Posted by Michael Wonder on 15 Oct 2017
Medical device industry signs historic agreement to reduce health funds premiums
12 October 2017 - The Medical Technology Association of Australia has signed a four-year Agreement with the Federal Government which will deliver certainty and stability to the industry and will help lower Private Health Insurance premiums for Australians.
The Agreement, in effect from 15 October 2017 to 31 January 2022, will deliver more than $300 million in annual benefit reductions to medical devices listed on the Prostheses List. This comes on top of the $86 million annual cuts in February 2017 to the benefit level for around 2,500 devices. Over the next four years this represents a $1.5 billion saving to PHI companies.
As part of the Agreement, MTAA has secured benefits to ensure that industry innovation is recognised and invested to ensure Australians can access the very best medical devices in a timely manner.
