For the first time, the majority of hospital treatment policies held by Australians now contain exclusions, the latest ACCC annual report into the private health insurance industry has found.
More than 57 per cent of policies held by Australians contain exclusions, up from about 44 per cent in the previous year.
Home, contents and strata insurance is becoming increasingly unaffordable in northern Australia, where the rate of households going without insurance is almost double that of the rest of the country, the ACCC’s latest Northern Australia Insurance Inquiry interim report reveals.
The ACCC has instituted proceedings in the Federal Court against Medibank Private Limited trading as ‘ahm Health Insurance’ (Medibank), alleging that Medibank made false representations about benefits covered by its health insurance policies, in breach of the Australian Consumer Law.
The ACCC alleges that Medibank falsely represented to members holding ahm “lite” or “boost” policies, who were making claims or enquiries, that they were not entitled to cover for joint investigations or reconstruction procedures, when in fact their policies covered these procedures.
A national comparison website for home insurance and greater power for consumers in claims settlements are among measures proposed by the ACCC in its latest Northern Australia Insurance Inquiry report, released today.
An appeal by the ACCC against a Federal Court judgment in relation to Medibank Private Limited (Medibank) has been dismissed by the Full Federal Court.
The ACCC alleged Medibank made false, misleading or deceptive representations and engaged in unconscionable conduct in relation to its failure to notify Medibank’s, and its subsidiary ahm’s, members of its decision to limit benefits for in-hospital pathology and radiology services, despite representing across a number of its communication and marketing materials that it would.
A range of complex issues affecting home, contents and strata insurance markets in northern Australia mean residents and property owners pay much higher premiums than is the case elsewhere in Australia, according to a new report by the ACCC.
Many people are either abandoning their private health insurance policies or downgrading to lower-cost, lower-benefit products as premium increases continue to outpace inflation and wage growth.
In its annual report into the private health insurance industry, the ACCC found Australians are increasingly dropping their hospital cover, instead opting for just extras cover. Many people are also choosing policies with higher excess payments in an attempt to keep policy premiums to a minimum.