Personal Accident and Health Insurance in Australia, Key Trends and Opportunities to 2018

Date: 2015-09

“The Australian healthcare system comprises public and private healthcare. Almost 70% of spending is funded by the government, and around 30% is funded by private insurers or consumers as out-of-pocket expenditure. Three schemes are funded by the Australian government: Medicare, a pharmaceutical benefits scheme, and a private health insurance rebate scheme. Medicare provides either free or subsidized benefits for medical, diagnostic and allied health services.
The Australian personal accident and health insurance segment grew at a review-period (2009โˆ’2013) compound annual growth rate (CAGR) of 7.6%. The growth was mainly supported by a rise in healthcare expenditure and government measures to develop private healthcare insurance.
Healthcare in Australia is regulated by three bodies: the Private Health Insurance Administration Council (PHIAC), the Department of Health Ageing (DoHA) and the Private Health Insurance Ombudsman (PHIO). The PHIAC regulates private health insurers in terms of prudence and lawfulness. The DoHA is responsible for industry policy and maintaining quality healthcare services, while the PHIO acts as a mediator between consumers and health fund members, private hospitals and medical practitioners should disputes arise.”

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