Health insurance is supposed to be our safety net, but it often feels like a frustrating web of confusion, bureaucracy, and wasted potential. or signup to continue reading Many of the 14.7 million Australians with private health insurance cover will be blissfully unaware of how much of their health insurance money is left unspent in their annual health plans.
This lack of awareness and monitoring around health insurance means many benefits go unused, and unclaimed funds remain with the insurance companies. It's a lot of lost money. What consumers may not realise is they are contributing to a system where their funds are not maximised for their benefit but instead bolster the financial gains of insurers.
By grouping a range of extras that may not be used or needed, insurance companies create this facade of extensive coverage while driving up costs and falsifying the actual value of the policy. There are so many options that don't match people's specific needs. Imagine paying for a policy that doesn't cater to your actual health issues or lifestyle? The alternative is a data-driven approach that addresses the underlying causes of a person's health issues by taking into account their health status, lifestyle and personal goals, ultimately leading to better outcomes.
For instance, if data shows that someone frequently uses physiotherapy or speech therapy, the plan automatically adjusts to offer more of these services. Data-driven personalised insurance isn't about ticking boxes o.