Private health insurance set for shake-up

Stefan Postles via Getty Images

Australians under 30 are set to be offered discounts on private health insurances.

The changes will also cut off government rebates for a range of homeopathic and so-called "natural" therapies, including reiki, reflexology, yoga and Pilates.

It's about getting young people in, which helps them... and secondly that actually reduces pressure on the whole of private health insurance because they lower the average costs.

'It'll be simpler, ' he said.

In a statement on Friday the chief executive of Defence Health, Gerard Fogarty, said he was glad the government had started to address affordability but the reforms "are far from complete or sufficient to immediately reduce the pressure consumers are experiencing".

That will save them about $1 billion over the next four years and is expected to be the biggest driver of lower premium rises, starting from April 2018.

Premiums have increased an average of 5.6 per cent a year since 2010, but Mr Hunt wouldn't put a figure on how much that will fall.

"I'm working with the private health insurers ... and they have guaranteed in writing they will pass through all of the cost savings".

As well existing policies will be classified as gold, silver and bronze and premiums increased closer to inflation because of a decision to slash the price of prostheses, News Corp Australia reports.

'That means people will have clear choices and clear explanations in a way that has never been the case, ' Mr Hunt said. The discount will phase out after people turn 40. Aromatherapy, herbalism, kinesiology, shiatsu and tai chi are also reportedly on the list.

Genworth Financial Inc (GNW) Shares Sold by Profund Advisors LLC
The market capitalization (Stock Price Multiply by Total Number of Outstanding Shares) for the company is reported at $1.91B. Finally, Schroder Investment Management Group purchased a new stake in Genworth Financial in the 1st quarter worth $169,000.

Delhi Metro services on Violet line hit by technical snag
Moreover, DMRC is in no way accountable to the Delhi government, nor does it pay any heed to our directions. The DMRC had gone ahead with the fare hike despite the AAP government's strident opposition.

Bearish IEA Demand Outlook Could Pressure Prices
Brent crude futures, the worldwide benchmark for oil prices, were down 78 cents, or 1.4%, at $56.16 late morning Thursday. The API reported an increase of about 2.03 million barrels in distillate inventories for the week ended October 6.

The AMA has also criticised the government's failure to abolish "junk" private health policies, such as those which only give cover in public hospitals.

Customers will be able to upgrade to plans that cover mental health with "no waiting periods", and basic private policies will include mental health cover as standard.

The ABC understands the Government has resisted pressure to dump low-priced policies, regarded as "junk" policies by some consumer groups, because of the flow-on cost it would have on other insurance premiums. Singles can increase their cap from $500 to $750 and families can increase from $1,000 to $1,500.

Gold policies will cover everything, silver policies will cover everything but there will be an excess to pay if you go to hospital, bronze policies will exclude cover for things like obstetrics or mental health or hip and knee replacements.

Labor's health spokeswoman Catherine King says young people will only save about 70 cents a week, while older Australians won't receive any returns to their back pocket.

Australian Medical Association president Michael Gannon said the move wouldn't solve the issue of affordability, but it was a step in the right direction.

"Consumers in private hospitals have been paying wildly inflated prices for medical devices sometimes as much as five times what it costs in the public system for exactly the same device", he said.

The role of the Private Health Insurance Ombudsman will be expanded and strengthened, allowing it to conduct inspections and audits of private health insurers to ensure they are meeting regulatory obligations.

"The biggest problem in the affordability of private health insurance is the amount that's going into the pockets of the for-profit insurers", he told ABC radio.

She said of the 13.5 million Australians with private health insurance, "almost half of them" had an annual income of less than $50,000.

Related:

  • Watch Katy Perry Coordinate An Epic Onstage Marriage Proposal

    Watch Katy Perry Coordinate An Epic Onstage Marriage Proposal

    Donning a sparkling silver ensemble, she called Katy, the fan, and her girlfriend Becky to the stage. Perry also posted video of the proposal to her Instagram Story , captioning it " Becky said yes!"

