2017 Australian health insurance reforms explained

2017 Australian health insurance reforms explained


Hi I’m Nicola. And I’m Ed. And we’re a
part of the finder insurance team and we’re here today to talk to you about
the recent changes to health insurance in Australia. So what’s happening? So on
the 13th of October 2017 the government announced changes to private health
insurance in Australia. Insurance is about to get a lot easier to understand. So essentially the government is requiring health funds to categorise
their policies into four tiers: gold, silver, bronze and basic. And these
categories are designed to take the guesswork out of choosing policies,
making it a whole lot easier to compare products side-by-side. So get covered
while you’re young and save. That’s right, from April 2019, 18 to 29 year olds can
get up to a 10% discount by taking out private hospital cover. So those under 29
will earn a 2% discount every year they have hospital cover up to a maximum
of 10%. And best of all that discount lasts up until the age of 40. One of the most important changes will be reforms on mental health cover. That’s
right, so starting from April 1st next year people with limited health cover
for mental health services will be able to upgrade their policy to have more in
hospital mental health services without having to reserve a waiting period. These
changes mean that people can get the cover that they need, when they need it
without facing the huge out-of-pocket costs. So what else is changing? There are many
changes that are coming into effect next year including: upgrades to the private
health.gov.au website, increase in the oversight to the private
health insurance ombudsman, changes to the prostheses list benefits, and
increasing the maximum excess that customers can choose. To find out more about
these changes and when they come into effect head to finder.com.au to
read the full summary. And while you’re there why not compare your policy and
see if you can find a better deal.