Perth Health Funds Affected by the Economic Crisis
Monday February 16, 2009
Perth, Western Australia private health funds are at risk in the global financial meltdown, with HBF - WA's largest health fund - decreasing $67m on its investments, according to a recent West Australian report.
The Private Health Insurance Administration Council (PHIAC) warned that the unstable economic environment could impact on the effective operation of Perth health funds.
In effect, Western Australian health funds are required by PHIAC to come under more regulation.
PHIAC Council chief executive, Sean Gath, told the Perth West Australian, "So many experts consider the current economic environment to be unprecedented, so it seems to be a reasonably measured step to take in case of further volatility."
Private health funds in Perth are asked to give monthly updates on membership and claims so they can be more effectively monitored in the shaky economic environment.
"If something did happen, we would like to know about it in a short time frame at the end of each month, rather than at the end of the quarter (when figures are normally collected)," he said in the Perth report.
