AIA has urged the Government to change legislation to better allow life insurers to cover early rehabilitation and medical expenses to consumers.
The insurer said that such reforms would assist people return to productive work as soon as possible, which in turn would improve their mental health and overall wellbeing.
Under the current legislative scheme, primary healthcare payments are not permitted, restricting insurers to providing occupational rehabilitation rather than medical assistance.
AIA said that early intervention was key in rehabilitation though, citing research indicating that a person who is off work for 20 days has a 70 per cent chance of returning to work, with that dropping to 50 per cent for 45 days and 35 per cent after 70 days.
Damien Mu, AIA Australia and New Zealand chief executive said that changing the legislation would allow the insurer to better serve its customers.
“Advances in treatment and understanding of workplace injuries have resulted in earlier intervention and assistance to gain a better outcome for the injured worker,” Mu said. “If current legislation is changed, we will be better able to help our members to be well, get well and protect their financial future.”
The Financial Services Council has also appealed to the Government to change the law, with over 100 members including AIA supporting the petition.
