Press Release: 13/10/2017

Health Insurance Reforms Should Prompt Consumers to Check Cover

 

The Federal Governments reforms to private health insurance may make comparisons simpler but many consumers will still need guidance to make better decisions about their cover.

 

The association representing private health comparison services and agents specialising in health insurance says the proposed reforms are a win for consumers as the changes will enable more confident decision making.

 

But Christopher Zinn, CEO of PHIIA (Private Health Insurance Intermediaries Association), says downward pressure in prices will be slow so consumers should act now.

 

He says The reforms will deliver many benefits to the 13.5million Australians with cover without reducing choice or increasing costs to any of them, but they will take time to implement.

 

The changes should nudge all consumers into reviewing their policy and provider to ensure they not only offer value but also cover the areas were they are likely to claim, adds Mr Zinn.

 

PHIIA welcomes moves to increase resources to the governments health insurance comparison site but argues up-to-date data on all policies should be more openly available to all.

 

In line with reforms around the world and the digital revolution policy data needs to be unlocked so existing comparison services and new entrants can help in the massive task of empowering the public to make better choices around private health insurance, says Mr Zinn.

 

The introduction of gold, silver and bronze categories will help although the detail has yet to be seen and the changes do not come into effect for 18 months.

 

The decision to maintain access to the lowest cost policies means entry-level cover remains available, especially to younger Australians, which enables them to better understand their insurance needs and when necessary alter their level of cover.

 

PHIIA recommends that consumers only use comparison services that are signatories to it the code www.phiia.com.au/resources/

 

 

 

For Further Information Call:

 

Chris Zinn Tim Allerton

PHIAA City PR

(0425) 296 442 (0412) 715 707.