Peoplecare. Onemedifund Health Fund Managers managers

Transcription

1 Webinar

2 Peoplecare Onemedifund Health Fund Managers managers

3 AGENDA 1. Why have private health insurance? 2. What are the effects of recent Tax changes? 3. Why is it important to maintain health insurance and not let it lapse? 4. Is it available to both our community and wider community members?

4 WHY ONEMEDIFUND WAS SET UP To obtain best medical help available To take advantage of tax benefits for private health insurance

5 Why do we need onemedifund? Access, Access, Access Hospital waiting list to affect 55,000

6 Public hospital waiting times for elective surgery

7 Growth of onemedifund Key service results for onemedifund claims and telephone calls 2012/ /13 claim volumes and service results Claim Type Volume Result Ancillary Claims 10,316 86% within 1.2 days Medical Claims % within 3.9 days Hospital Claims % within 6.3 days 2012/13 telephone volumes and service results 11,122 calls offered 11,045 calls answered 97.20% answered within 15 seconds

8 EXAMPLES OF CLAIMS Top 5 claims paid in 2012/13 (financial year) Claims Gender Age Medical Condition Cost of Claim Case 1: Male Mid 80's Stomach Cancer $91,000 Case 2: Female Early 80 s Stomach Cancer $83,000 Case 3: Male Early 40's Psychiatric Illness $77,000 Case 4: Male Late 50's Pace Maker Implant $74,000 Case 5: Female Mid 20's Post Natal Depression $73,000

9 HOW DOES PRIVATE HEALTH INSURANCE WORK,. AND WHAT ARE THE RECENT TAX CHANGES? REBATE Since 2000 the Government has given incentive to have private health cover with a rebate on private health insurance premiums ranging from 0%-40% (depending on age) Tax change from July NOW income tested PENALTY For not having private hospital insurance once you turned 31 years of age called the Lifetime Health Cover Loading, but modified with rebates Tax change from July 2013 NOW rebates withdrawn

10 MEDICARE LEVY SURCHARGE Imposed where no private hospital cover, and income is above $88,000 for singles or $176,000 for families in the 2013/14 financial year. Aims to encourage private hospital cover to reduce the demand on the public system. The surcharge is in addition to the 1.5% Medicare Levy on all incomes NOTE : All onemedifund Hospital covers exempt you from the Medicare Levy Surcharge

11 GRAPH AVAILABLE on website.. What does this mean for me? How will this affect my family? How will these changes affect us?

12 EXAMPLES OF PREMIUM YOUNG SINGLE Tom Status Single Age 25 Hospital Cover Private Plus Hospital - $250/ $500 Excess - $ Extras Cover Basic Extras - $44.46 Base rate (per month) $ Household income $65,000 Lifetime Health Cover Loading N/A (under 31) Rebate tier Base tier Rebate rate 30% Rebate amount $58.35 Net premium $ Medicare Levy Surcharge N/A (holds Hospital cover) Base Tier Tier 1 Tier 2 Tier 3 Step 1: Income threshold (for 2013/14 financial year) Single Family* $88,000 or less $176,000 or less Single Family* $88, ,000 $176, ,000 Single Family* $102, ,000 $204, ,000 Single Family* $136,001 or more $272,001 or more Step 2: Age & Rebate Amount (age of the oldest person on your cover) Under 65 years years 70+ years Medicare Levy Surcharge (this will apply if you do not have private hospital cover) 30% 35% 40% 0% 20% 25% 30% 1% 10% 15% 20% 1.25% 0% 0% 0% 1.5%

13 EXAMPLES OF PREMIUM FAMILY WITH KIDS The Jones family Status Age 35 Family Hospital Cover Private Plus Hospital - No excess - $ Extras Cover Extras Plus - $ Base rate (per month) $ Household income $200,000 Lifetime Health Cover Loading Rebate tier Tier 1 Rebate rate 20% Rebate amount $96.80 Net premium $ Medicare Levy Surcharge N/A (holds Hospital cover) N/A (family has held continuous PHI cover since 30 years old) Base Tier Tier 1 Tier 2 Tier 3 Step 1: Income threshold (for 2013/14 financial year) Single Family* $88,000 or less $176,000 or less Single Family* $88, ,000 $176, ,000 Single Family* $102, ,000 $204, ,000 Single Family* $136,001 or more $272,001 or more Step 2: Age & Rebate Amount (age of the oldest person on your cover) Under 65 years years 70+ years Medicare Levy Surcharge (this will apply if you do not have private hospital cover) 30% 35% 40% 0% 20% 25% 30% 1% 10% 15% 20% 1.25% 0% 0% 0% 1.5%

14 BENEFITS OF ONEMEDIFUND COVER Choose your doctor Choose your hospital Choose your specialist Avoid long waiting periods for surgery. Ambulance cover. Extras cover dental, optical.

15 Reference PEACE OF MIND Points..!

16 5 WAYS TO CONTRIBUTE 1. Individual pays directly to OMF 2. Employer deducts from salary and pays OMF on behalf of employee 3. Employer includes as part of salary (salary sacrifice) and pays OMF on behalf of employee 4. Employer and Employee agree on a share e.g. 70%:30% 5. One person sponsors another less fortunate person and pays OMF on their behalf

17 MORE INFORMATION. Reference Points WEBSITE: Graph on Website: CUSTOMER SERVICE PHONE: ATO: or

18 BENEFITS OF ONEMEDIFUND COVER Don t ever let your Policy lapse! If you are not covered start now to take advantage of the government support! Consider for all employees both our community and the wider community!

19 MORE INFORMATION. Reference Points WEBSITE: Graph on Website: CUSTOMER SERVICE PHONE: ATO: or