Australia’s first health and life insurance policy
GMHBA and AIA Australia join forces to create new health insurance brand: myOwn.
The new health insurance brand myOwn will be available to Australian consumers later this year and offer its members access to the AIA Vitality wellbeing program, which will help members live healthier lives and get better value for money from their health cover.
The AIA Vitality program provides members with tips, tool and ways to improve their health. It also rewards members for living a healthy lifestyle, be it through diet, preventative screenings or exercise, with access to discounts on various services. The big point of difference with myOwn is that it will reward members who actively use the wellbeing program with premium discounts and other AIA Vitality rewards.
"myOwn will appeal to Australians who understand the link between their healthy behaviour," said GMHBA CEO Mark Valena.
We won't know the product is launched later in the year the exact percentage amount of the discount.
Full information about the discounts and the product will become more clear once the myOwn products are launched, but it's good to know that the discount won't be tripped up by the fact that private health insurance is community rated.
"Any discounts that may be applied to myOwn health insurance premium will comply with the requirements for discounts in the PHI Act 2007 and Private Health Insurance Complying Product Rules 2015. That is, any discount applied will be no greater than 12% of the full annual premium for the private health insurance product," Valena said.
The myOwn product is the first of it's kind combined health and life insurance policy in Australia.
“This is a significant step forward for GMHBA, as not only will it provide a valuable point of difference for us as a fund, but it will also increase value for our members as they engage in a program that is orientated around a healthy lifestyle,” said Valena.
More information about the myOwn health insurance will be available at the time of its launch, which is planned for mid-2017. finder.com.au will monitor the progress of myOwn and publish the details as they become available.
- How is the price of medicine worked out in Australia?
- Bupa considering millennial-focused model
- Report: Coronary heart disease the leading cause of death in Australia
- 617,755 hospitalisations for work-related injuries funded by workers’ comp
- Health round-up: Home doctor visits, mental health and gestational diabetes