    Lam Research Corporation (LRCX) on Focus After Forming Wedge Up Chart Pattern

    Its down 0.14, from 1.12 in 2017Q1. 185.90 million shares or 1.47% less from 188.67 million shares in 2017Q1 were reported. BDO Wealth Advisors LLC purchased a new position in Lam Research Corporation in the second quarter worth about $118,000.
    We Cannot Help Puerto Rico 'Forever!'

    We Cannot Help Puerto Rico 'Forever!'

    President, you seem to want to disregard the moral imperative that your administration has been unable to fulfill". Addressing the president directly in a statement issued in response to the tweets, Cruz declared, "Mr.
  • Builders FirstSource, Inc. (NASDAQ:BLDR) Trading Up - Short Interest Down -5.20%

    Numeric Invsts Limited Liability Company holds 0% of its portfolio in Builders FirstSource, Inc. (NYSE:ASGN) for 5,213 shares. Guardian Point Capital, Lp added to its holdings by buying 100,000 shares an increase of 50.0% from 03/31/2017 to 06/30/2017.
    Brown signs bills to help California women, families

    Brown signs bills to help California women, families

    It comes as momentum is growing in California and nationwide for stronger family leave policies in both the public and private sectors.
    Jane Fonda Admits She Knew About Weinstein Rumors And Stayed Silent

    Jane Fonda Admits She Knew About Weinstein Rumors And Stayed Silent

    Apparently, sometime previous year , Weinstein victim Rosanna Arquette confided in Miz Fonda about the sexual harassment she suffered through thanks to Harvey.
  • NeNe Leakes Fired From Xscape Reunion Tour Over Rape Joke

    NeNe Leakes Fired From Xscape Reunion Tour Over Rape Joke

    The statement continues: "As strong supporters of all women, we know this decision is what is best". It's one thing like I said to kind of banter back and forth and have an opinion.
    Quick Take: China Trade Recovers on Domestic, Foreign Demand

    Quick Take: China Trade Recovers on Domestic, Foreign Demand

    Analysts polled by Reuters expected an 8.8 percent rise in Chinese exports in September from a year ago in dollar terms. Imports had been expected to rise 13.5 percent, roughly in line with the 13.3 percent expansion seen in August.
    Micron Technology, Inc. (NASDAQ:MU) Sale Analysis

    Micron Technology, Inc. (NASDAQ:MU) Sale Analysis

    The analysts estimated EPS for the higher end at 1.9 and lower end at 1.73 while the year ago reported earnings per share was 0. The fund owned 1,585,848 shares of the semiconductor manufacturer's stock after selling 193,486 shares during the quarter.
  • New Zealand First board meeting on Monday

    New Zealand First board meeting on Monday

    The main conservative and liberal parties are competing to form a government after an election last month ended inconclusively. The Green party won 8 seats and leader James Shaw has repeatedly said his party have committed to supporting Labour.

    Williams-Sonoma, Inc. (WSM) Shares Bought by Linscomb & Williams Inc

    With 103,900 avg volume, 0 days are for PLASTIC2OIL INCORPORATED (OTCMKTS:PTOI)'s short sellers to cover PTOI's short positions. BidaskClub upgraded shares of Williams-Sonoma from a "sell" rating to a "hold" rating in a research note on Tuesday, June 13th.
    Red Flag Warning Through Saturday Morning

    Red Flag Warning Through Saturday Morning

    The warning is in effect for any area "above 1,000 feet in the San Francisco Bay Area" and at similar elevations in San Benito and Monterey counties.

Comments

Latest news

Recent Analysts Ratings Host Hotels & Resorts, Inc. (HST)
It has outperformed by 7.02% the S&P500. (NYSE:HST) hold onto their early gains? Investors sentiment increased to 1.26 in 2017 Q2. Robinson Capital Management Llc holds 2.48% of its portfolio in Eaton Vance National Municipl Opprtnt Tr for 436,503 shares.

