25 September 2023

Healthy new rules for health insurance

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The Department of Health has unveiled new rules making private health insurance easier to understand and helping people choose the cover that best suits them.

Based on a Gold, Silver, Bronze and Basic classification system, the new rules will have an overall neutral impact on premiums and consumers will not be forced to change their policy cover.

Minister for Health, Greg Hunt said the new arrangements were a “no surprises approach” and represented good news for everyone.

“New insurance policies will be categorised under this system from 1 April 2019, and by April 2020 all products must fully comply with the new arrangements,” Mr Hunt said.

“The new product tiers have minimum and standard clinical categories, which mean consumers can easily identify the services covered, or excluded, by their policies.”

He said the Basic and Bronze cover levels were affordable options supporting choice for millions of people accessing key health services. Basic policies were especially valued by regional and rural patients.

“Silver and Gold policies provide more comprehensive cover, providing peace of mind for services that are needed at different stages of life,” Mr Hunt said.

“For Silver, Bronze and Basic, insurers can also offer additional cover to those listed as the minimum requirements.”

He said women would benefit from improved coverage including guaranteed cover for gynaecological services, ovarian and breast cancer treatment and breast reconstruction in Bronze tiers and above.

Full details of the Gold, Silver, Bronze, Basic and Clinical Categories as well as other private health insurance reforms are available on the Department of Health website at this PS News link.

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