA. By working together, we can often secure better agreements with private hospitals and provide access to an improved medical gap scheme. This can help reduce out-of-pocket costs and deliver greater value for our members.
We also contribute to the broader health insurance industry through our involvement with Private Healthcare Australia and as a registered health fund with APRA (fund ID GMHBA).
Caring since 1934
GMHBA was born and bred in Geelong. From our humble beginnings, we’ve grown to become one of Australia’s leading regionally based health insurers.
In other words, we’re more than just a health fund – we’re part of the community. And through our sponsorships, community partnerships and volunteering, we try and give back wherever we can.
Frequently asked questions about not-for-profit health insurance
Private healthcare in Australia is funded through a mix of government funding, self-funding, and private health insurance. Hospital cover helps pay benefits towards treatment as a private patient in hospital, while extras cover helps pay benefits towards selected services outside of hospital that are not generally covered by Medicare, such as dental, physiotherapy and chiropractic care.
A not-for-profit health fund operates without shareholders. Member premiums are used to pay claims and operating costs, and any surplus is retained within the organisation rather than distributed as dividends. That surplus may be reinvested to support members, services and the long-term sustainability of the fund.
Value means different things to different people and depends on factors such as premiums, benefits, service quality and how well a policy suits your healthcare needs. When comparing health funds, it's important to consider both the cover provided and whether it aligns with how you expect to use it.
How a health fund operates may be one factor to consider, but it doesn’t automatically make one policy better value for everyone. The best value depends on the cover, cost and benefits that suit your needs.
The right health fund depends on your needs, budget and what matters most to you. When comparing options, consider the cover, cost, benefits, service experience and how the fund operates and if this aligns with your preferences.
Not-for-profit private health insurance plays an important role in Australia's health system. According to The State of Heath Funds report, over 5 million Australians (that’s around 35% of people with private health insurance) choose cover with not‑for‑profit or mutual health funds.
Sources: [Finder.com.au] [State-of-the-Health-Funds-2024-25-2.pdf]
Health insurers make a profit when the premiums they collect and investment earnings exceed the cost of claims and running the fund. The key difference is what happens to that profit. For-profit health insurers may distribute profits to shareholders, while not-for-profit health funds reinvest any surplus back into members, services and the long-term sustainability of the fund.
There's plenty of perks to being a GMHBA member. Eligible members can enjoy dental discounts through our partnership with smile.com.au, plus additional discounts from participating optical providers.