HEALTH INSURANCE

What does Private Health Insurance offer:

In general, all taxpayers pay the Medicare Levy (up to 1.5%) that covers Medicare and the public Health System.

Above that; people can join a Private health Insurance Fund so that they can; use Private Hospitals, have the choice of their own doctor, and get refunds for Ancillary Services (Extras). The actual refunds depend on the Level of Cover and the fees charged by the Hospitals.

There are some benefits to the basic public hospital treatment covered by Medicare, as many services are completely free, whereas a Private patient may have to pay a fee. The following Site "Private health insurance - frequently asked questions" explains "If you have private health insurance you are able to access the free public hospital system through Medicare by electing to be treated as public patient. You can also access certain subsidised or free out-of-hospital medical services under Medicare."

What do you expect from Private Health Insurance:

The main considerations for Private Health Insurance are based on your age, and specific likely future requirements.
Specifically:
  • Are you Single or a Couple?
  • Do you have children? If not - are you planning to have children?
  • How much are you willing to pay as an Excess for any Hospital stay?
  • Are you likely to need treatments associated with the elderly?
  • Do you use 'Extras' such as Chiropractors, Physiotherapist or Dental?
  • How do you want to Pay: Invoice, Direct Debit or Credit Card - Annually or Monthly?

The Private Health Insurance Rebate.

Recent legislation has introduced an 'income tested' clause to the Rebate. In general Singles on less than $88,000 and Couples on less than $176,000 receive the full 30% rebate, but above that the Rebate is reduced on a sliding scale.
There is also "Lifetime Health Cover" (LHC) levy, which is a loading applied on top of your hospital premium at a rate of 2% for every year you are aged over 30 when you take out hospital cover, up to a maximum of 70%. The LHC loading is removed once you have held hospital cover and paid the loading for 10 continuous years. The Lifetime Health Cover (LHC) component of a premium is not eligible for the private health insurance rebate.


Is 'EXTRAS Cover' worth the extra cost.

All 'Extras' claims have a waiting period and an annual claims limit on each category.
Before taking up 'Extras' Cover it is worth the effort to add up all the expenses that you are likely to claim in a calendar year. The Government Rebate applies to Extras cover as well as normal Hospital cover so you may have a 30% advantage.


Official Government Web-sites on Private Health Insurance.

These Sites explain the Official policy regarding Private Health Insurance.

Private Health Insurance comparisons sites.

The impartiality of the following Sites is unknown. You should check with actual providers before relying on the figures.

Some of the better known Private Health Insurance Providers:


Last Updated 07-MAY-2014 11:41 PM


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