Delivering more value to members
Health insurance companies have some discretion as to how they update their policies to align with the new framework.
At CUA Health, we’ve chosen to make a number of optional benefits available to all members and to offer greater flexibility and savings to members where we can.
These are some ways that you’ll benefit from the new reforms at CUA Health:
- New excess options on hospital policies
We’ve added higher excess arrangements to some of our hospital policies to provide members with the opportunity to make an upfront payment at the time of hospital admission and reduce the overall cost of their health insurance premium. This is an optional reform which CUA Health has adopted to offer members more flexible cost and payment arrangements to make private hospital cover more affordable.
- New Extras covers
From 1 April 2019, additional Extras options will be available – offering more choice to members. They’ll also provide younger members with lower price points when choosing to buy Extras cover for the first time.
- Hospital health cover discounts for younger members
Health premium discounts for people under 30 are also an option for health funds under the reforms. We understand affordability is a major factor in many young Australians being able to take out private health insurance – so we are adopting hospital health cover discounts of up to 2% for every year a member is under 30 years of age, and up to 10% for 18-25 year olds.
- Updated natural therapies benefits
You may be aware that health funds will no longer be able to pay benefits to members for a range of natural therapy services. However, CUA Health will continue to pay for those services that are still approved by the government (because there is good evidence of their benefit) and that are popular with our members. These include acupuncture, remedial massage and a newly introduced benefit for Chinese herbal medicine.
- Policies that are easy to understand and compare
From 1 April 2019, all health insurance products must fit into a hospital tier – Gold, Silver, Bronze or Basic, with standardised definitions for procedures within each tier. If you’ve been a member of ours for more than two years, you’ll know that we’re constantly updating and adding value to our policies. Our last product update was in 2016. These policies have been fine-tuned further and aligned to fit the government’s new policy framework. You’ll find these updated policies fully transparent and easy to compare with other policies.
These are just some of the benefits in the pipeline at CUA Health as we move closer to the start date of these new reforms. We’ll continue to bring you news of policy developments and updates as they come to hand.
What you can expect from us
There is an industry transition period for these new reforms from 1 April 2019 to 1 April 2020. CUA Health will introduce most of the changes ahead of the government’s indicative timeline, giving you as much time as possible to review your policy and consider any potential changes.
We’ve also developed a smooth and easy process for members to transition across to the new arrangements.
How will I know if my cover has changed?
We’ll notify all our members of their individual policy and premium changes in mid-February 2019.
This is an important opportunity for you to review your health cover, making sure you consider your personal health situation or any changing personal circumstances. This will provide a period to consider your current health insurance cover and to make any changes ahead of the 1 April 2019 effective date, if needed.
What are the next steps?
When you receive your notification make sure you take the time to understand the changes and how your policy might have changed. If you’re happy with your current health insurance arrangements, then there will be no need for you to take any action.
However, if you’d like to review or discuss your options, we would welcome the opportunity to discuss this with you. You can contact us Mon – Fri: 7.30am – 5:00pm (AEST) on 1300 499 260.
If you have any questions or need some guidance in deciding what policy is best for your needs, we’re always happy to help.