Are you unsure about the idea of private health insurance and whether it’s right for you? People take out private health insurance for a number of reasons:
More control over your treatment
If you’re a bit fussy about who treats you and where you are treated, private health insurance is for you. Hospital cover allows you the freedom to choose your preferred doctor and surgeon with the fund’s participating hospitals.
Quicker access to treatment
Private health insurance members typically get into hospital faster than those who use the public system (for elective surgery). If you want a substantially shorter waiting period, then this is for you.
Covers things that are excluded on Medicare
Dental, optical, physio, chiro and dozens of other day-to-day services are not covered by Medicare. If you use those services and need assistance with the costs, extras cover is the only way to go.
Can you afford to self insure?
Putting money aside to self insure for health expenses sounds like a good idea. However many people can’t afford to self insure. Hospital procedures are expensive. Knee surgery for example could set you back up to $13,000. Can you afford to self-insure?
Medicare Levy Surcharge
Some people take out hospital cover to avoid paying more tax. If you earn over $88,000 ($176,000 for couples, families and single parents) in the 2013–2014 financial year and you don’t have private hospital cover, you have to pay an extra 1% tax.
The MLS increases to 1.25% if you earn over $102,000 ($204,000 for couples, families and single parents) and 1.5% if you earn over $136,000 ($272,000 for couples, families and single parents). Find out more about the Medicare Levy Surcharge.
Lifetime Health Cover
If you take out hospital cover before 1 July following your 31st birthday, you can avoid Lifetime Health Cover loading. Find out more about Lifetime Health Cover.
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