What the 2017 Australian health insurance reforms mean for you

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 healthgovau 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 findercomau to read the full summary And while you're there why not compare your policy and see if you can find a better deal

Source: Youtube

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