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Financial Sector (Collection of Data) (reporting standard) determination No. 3 of 2024
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Definitions
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
| Age Based Discount Percentages | Means the age based discount percentage applicable.If an age based discount of 2% applies, report 2%.If an age based discount of 4% applies, report 4%.If an age based discount of 6% applies, report 6%.If an age based discount of 8% applies, report 8%.If an age based discount of 10% applies, report 10%.If an age based discount does not apply, report Not Applicable. |
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| Basic (private hospital insurance product tier type) | Means a health insurance policy (policy) that:a) covers hospital treatment;b) covers at least the treatments in all of the clinical categories indicated for a basic policy in Schedule 4 of the Private Health Insurance (Complying Product) Rules 2015; andc) is not a Gold, Silver, or Bronze policy. |
| Bronze (private hospital insurance product tier type) | Means a policy that:a) covers hospital treatment;b) covers at least the treatments in all of the clinical categories indicated for a bronze policy in Schedule 4 of the Private Health Insurance (Complying Product) Rules 2015; andc) is not a Gold or Silver policy. |
| Couple (policy cover type) | Means a policy under which two adults are insured (and no-one else). |
| Day (length of treatment type) | Means the treatment is one day only. |
| Day (private hospital type) | Means a private hospital that is not licensed or otherwise permitted to provide treatment that includes part of an overnight stay at a hospital. |
| Discontinued (policy or person movement) | Means policies and insured persons leaving the health fund. Represents the balancing item for the aggregate fund coverage from one quarter to the next. This includes:deaths (decrease in insured persons, not necessarily policies); andsuspended policies, where they are not included in the coverage count for risk equalisation purposes. |
| Excess Amount | Means an amount of money a policy holder agrees to pay before private health insurance benefits are payable. An excess amount may be capped at a total amount for the year.For taxation purposes those taxpayers who would be subject to the Medicare Levy Surcharge are exempted if they have a hospital treatment policy with an excess amount no greater than $750 for a policy covering a single person or an excess amount no greater than $1,500 for a policy covering more than one person.Excess policies includes all policy holders who contribute to hospital treatment policies under which an agreed, excess amount is paid by the policy holder for hospital treatment and/or general treatment services, reducing the benefit otherwise payable in exchange for lower premium costs.Excess amount (front-end deductible)An excess amount is an amount of money a policy holder agrees to pay for a hospital stay before health fund benefits are payable. For example, if a policy has an excess amount of $200, the insured person will be required to pay the first $200 of the hospital costs if they go to hospital as a private patient. An excess amount could apply every time the insured person goes to hospital in a year, or it may be capped at a total amount that will be paid in each year. |