Man with a golden medical plan
MEET the Rockhampton dentist whose golden plan for people to adequately meet their medical needs and expenses could turn Australia's private health insurance industry on its head.
Abraham Zacharia is the man who came up with Memplans: a health plan where unused balances from customer investment rollover every year to create a nest egg for medical expenses.
Mr Zacharia spoke to The Morning Bulletin yesterday, saying the premiums most Australians paid for extras cover was more than what was actually claimed for treatment.
Fed up with that idea, and the fact he wasn't getting his money's worth for private health insurance, he conceptualised Memplans.
It took two years to regulate the plan, which he launched earlier this year at Beef Australia 2015.
Memplans' members have full control of the money they invest, starting with a minimum of $5 a day.
Surplus funds are rolled over every year.
The funds rolled over every year are guaranteed not to expire as long as they remain in the fund.
Members never had to worry about deplete reserves, Abraham said. It was the only extras rollover health plan where you had the same control over your money as you had when putting it in a bank.
He also said that in a 2013 study, CHOICE examined 25,000 health insurance policies, including extras, across 19 health care funds.
The results revealed that on average, 19% of health-related expenditure was paid by members and not rebated by Medicare.
He also said the investigation further revealed 14,000 people were compelled to pay for health costs through their superannuation savings.
One of the biggest bonuses with Memplans was that people could access what they had already invested into their fund.
For more information on Memplans you can visit the website on memplans.com.au.