Medibank Private managing director Mr George Savvides has called on the federal government to deliver landmark reforms that would allow funds to give “frustrated” mbers value for money, transparency and certainty over their level of care and expenses.
Mr Savvides said dographic and mbership trends were driving up costs and making priums unaffordable for some, as insurers sought to meet the needs of an ageing population with fewer younger, healthy mbers to help cover the costs.
With priums set to rise again in April, Mr Savvides called on the government to examine the low participation rate of young people moving off family policies and being hit by lifetime health cover loadings.Under lifetime health cover, people who delay taking out insurance pay a 2-per-cent loading on top of their prium for every year they are aged over 30.
“It would be clever for us to offer incentives to younger Australians to take out cover,” Mr Savvides said.
“Should we offer th a higher rebate or should we start lifetime health cover at the age of 25? We think both options have merit.”
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