We know health funds tend to throw around a few terms that can make understanding private health cover hard. And we forgive anyone for being confused when it comes to the number of acronyms used across the market.
RT Health, HCF… and the rest. It seems we’re always looking for a shortcut to explain often complex topics and themes. So, what does it all mean? We’re committed to making it simple for our members, so we’ve put together this handy reference to explain some of the trickier terms you’ve probably seen before.
PBS
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PHARMACEUTICAL BENEFITS SCHEME
The Pharmaceutical Benefits Scheme (PBS) is funded by the federal government and makes subsidised prescription medicines available to Australian residents.
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MLS
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MEDICARE LEVY SURCHARGE
A surcharge that applies to people earning over a certain income when they don’t have hospital cover. If you’re single and earn more than $90,000, or a family or couple earning more than $180,000 a year (increasing by $1,500 for each dependant child after the first), you can avoid any additional Medicare Levy Surcharge by having hospital cover
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PHI
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PRIVATE HEALTH INSURANCE
Insurance to provide hospital cover outside of the public system and/ or cover for services not covered by Medicare such as physiotherapy, optometry, general dental and podiatry services.
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HICAPS
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HEALTH INDUSTRY CLAIMS AND PAYMENT SERVICE
HICAPS is an electronic health claims system that allows health fund members to easily make claims on the spot at their health service provider.
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LHC
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LIFETIME HEALTH COVER
Lifetime Health Cover is a federal government initiative that rewards people for taking out hospital cover at an early age and maintaining that cover throughout their lifetime
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PHIS
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PRIVATE HEALTH INFORMATION STATEMENT
A high-level overview of your cover; it outlines the key features of your cover and the general waiting periods.
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MBS
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MEDICARE BENEFITS SCHEDULE
Set benefits for specified medical services that Medicare (the government) will pay for through the Medicare system.
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APRA
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AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
The Australian Prudential Regulation Authority (APRA) is an independent statutory authority that supervises institutions across banking, insurance and superannuation, and promotes financial system stability in Australia.
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PHIO
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PRIVATE HEALTH INSURANCE OMBUDSMAN
The Private Health Insurance Ombudsman provides an independent service to help consumers with health insurance problems and enquiries.
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