Name: The future of private health insurance in Healthcare
Uploaded: 2023-07-13T06:13:39.902Z
Duration: 446.37

Chris Zinn Edited N.2 Final.mp4

Chris Zinn Edited.vtt

Subtitles

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So it's trying to make

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it more understandable

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in a transaction that's

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more transparent and

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more competitive.

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I think one of the key

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challenges for the health

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funds is engaging young

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people, because if we don't

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have more young people coming

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into the system the way that

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it works, they aren't able

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to subsidize the higher cost.

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Servicing of older people who

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generally, not exclusively,

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but generally call on

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their insurance more often.

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So, look, we've done a

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survey, commissioned a survey

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about this very matter.

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Young people don't find it

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affordable, but the other

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problem is they don't find it

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really matches their needs.

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So, for example, they're

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interested in mental

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health or pregnancy.

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You've gotta have a

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gold tier product.

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You've gotta buy a whole

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lot of things in that that

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you don't need, like hearing

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aids and joint replacement.

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There's basically a

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mismatch and young

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people seem alienated.

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Not all young people, but

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some young people alienated

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from private health insurance.

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And we've gotta try

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and twist that around.

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I think that's one of the

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key challenges, my own

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experience of going to GPS

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is that they don't really

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understand private health

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insurance, despite the fact

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they may refer you to a

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specialist in the system.

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So I think if, if those

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kind of health practitioners

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understood it more clearly,

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and I might say allied

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health practitioners too.

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They know a little bit

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all they need to know, but

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they're not really able, in

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my experience, to actually

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advise consumers what is in

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the consumer's best interest.

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And that's what we've gotta

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come back to all the time.

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It's not what's in the health

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practitioner's best interest

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or in the funds best interest.

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We've gotta focus what is in

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the consumer's best interest.

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And while I know that very

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term, Best interest has a

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lot of, legalities wrapped up

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inside it in certain sectors.

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This is about putting

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the consumer first and

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essentially if we don't do

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that, if you don't do that

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in any market, you pay the

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price and we are seeing

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some of those consequences.

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Private health insurance,

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sure: it gives you choice,

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it gives you some security.

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I think it actually gives

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you something else as well.

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It gives you some control.

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You know, you are taking

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control over to what

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happens to you and who it

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happens with and so much

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of the health system in the

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past has been, actually,

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we are out of control.

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Doctors and other people, they

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need our consent of course,

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but many of the decisions

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are taken away from us.

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So I actually think that

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that word, and I try and

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do this when speaking to

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consumers, is actually seek

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to take con some control.

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Because actually in terms of

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our general healthcare, we

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can't rely on doctors to do

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everything or the government

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to do everything or even the

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health funds to do everything.

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We've gotta do a fair bit

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for ourselves and look,

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we've heard that at the

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conference today, that one of

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the perverse outcomes of the

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system, there's no incentive.

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For the consumer to save

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the system any money.

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So they couldn't really

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care less as, as someone

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said, if the doctor serves

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nice coffee, in surgery,

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that's good enough reason

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for doing it regardless of

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how useless or how excessive

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the servicing might be.

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So I think we, yeah,

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we've gotta, I, I like

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that idea of control.

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We talk about cost in private

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health insurance, but I know

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the intermediaries that, I

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work for, they much prefer

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to use the word value because

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actually you can look at

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the, the cost of it and

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say, well, look, that costs

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more than my electricity,

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or that costs less, almost

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as much as my petrol.

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You're really not comparing

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apples with apples.

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When you are buying private

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health insurance, you're

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buying a whole lot of things,

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as we've said, you know:

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choice, control, security.

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The thing is you, you

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probably, you don't

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want to use it really.

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I mean, apart from the

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extras, if we're talking about

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hospital cover, I don't think

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many people want to go in a

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hospital just so they get a

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free breakfast after surgery.

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So, you know, it's a big

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thing about changing our

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minds about what it is.

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So I think value, you need

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to look at the value you get

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and actually the best value

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you get from private health

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insurance in a hospital

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sense is never using it.

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But if you do use it, you

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want to know that you are

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gonna be impressed with

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the service that you get

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from the surgeons and the

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accommodation in the hospital

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and that they're looking after

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as I've said, your

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best interest.

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Private health insurance is

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an incredibly complicated,

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I mean, I hesitate to

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use that word because

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everything in the world is

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complicated, but because it

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has these systems of sticks

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and carrots to influence

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consumer behavior because of

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the structure, I think it's

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actually beyond explaining it

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to the average person.

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And that's why as

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intermediaries, you know,

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we seek to do some of that

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work and as long as there's

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a trusted relationship

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between the consumer and

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the intermediary, hopefully

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that they can both find

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some win out of it.

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But look, I think we all

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have to realize that,

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like it or not, and same

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is true in education.

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We have a system here

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of private and public in

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education and in health.

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And actually I think it

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serves as, Pretty well.

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Is it perfect?

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No.

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Can it be better?

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Yes.

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How do we make it better?

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I think it, again, as

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speakers of the conference

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have said it's working

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in the consumer interest.

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And at the moment there are

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lots of different stakeholders

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on different sides, hospitals,

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funds,  practitioners, allied

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health professionals, you name

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them, who actually seek to

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claim the consumer interest

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and their own as the same

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thing, when in fact perhaps

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they need to, you know,

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change that mindset a bit.

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I think many consumers,

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especially the younger

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ones, are actually ahead

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of the market on this.

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They expect their private

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health insurers to be big

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data collectors who should

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know exactly what someone

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of their type of, their

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history, perhaps even

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without not looking at

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their medical records, has

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a good idea of a male of a

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certain age, of a certain

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place, of a certain income.

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Is more likely to need

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these kind of services.

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So I would hope that the

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future can see something

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that is much more

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individually tailored to

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what we actually need.

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And I think, again, the young

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people in our survey have said

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they're very keen prepared to

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pay for something that they

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need, but they really don't

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want to pay for something

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that they don't need.

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And while the system depends

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on that in terms of the risk

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equalization or whatever,

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I think we've gotta think

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very cleverly on how to

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futureproof private health

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insurance so young people

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can see the value in it and

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want to be a part in it.

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It won't be all young people,

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but enough young people

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to sustain the system.

Expert Insight

Join Chris Zinn, CEO of PHIIA, the Private Health Insurers Intermediaries Association, in this thought-provoking video as he delves into the challenges faced by private health insurance and the importance of engaging young people. 

Gain valuable insights into putting consumers first, taking control of your healthcare decisions, and shaping the future of private health insurance. 

Don't miss this informative discussion that can help you navigate the complexities of the healthcare system. 
