An increase in allowable excess on private health insurance passes parliament.
A pair of bills that make amendments to private health insurance laws have passed both houses of parliament. The major change for advisers from these bills is an increase to the allowable excess on private health insurance hospital coverage before Medicare levy surcharge is payable. The allowable excesses will increase from $500 to $750 for individuals and $1000 to $1500 for couples and families from July 1, 2019.
Other changes in the bills include:
- An age-based discount for hospital cover,
- Strengthening the power of the Private Health Insurance Ombudsman,
- Allowing insurers to cover travel and accommodation costs, and
- A new “Private Health Information Statement”.