Mesothelioma Australia

Private Health Insurance Pain as Households Struggle to Cope With Rises

2015-03-08T05:03:00.001-07:00

Private health insurance pain as households struggle to cope with rises

Private health insurance premiums are set to rise an average 6.18 per cent on April 1.

HALF of Australia’s private health insurance customers are thinking about downgrading their cover in an effort to combat soaring premiums.

Ahead of an average health insurance rise of 6.18 per cent on April 1, new research by consumer network One Big Switch has found that two-thirds of households have had trouble paying their bill.

Its survey of 40,000 consumers also found that many people are making sacrifices to stay insured, including reducing their level of cover, increasing their excess and spending less elsewhere.

One Big Switch spokesman Joel Gibson said this year’s premium hike was the second consecutive annual bill rise of about $300.

“Health insurance is one of those bills that really gets under people’s skin,” he said.

“Sooner or later, something’s got to give, or thousands of consumers will dump their private cover and fall back on the public health system.”

Consumers who \dump their private cover will fall back on the public health system. Picture: Publishing Ingram.

Mr Gibson said some people were trading away certain treatments, such as heart or eye treatments.

MORE: The government’s health fund rebate slashed costing families $120 a yea

He cautioned about quitting private health cover outright. “There’s the danger that if you drop it altogether, because you can’t afford it, it becomes harder to get back in if you are over 30.”

The Federal Government’s Lifetime Health Cover rules penalise people with a loading of 2 per cent for every year after age 30 that they don’t have hospital cover, up to a maximum 70 per cent loading. There are also penalty taxes for middle and higher income earners who don’t take out hospital cover.

“Australians want the peace of mind that comes with private health insurance, but many are now being priced out of the market,” Mr Gibson said.

Medibank chief customer officer Laz Cotsios said customers should review their health insurance policies at least annually.

“A cover review allows people to consider their situation and check that their cover still suits them,” he said.

Medibank branch, Adelaide Street, Brisbane. Medibank was floated on the stock market today. Customers discuss their impressions of the float. Photo: Claudia BaxterALSO: Pay doctors more but only when they provide the right care say health funds

“Don’t forget that you can prepay your health insurance to lock in your current premium.”

More than 20,000 people have signed a One Big Switch petition calling for more affordable private health insurance, and the consumer network has joined forces with News Corp Australia in a campaign to use people power to unlock a group discount offer from a health fund.

RELATED: Mooted private health insurance ‘excess’ rise could double the cost of an operation

Last week was the first week of the four-week Big Health Insurance Switch campaign and more than 45,000 people signed up. Joining is free and there is no obligation to accept any offer that is presented.

The Big Health Insurance Switch

For more details visit moneysaverhq.com.au. One Big Switch and News Corp Australia earn a commission on any offers that are accepted.

James Hardie Asbestos Compensation Scheme Millions Short After Big Dividends

2014-09-08T18:04:00.000-07:00

The asbestos compensation body funded by James Hardie may need to draw on a taxpayer-backed loan arrangement to pay asbestos victims despite James Hardie showering its own investors with $US556 million in dividends in the past two years.

Under a legal agreement, James Hardie pays a set amount every year to the Asbestos Injuries Compensation Fund (AICF) to compensate victims suffering from asbestos-related diseases.

That amount can run to many millions of dollars and is set at 35 per cent of its operating cash flow.

That prompted a warning that Hardie's planned contributions alone may not be sufficient to cover the fund's costs for claims and it may need to tap a government-backed loan set up in 2010 when there were concerns that the global financial crisis could affect the fund's sustainability.

The financial health of the fund is assessed annually by actuaries, KPMG, and in its latest report KPMG increased the "central estimate" for liabilities by 10.4 per cent to $1.9 billion

The NSW and federal governments agreed to provide the loan, of up to $320 million, for the AICF if contributions from James Hardie were insufficient to meet claims.

CIMB analyst Andrew Scott, in a research note, warned of a potential public backlash if the company drew on government funds given housing markets are now improving.

"Our forecasts now suggest that further drawdowns of the government loan by the AICF are likely to be required from financial year 2016 ... we believe a deficit may be sustained for some time," Mr Scott told clients.

