The Federal Government has announced an overhaul to all existing private health fund policies. Existing health fund policies will be classified as Gold, Silver, and Bronze to end the confusion surrounding the choice of the best health fund to policyholders.
This is welcome news to policyholders of all ages to help simplify the details of the policies and create a better understanding of what’s included and what’s not included. Young policyholders are set to gain the most and will be in line for big premium cuts.
Australians under 30 will have their health insurance premiums cut by up to 10% under the expected Federal Government reforms.
There’s also good news for the over 30’s with premium rises to be cut back much closer to the inflation rate.
The Government is also planning to slash the amount by hundreds of millions of dollars of what health funds pay for prostheses like hip and knee replacements.
The Government will also revamp its private health insurance ombudsman website to provide better transparency on Gold, Silver and Bronze health insurance policies and will be giving the ombudsman more staff.
