Retirement
Aussies suffering major health insurance headache
One major Australian health insurer has highlighted significant unresolved issues in the industry, including rising unaffordability and confusion over costs.
Aussies suffering major health insurance headache
One major Australian health insurer has highlighted significant unresolved issues in the industry, including rising unaffordability and confusion over costs.
HCF managing director Shaun Larkin says Australians are still oblivious about health insurance.
“We know that the private health insurance industry is complex and people are seeking greater clarity,” Mr Larkin told Nest Egg.
As many as one in five Australians are not made fully aware of their condition post-hospital departure, HCF’s analysis shows.
“Our data shows 19 per cent of patients didn’t receive information in writing about symptoms or health problems to look out for after leaving the hospital, [which] could potentially lead to re-admission due to side effects and additional care required at home,” Mr Larkin said.
“We know that as an industry we need to provide better access to information that clearly outlines what members can expect from their policy, related claims and benefits, and doing so in a way that is jargon-free, simple, and practical.”
An area that requires clarity is cost transparency, with many Australians left in shock when they receive the bill.
“It’s this information that we know is often difficult to obtain and adds to the confusion that people sometimes experience with hospital stays,” Mr Larkin said.
“We encourage people to seek information about their procedure from a clinical point of view as well as obviously considering the costs and potential out of pocket expenses.”
To that end, HCF is launching new informational tools to show much private hospital patients can expect to pay on average, providing “a more complete picture of the costs associated with medical and surgical procedures.”
“It breaks down how much of the total cost is paid by HCF, Medicare and the member. It also shows a breakdown of key costs for a procedure including the surgeon, pathology, anaesthetist and other specialists,” Mr Larkin said.
“We encourage people to do their research around procedures and to explore their policy and their fund’s no-gap or known-gap arrangements for medical services.”
RELATED ARTICLES
Retirement Planning
Rest launches Retire Ready digital experience to empower members approaching retirement
Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled a new digital experience aimed at making retirement preparation simpler and more personalised for its members. Read more
Retirement Planning
New Framework Aims to Bridge Australia’s Financial Advice Gap
A ground-breaking framework introduced by the Actuaries Institute promises to revolutionise how Australians access financial support, potentially transforming the financial wellbeing of millionsRead more
Retirement Planning
The downsizer dividend: how Australia’s ageing shift will reshape property, finance and AI strategy
Downsizing is moving from a personal milestone to a system-level lever for Australia’s housing market. As policymakers court reforms and agents eye fresh listings, the real profit pools will accrue to ...Read more
Retirement Planning
Half of Australians financially insecure about retirement as AMP launches new initiative
In a significant move aimed at addressing the retirement concerns of Australians, AMP has unveiled the Retirement Confidence Pulse, a national barometer designed to gauge the financial confidence of ...Read more
Retirement Planning
North introduces Grow to expand Australia's financial advice footprint
In a bid to bridge the gap between the demand for financial advice and its accessibility, North, a prominent platform for superannuation and retirement in Australia, has launched an innovative ...Read more
Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more
Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more
Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more
Retirement Planning
Rest launches Retire Ready digital experience to empower members approaching retirement
Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled a new digital experience aimed at making retirement preparation simpler and more personalised for its members. Read more
Retirement Planning
New Framework Aims to Bridge Australia’s Financial Advice Gap
A ground-breaking framework introduced by the Actuaries Institute promises to revolutionise how Australians access financial support, potentially transforming the financial wellbeing of millionsRead more
Retirement Planning
The downsizer dividend: how Australia’s ageing shift will reshape property, finance and AI strategy
Downsizing is moving from a personal milestone to a system-level lever for Australia’s housing market. As policymakers court reforms and agents eye fresh listings, the real profit pools will accrue to ...Read more
Retirement Planning
Half of Australians financially insecure about retirement as AMP launches new initiative
In a significant move aimed at addressing the retirement concerns of Australians, AMP has unveiled the Retirement Confidence Pulse, a national barometer designed to gauge the financial confidence of ...Read more
Retirement Planning
North introduces Grow to expand Australia's financial advice footprint
In a bid to bridge the gap between the demand for financial advice and its accessibility, North, a prominent platform for superannuation and retirement in Australia, has launched an innovative ...Read more
Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more
Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more
Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more
