ct10l11 - 1 ACTL1001, Week 11b, 12 Retirement, Social...

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1 ACTL1001, Week 11b, 12 Retirement, Social Security, and Health Care Financing Outline: 1. Health Insurance 2. Retirement Income and Social Security 3. Actuarial Modelling: Defined Benefit Plans Reading: (Req) Sherris, Ch 10
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2 Private Health Insurance & The largest risk insurance sector in Australia & Heavily regulated & Competes with free Medicare provided by the government & Products Hospital cover ± accommodation, theatre fees, medical fees, private/public hospitals, excesses, exclusions, benefit level Ancillary cover ± optical chiropractic, dental, pharmacy, physiotherapy etc.
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3 Community Rating of Health Insurance & Cannot discriminate in private health insurance pricing in Australia by health status or similar age, (other than for the Lifetime age rating) sex or other demographic features cannot refuse applicants & Community rating issues does not risk rate adverse selection unless compulsory for all increasing costs as healthier lives opt out & Age at entry community rating introduced - Lifetime Health Cover age as a rating factor - more expensive if individuals enter at older ages
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4 Retirement and Social Security & Retirement and Social Security - pensions, unemployment & Increasing Costs: Improved mortality - more need for health care for aged Lower fertility rates: Higher dependency ratio & Retirement Income - The Three Pillars Government provided pension (means tested) Approved retirement schemes - employer (government mandated and voluntary) - tax benefits Private savings (voluntary)
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This note was uploaded on 06/12/2011 for the course ASB 1001,2522, taught by Professor Nicole during the One '09 term at University of New South Wales.

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ct10l11 - 1 ACTL1001, Week 11b, 12 Retirement, Social...

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