Private Health Insurance Approach Inspires International Changes

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September 30, 2019
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Private health insurance is a system that, despite having its challenges to overcome during its time, has continuously persevered and continued to present itself as one of the most popular health insurance approaches in the world. And while private health insurance is of course not immune to some weaknesses (is any branch of private health insurance in the world, for that matter?) it is such a positive example of healthy approaches to private health insurance that it is inspiring changes in other countries and areas of the world, too.

In Canada, for example, a recent conference hosted in Toronto addressed whether Australia could possibly teach Canada about how to help their own health insurance approach. It was a meeting that discussed both the highs and lows of Australian private health insurance, as well as the possibilities for Canada to take on some of Australia’s healthcare capabilities and reimagine them to adequately work for Canadians. Australia and Canada have learned from one another in the past, and have a harmonious history.

Australia’s Medicare universal health insurance scheme was modeled on one from Canada. Not many people are actually aware of this fact, but it is an interesting one to note nonetheless. So, how can Canada and the rest of the world learn from Australia and better their approach to private healthcare insurance?

The positive of private health insurance

Before anything else, understanding that there are many sites and companies dedicated to the comparison of private health insurance, to help break down which private health insurance company is best suited for individuals and companies alike within the nation. One of the most positive things is that medicines – even the most expensive of new formulations – are made more affordable to the public through the act of private health insurance.

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On average, Australians pay around a third of the amount Canadians pay for the same (or similar) medications. The drugs listed on the scheme are added after they have been found to be cost-effective, ensuring that all drugs added to the scheme are worth the cost. The same can be said for healthcare standards under private health insurance – but it is not always so rosy.

The areas where improvements can be made to private health insurance

The downside of private health insurance is that there is often a significant waiting period for many (if not all) medical or healthcare procedures and systems. This is one area where Australians find private healthcare in the nation to be not worth the investment they must pay to have access to it. The same goes for the rest of the world where there is access to private health insurance. Ultimately, there is always a positive and a negative counterpart.

What private health insurance can improve on

At the end of the day, taking the cost-effective notions that is provided to the people, while eliminating the significant waiting periods. In this way, they can have the best of both worlds. The waiting periods greatly impact how many are willing and able to financially afford and justify private healthcare cover, so if it is possible to integrate the cost-effectiveness of private healthcare, and effectively works with faster waiting times (or even better, no waiting times at all), they can meet and even exceed the private healthcare standards that have made Australia one of the leading examples in private healthcare in the world.