Author: Jeffrey Liu
SYDNEY, AUSTRALIA – Hippo Insurance (Hippo Wealth) and the UNSW Business School have announced a significant deepening of their strategic partnership, marking a new chapter in their collaborative efforts. Building on a successful initial partnership established in 2024, which yielded notable achievements in Australia’s integrated insurance and claims services sector, the renewed agreement for 2025 signifies a profound advancement in their joint commitment to cultivating insurtech talent and fostering industry innovation. UNSW Business School, recognized globally as a premier institution for business education, is renowned for its academic excellence and substantial industry influence. The School boasts an extensive network of industry…
Medicare is Australia’s national healthcare system that provides essential medical coverage to citizens and permanent residents. However, there are significant gaps in Medicare coverage that many Australians may not be fully aware of. This comprehensive guide details what Medicare does not cover, helping you understand where you might face out-of-pocket expenses without additional insurance. Medical Services Not Covered or Partially Covered by Medicare Specialist Services While Medicare provides some coverage for specialist consultations, it often covers only a portion of the total fee: •A significant portion of specialist consultation fees (the “gap” between the Medicare rebate and the specialist’s actual…
When it comes to private health insurance in Australia, understanding the rules around backdating and waiting periods can help you avoid unexpected costs and make better decisions for you and your family. Below are the key points you need to know. 1. Backdating Rules Australian private health insurance strictly prohibits backdating claims for treatments that occurred before the policy start date. This means: 2. Waiting Periods Explained Waiting periods exist to prevent people from taking out insurance only when they need immediate treatment. These vary depending on the type of cover: Hospital Cover Waiting Periods Extras Cover Waiting Periods Tip: Some…
Superannuation is the financial backbone of retirement for Australians, yet many lack a clear understanding of their superannuation status. This guide will systematically walk you through five key aspects of superannuation: investment portfolio, fee structure, insurance and beneficiary planning, tax optimization, and contribution oversight. I. Investment Portfolio Management Balance Risk and Return •Clearly define personal retirement income goals (e.g., AUD 60,000 per year) •Determine your risk tolerance level •Calculate whether the expected return rate of your current investment portfolio meets your goals. Investment Strategy Adjustment If returns are insufficient, consider: •Extending working years •Choosing other investment options •Adjusting retirement income…
Introduction For residents with private health insurance in Australia, understanding the policy suspension rules is crucial, especially when planning long-term overseas travel or facing financial hardship. Suspending your health insurance can help you save on premiums during specific periods while avoiding unnecessary waiting periods or Lifetime Health Cover (LHC) loading. This article will detail various aspects of Australia’s private health insurance suspension policy, which is generally applicable across private health funds, including suspension duration, eligibility requirements, application process, and important considerations. What is Health Insurance Suspension? Health insurance suspension refers to temporarily stopping premium payments for a specific period, during…
Introduction Life insurance is a cornerstone of financial planning, offering a vital safety net that protects individuals and their families from unforeseen circumstances. For women, understanding the nuances of life insurance is particularly crucial, as their financial journeys often involve unique considerations, from career breaks for family care to specific health concerns. This comprehensive guide aims to demystify life insurance for women, highlighting its importance, exploring various policy types, and providing practical advice on selecting the most suitable coverage. Core Principles of Life Insurance for Women At its heart, life insurance provides financial protection against a range of life-altering events.…
Understanding how private health insurance in Australia reimburses prescription medications can help you manage out-of-pocket costs effectively. Below is a comprehensive overview. 1. Two Main Reimbursement Channels (1) Hospital Cover Covers medications administered during hospital stays (excludes take-home medicines). (2) Extras Cover Covers prescription medications purchased from pharmacies outside of hospitals, including unopened take-home medicines after discharge. Requirements: Note: In both cases, claims are valid only if waiting periods are completed and premiums are up to date. 2. Required Documents for Claims When applying for medication reimbursement, you need to submit a pharmacy receipt containing: 3. Medications Not Covered Private health insurance will not…
Client Profile Age: 53 years old (at time of passing) Occupation: Mining Operator Condition: Terminal Illness (Cervical Cancer), leading to death in May 2025 Claim Type: Super Death Claim, Terminal Illness Claim, and Total and Permanent Disability (TPD) Claim Benefit Amount: 15,000(TerminalIllnessWithdrawal),15,000 (Terminal Illness Withdrawal), 15,000(TerminalIllnessWithdrawal),540,000 (TPD Sum Insured), $5,000 (Residual Super Balance) Case Background DA, a 53-year-old mining operator, faced a critical health crisis with a diagnosis of terminal cervical cancer. Recognizing the urgency of her financial needs, she successfully accessed $15,000 from her superannuation account by meeting the terminal illness condition of release under Superannuation law. This immediate…
When applying for life insurance, particularly during the health declaration stage, individuals frequently wonder: “Will the insurance company discover if I don’t disclose my medical history?” “What happens if I forget to mention a medical history from years ago? Will this affect my claim?” “How can I ensure a thorough declaration to prevent future conflicts?” There are also common misconceptions about insurance, such as: “Insurance is a scam; they assure you everything is covered when you apply, but during claims, they only respond with ‘we don’t cover this’ or ‘we don’t cover that.’ In reality, these problems cannot be entirely…
Total and Permanent Disability (TPD) insurance is a vital financial safeguard, providing a lump-sum payment if you become totally and permanently disabled and are unable to work. Understanding the different types of TPD policies and how claims are assessed is crucial for making informed decisions. This article summarizes the key TPD definitions and illustrates them with a practical example. Key Types of TPD Insurance Definitions The definition of ‘total and permanent disability’ within your policy is paramount, as it dictates the circumstances under which a payout will be made. TPD policies primarily categorize disability based on your ability to work,…