Each year the Australian Government requires private health insurers to send their members a document known as a Standard Information Statement (SIS) for each product they hold. This statement provides a general overview of your policy so that you can check that it meets your health cover needs.
St.LukesHealth will be sending members their SIS letters this week, but there are some things you should know.
There are three types of SIS
Hospital: describes the features and limitations of hospital cover, including the type of accommodation, what medical services are covered in full, part or not covered as well as waiting periods and additional payments like excesses, co-payments and gaps.
General Treatment: describes the features and limitations of general treatment cover, including what services are covered, waiting periods and example benefits for each type of service.
Combined: Describes the features and limitations of a combined hospital and general treatment cover.
Understanding your SIS
While St.LukesHealth is required by legislation to provide you with this information, be aware that the monthly premium shown on the statement is a standard rate and may not match the rate you pay due to rebate eligibility, Lifetime Health Cover Loading or payment frequency. The waiting periods on the statement are also indicative and do not apply to members who have already served the required time.
What is Lifetime Health Cover?
Under the Private Health Insurance Act 2007, we must provide you with details of any Lifetime Health Cover premium loading as well as the total number of accrued days without hospital cover that applies to each adult on your policy. If a Lifetime Health Cover loading has been applied to your premium, it can be removed after you have held hospital cover for a continuous period of 10 years.
If you have any questions regarding your level of cover, or would like a cover review to find a more suitable product for your lifestyle and financial needs, please contact St.LukesHealth Customer Care Consultants on 1300 651 988.