On CIMB's numbers, the valuation of the asbestos liability has increased to $895 million, or $2.02 per share, and the AICF is forecast to be short $82 million in 2015-16.

"On our modelling ... [the AICF will have] insufficient funds to meet all expected commitments in FY16 and would see a further drawdown on loans from the NSW and federal governments," Mr Scott told clients.

"The fund may be unable to cover claims costs purely from James Hardie contributions for a number of years."

The fact that James Hardie paid $US556 million in dividends in the 2013 and 2014 financial years raised the ire of independent senator Nick Xenophon.

"The bottom line is if James Hardie can afford $500 million to give to shareholders it can find the money to give to dying victims of their product," Mr Xenophon said.

"If James Hardie doesn't come to the table they deserve the scorn of the Australian public. They have got through the GFC."

The situation comes as the company's top executive received a substantial pay increase last year. According to James Hardie's 2014 annual report, chief executive Louis Gries received $US11.7 million in total pay in 2014, up from $US7.9 million.

The AICF was formed in 2006 after an agreement between James Hardie and the NSW government.

The loan facility has been used twice and was quickly repaid, but the intention of the provision appears to have been ensuring James Hardie could get through the global financial crisis.

US housing starts, on a rolling 12-month basis, have risen from their GFC bottom of around 554,000 and they are running at 974,000 for the year to July.

James Hardie is spending $US200 million a year over the next three years expanding its plant capacity in the US, where the building materials supplier derives 80 per cent of its sales.

James Hardie spokesman Sean O'Sullivan said the company had just contributed $US113 million to the fund and he stressed that the AICF is an entirely separate entity. He said it is important that the integrity of the Final Funding Agreement is upheld.

"It delivers a level of certainty which is why investors are comfortable investing in James Hardie," Mr O'Sullivan said. "It balances the needs of all stakeholders including shareholders, claimants and future claimants."

According to the KPMG actuarial report, the number of claims in 2013-14 came in at 608, 12.6 per cent above expectations.

But CIMB says that the key driver of the liability increase was the 23 per cent jump in expensive mesothelioma claims to 370. In 2013-14 the average size of mesothelioma claims was almost three times that of the next largest disease category.

Chinese Cars Made With Asbestos Expected To Be Recalled

2012-08-19T06:02:00.000-07:00

China is poised to surpass other leading, industrialized nations in car manufacturing with inexpensive cars. Instead of taking decades to adapt and revolutionize car manufacturing, the Chinese industry has just taken a few short years to catch up with the rest of the world. However, this incredible transformation has come at a cost.

In recent months, many Chinese car brands have come under fire for poor safety and quality in the rush to become a viable car alternative on the international market.

Nearly 25,000 inexpensive Chinese cars from two car manufacturing companies Great Wall and Chery are expected to be recalled in Australia after it was discovered that asbestos was used in gaskets. Many industrialized nations like Australia have banned asbestos in mining and manufacturing as well as have banned the importation and exportation of asbestos.

After the discovery of the asbestos gaskets, production at both companies stopped. Great Wall and Chery are currently researching potential replacement materials for the toxic gaskets, but initially said that car production did not include asbestos.

As of Tuesday, the Australian Competition and Consumer Commission is debating whether to issue a recall of the 25,000 cars imported into the country. A final recall decision is expected later this week. Ateco Automotive, the company in charge of importation of both Chinese brands, initially ruled that the asbestos gaskets pose a “negligible” health threat for drivers and passengers.

Up until it was banned in most countries, asbestos was a common material used in car manufacturing. Besides gaskets, asbestos was used in other automotive parts like brakes, brake components, clutch linings, disc and drum brakes, and transmission plates.
A naturally occurring set of minerals, asbestos was widely used in a variety of products up until the late 1990s and early 2000s in many industrialized nations. After it was discovered that asbestos is a carcinogen akin to cigarette smoke, most countries banned the material.

Exposure to asbestos is the leading cause of a rare form of cancer called mesothelioma. Affecting the delicate protective lining of the lungs, heart or abdominal cavity, mesothelioma can take upwards of several decades to present symptoms. Once in play, mesothelioma is a fast moving disease without a cure.

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Dire DIY Warning Goes Out Over Asbestos Diseases

2012-02-05T17:51:00.000-08:00

CONCORD researchers on the frontline in the fight against asbestos-related diseases have issued a grim warning to home renovators.

