Download - Cindy Shay - Hospital Contribution Fund (HCF) - Competition in the Health Insurance Industry
14th Annual Health Insurance SummitCompetition in the Health Insurance Industry28 JULY 2015CINDY SHAY, CHIEF BENEFITS OFFICER
Competition
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Competition
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Competition
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PHIAC – Research Paper 1
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“With the costs of health care consistently growing at a faster rate than general inflation, a competitive and sustainable market for private health insurance is a vital factor in ensuring that premiums paid by consumers are contained and that the incentives promoting industry innovation are maximised”
“Healthy signs of competition include the diversity of choice of insurer and products on offer, strong incentives to minimise costs, and transferability of policies across insurers”
Affordability
The industry v the industry
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Benefits paid as a percentage of premiums1
Percentage of member complaints2 Member retention3
Members Own funds
Medibank, AHM, Bupaand NIB (average)
Members Own funds(20.4% market share)
Medibank, AHM, Bupaand NIB(64.0% combined market share)
Members Own funds
Medibank, AHM, Bupaand NIB (average)
86.2% 84.5% 13.8% 68.7% 88.7% 85.8%
ACCC
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Healthy Members
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Waiver offer2 &6
Get 6 weeks free on combined covers if you join before July 31^
Mike Baird
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Royal Adelaide Hospital
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Further trends
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'At-‐fault' medicine to trigger an endless blame game Herald Sun, Melbourne by Karina Barrymore
Don't think it is Medibank alone. The silence has been deafening from other major insurers, as they sit back and watch this first move.
Complimentary or split?
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