MediSave is a proposal to evolve the current system to a more efficient, lower cost and flexible approach. It is a variation on health insurance.

A person who opts-in to MediSave gets a MediSave account. When they opt-in an amount is put into their account. The amount depends on their age and their existing health condition. Each year the government adds an amount to the balance. The government also adds an amount to a nominated emergency service site. Unused funds accumulate and increase at double the rate of inflation of medical services. People can opt to put in more of their personal money. The funds are only available for use with approved health and related services.

An individual may transfer funds to another MediSave member but may not receive any cash in return. If they die, their MediSave balance is inherited by other MediSave members. MediSave balances are never available for any other purpose than approved services.

The government runs the MediSave accounts for each emergency service. This money pays for unexpected life-threatening events.

When a person pays an approved health or related service the money comes from their MediSave account.  If a person runs out of MediSave money, they move back to MediCare and the public health system.

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