The fact Australia has the world’s highest incidence of asbestos-related diseases in Australia was cause for DIY enthusiasts to be very careful, said Professor Nico van Zandwijk, director of the Asbestos Diseases Research Institute (ADRI).

“The number of cases in Australia is larger than most parts of the world and it’s an extensive problem that’s actually increasing,” the Breakfast Point resident said.

The three-year-old institute, based at Concord Hospital, has received a $3.5 million grant from the Cancer Institute of NSW recently.

While people are aware of the dangers of asbestos, Prof van Zandwijk believes more needs to be done.

“Many people start thinking about it after they’ve done the renovating,” he said.

The institute has created a “bio bank” of samples from willing patients in the inner west for research into better diagnosis and treatments.

DIY DANGER
-Be careful and identify potential dangers
-Use a licensed asbestos removal contractor to inspect and test building materials
-Always work to avoid or minimise the release of dust

Asbestos Discovery in Australian Landfill Leads to Exposure Scare

2011-01-19T21:48:00.000-08:00

Asbestos containing materials have been discovered at a closed landfill site at Australia’s Shelly Beach (west coast of the country, near Sydney). Local officials have fenced off the area and are contracting professionals to remove the hazardous material.

It has been estimated that “the work will take about three weeks to complete and will be funded from its (the local council’s) $12 million tip rehabilitation fund,” according to The Central Coast Express Advocate.

Locals stopped using the landfill in the 1970s and it has since been paved over and covered by a parking lot. The asbestos discovery poses a problem because they came from areas where the pavement eroded, the council’s contracts and special projects manager Mike Long said.

“The age of this landfill and combined effects of wind and pedestrian movements from the car park to the beach have exposed pieces of buried rubbish from the landfill which include these small pieces of fibre cement sheeting,” he said.

This latest incident follows the discovery of asbestos on another landfill site two about two months ago.

This story highlights the problem of asbestos that was not proberly sealed and stored. Many landfills around the world contain asbestos and asbestos products. Over time, erosion and other factors can lead to incidents of asbestos exposure. If asbestos fibers become airborne, people in surrounding areas could inhale them, causing serious damage to their health.

Asbestos exposure is the leading cause of mesothelioma, an aggressive form of lung cancer that is often fatal. People who were exposed to asbestos and suffer from mesothelioma may be eligible for compensation under their local asbestos laws. If you or someone you know suffers from mesothelioma, you should contact one of our experienced mesothelioma lawyers to learn your rights.

Mesothelioma Cases in Australia

2011-01-19T21:33:00.000-08:00

Australia has one of the highest rates of mesothelioma in the world. This is due to the high rate of asbestos use and mining in Australia over many years. Up to 600 mesothelioma cases are diagnosed each year in Australia. The high incidence of the disease is not expected to decline in the short term.

Asbestos fibre production began in the 1880's and Asbestos was extensively mined in Western Australia (Wittenoom 1938-1966) and New South Wales (Baryulgil 1940-1979). Asbestos fibre was also imported from South Africa and North America.

It is estimated that One in three homes built in Australia between 1840 to 1987 contains some form of asbestos and nearly all public buildings such as hospitals and schools. Over 3,500 products containing asbestos were readily available in Australia. While Asbestos production and use has largely ceased, asbestos can still be found in the following:

•Building materials such as asbestos-cement sheeting (fibro) and paints

•Motor vehicle parts such as break linings and gaskets

•Electrical products such as hair dryers and air conditioners.

•Some textiles such as felts

According to professor Henderson of Flinders University, the number of people diagnosed with asbestos related diseases will not peak until 2020 by then there will be 13,000 cases of mesothelioma and up to 40,000 cases of asbestos-related lung cancer, amounting to 53,000 cases of incurable cancer caused by asbestos over the next 20 years.

Medical research may offer some hope for sufferers of this incurable disease. Australia is one of the most active countries in mesothelioma research. Several research programs are currently being conducted nationwide. Recently, Australian researchers developed a new screening procedure which could help people worldwide in the early detection of mesothelioma. Several Australian organisations which offer information and support for victims and their families of mesothelioma and asbestos related diseases.