HCF launches industry first tool to help Australians avoid bill shock

There are some key issues plaguing the private health insurance industry, with the main ones relating to cost: affordability of premiums and bill-shock. As the leading not-for-profit fund, HCF is committed to putting its members (not its shareholders) first in this regard.

You will have seen that HCF’s recent premium rise was lower than its major competitors at 3.65%, and now it is rolling out a new initiative – Preparing for Hospital – to help people avoid bill shock, an issue that compounds the financial and emotional stress around hospital stays.

Key points:

• Historically, health care is an incredibly confusing and complex topic, as the ACCC Private Health Insurance Report 2014-15 stated, consumers are being affected by bill-shock
• We know there are challenges facing consumers in relation to the affordability and value of health care
• HCF’s Hospital Patient Experience Survey showed a disconnect between member expectations and actual experiences in public hospitals with 60% of HCF members not receiving their choice of doctor in the public hospital, and only 20% received a single room, despite being admitted as a private patient.
• Ultimately, consumers are confused about what to expect during hospital stays, how much procedures will cost them in the end, and questioning the value of their private health insurance.
Interview:
• To respond to these issues and deliver on their commitment to make health care affordable, understandable, high-quality and customer-centric, HCF is launching ‘Preparing for Hospital’ – a new online portal that not only shows people what to expect from key procedures and surgery (through videos), it also helps them avoid bill-shock with a financial calculator that provides a breakdown of the costs associated with the most common hospital procedures, including the per cent paid by HCF, Medicare and the cost to consumers.

The Preparing for Hospital tool can be accessed at: https://www.hcf.com.au/preparing-for-hospital
Shaun Larkin, HCF Managing Director