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IAG cuts earnings forecast
Insurance company IAG has cut its earnings forecast, blaming the impact of high storm costs and market conditions in the UK.IAG rejects QBE merger proposal
Shares in Australia's biggest general insurer, Insurance Australia Group (IAG), have surged on the Australian Stock Exchange after confirmation of a takeover approach from QBE.Flood recovery task force to meet insurers
The Central Queensland Recovery Task Force will meet representatives from the insurance industry next week to discuss issues raised by the community after floods earlier this year.MP worried ambulance costs may stop sporting events
There are fears the high cost of ambulance coverage will put future Upper Hunter sporting events at risk.Members to vote on .4b MBF merger
Australia's biggest private health insurer, MBF, says another key milestone has been reached as it prepares to merge with the local arm of the global healthcare group BUPA.Health Insurance
Just like any other form of insurance, health insurance may never be claimed upon, however, with rising costs and a hospital system under strain the ability to make choices and to be reimbursed is becoming more critical. The first step is to decide what areas are most important to you and your family and then compare the range of options available.
Private Health Insurance
Private cover comes under three basic headings:
- Hospital, which includes doctor and hospital bed fees depending on the level, which can range from Public Hospital, reimbursing for any extras incurred, to Budget, Medium and Top Hospital cover
- General, or Extras, cover which includes dental, optical, physiotherapy and may include a range of holistic services such as reflexology, naturopathy etcetera and may be divided into comprehensive, medium and budget
- Combined which is a combination of the two
Within Hospital and General cover, health insurance companies may offer a wide range of choices, excess and payment options. Consumers should take the time to compare policies and companies to receive the most economical quote for the highest level of protection suited to their individual needs.
Medicare handles General Practitioner claims for Australian residents.
Medicare health insurance Australia, in general, does not cover overseas visitors, though reciprocal arrangements are in place with New Zealand, the UK, Finland, Norway, the Netherlands, Italy and Malta. Some private health insurance companies do cover overseas visitors. Reciprocal and private arrangements may not cover for repatriation to the traveller’s home country.
Travel Health Insurance
Travel health insurance is one of the most vital forms of health insurance. Though medical expenses are high in Australia, medical and hospital care in many overseas countries are far more costly, while the cost of medical evacuation or repatriation back to Australia can be as much as $100,000 or more.
Travel health insurance should not be capped, meaning all medical and hospital benefits plus the evacuation component should be unlimited. This component may come with an excess in the order of $100 with the option to purchase an excess waiver. The emergency medical support should be supplied by a travel assistance company with an excellent track record in global assistance.
A variety of options are available and include short or long term travel, multi trip, specific backpacker and group travel. Special arrangements are usually necessary between the insurer and the traveller in regard to pre-existing medical conditions.
Medicare does not handle health insurance for travel overseas.