Maryam deplores lawyers' manhandling; will request interior ministry to probe incident
Kulsoom, who is suffering from throat cancer, has undergone three surgeries in the United Kingdom so far. The court was expected to indict Nawaz Sharif's daughter and son-in-law.

Local councils weigh in on Boy Scouts' admittance of girls
Mark Conrad, scout executive for the Texas Trails Council of Boy Scouts , said it's up to each pack on whether to allow girls . In 2016, 822,999 boys were in Boy Scouts and Varsity Scouts and 136,629 young men and women were in Venturing and Sea Scouts.

Lions place Haloti Ngata on injured reserve with elbow injury
Although the 33-year-old can still be reinstated from injured reserve in eight weeks, the injury is likely to be season-ending. Ngata is in the final year of his contract and had briefly considered retirement before opting to return for another season.

Congress asks Snyder to address Legionnaires' testimony
By then, Flint was suffering through a health crisis after the city switched its drinking water source as a cost-savings measure. Last week, prosecutors in MI said Dr.

CHINA BIOLOGIC SHS (NASDAQ:CBPO) Signals Intraday Volatility - Down by 13.62%
Standard Life Ltd reported 0.05% of its portfolio in China Biologic Products Holdings, Inc. (NASDAQ:CBPO) for 63,620 shares. Utah Retirement has invested 0.09% of its portfolio in Autodesk, Inc. 12,730 are held by Dekabank Deutsche Girozentrale.

Stephen Curry would select Warriors teammates for All-Star Game
If it's about winning, there shouldn't be a surprise that he wants to choose the players he wins with on a regular basis. I wouldn't say that he's going to be in the rotation, because he's got a lot of guys ahead of him.

Chartist Trimmed Suntrust Banks (STI) Position; Comcast (CMCSA)'s Sentiment Is 1.01
The stock of General Motors Company (NYSE:GM) has "Sector Perform" rating given on Thursday, February 4 by RBC Capital Markets. The company has mean EPS estimate of 0.54 reported by 13 number of analyst for the quarter ending Current Qtr.(Sep2017).

Japan's Kobe Steel shares dive as quality scandal spreads
Kobe Steel Chief Executive Hiroya Kawasaki will hold a news conference later on Friday to provide an update on the situation. Another case involved 6,611 items of sputtering target materials shipped to 70 customers beginning in November 2011.

Vikings naturally have Aaron Rodgers on their minds
Even if Montgomery returns for Sunday's game at Minnesota, McCarthy will have a hard time keeping Jones off the field. Rookie cornerback Kevin King remains in the concussion protocol but was able to at least attend Thursday's practice.

Sawgrass Asset Management LLC Has Raised Its Nike INC (NKE) Position
Following the transaction, the chief accounting officer now directly owns 177,723 shares in the company, valued at $10,325,706.30. Finally, Asset Planning Services Ltd. acquired a new stake in shares of Nike during the first quarter worth about $118,000.

1 dead in semi-truck crash on Highway 115
The Ohio State Highway Patrol identified the four victims from a fatal crash in Stark County on September 24. The truck driver, Benjamin Flanagan, 44, of Colorado Springs, was wearing a seat belt and was not hurt.

LPGA KEB Hana Bank Championship Opening Round Notes and Interviews
I tried to just compartmentalize it so that if I was grieving or sad I was off the course, and on the course I was a tiger. Started hitting more greens, and with that, I was able to make more putts.

Roscosmos Launch To Space Station Canceled At Last Minute
The second, smaller tower was supposed to retract at about the 12-second mark, which triggers the launch ignition sequence. Progress MS-07 will be delivering some 2.7 metric tons of food and supplies to the space station's Expedition 53 crew.

Texas Tech Red Raiders vs. West Virginia Mountaineers Preview and Prediction
Defensively, Texas Tech football yields 27.8 points and 437.4 total yards (299.0 in passing and 138.4 in rushing per game). And while this Tech team has done a good job limiting turnovers, it leads the Big 12 with three turnovers in the red zone.

Other news