How do you put a value good health? For many it is priceless. So how much are you prepared to pay to seek the best medical advice available?
Private health insurance is one of those lifestyle choices all us of face.
Do you go with the system and use the health safety net that the public health-care program provides to all Australians? Or seek the extra security and choice provided by private health insurance?
About a third of all adult Australians have private health insurance with the industry worth $5 billion dollars a year.
But that figure is likely to increase. From July 1 there have been changes introduced to the cost of private health care and many people have rushed in to take advantage of the savings.
The initiative of the Federal Government has been to try and increase the number of people covered by private insurance. The great fear is that as the population ages the public health system will not be able to cope with the increases in pressure an aging population brings.
Baby Boomers, those people born before 1964, make up the largest segment of Australia's population and the demand for health services will increase considerably as they age.
The changes after July 1 have meant increases in health care contributions if you're over 30. There is a 2 per cent impost per year until you are 65 years of age, with the maximum impost being based on a 65-year old.
Get in early and you retain the benefits of no impost.
For example both a 65-year old and a 75-year old will both have a 70 per cent impost. This only applies to hospital cover and there is no impost on ancillary cover. This provides an incentive for people below 30 to buy private health insurance and retain it for life.
The premium is based on the age you join. So if you join at 35 you have a 10 per cent loading which you retain for the length of your cover.
Ricki Smith, Manager Corporate Relations with HBF says there are a number of benefits that private health insurance brings.
This includes choice of doctor, choice of hospital and location and timeliness.
"You can go to hospital when you want to and avoid waiting," she says.
"Some people think it is expensive and don't realize there is so much choice. There are so many options it does become quite cheap."
Additional options often include hospital room rates, dental, optical and physiotherapy benefits.
If you're in a higher salary bracket, for example earning over $50,000 a year as a single or over $100,000 as a family, there is also a penalty if you don't have private health insurance.
An additional 1 per cent higher Medicare levy to these income earners will cost over $1,000 a year. This is more than the cost of private health insurance.
Private health insurance buys peace of mind. But what if something goes wrong and you have a dispute with your insurer.
The Private Health Insurance Ombudsman handles complaints regarding health funds.
They receive 2,000 complaints a year covering about $80 million in transactions. This ranges claims ranging from $50 for a few physiotherapy visits to $50,000 for a multiple-heart valve replacement.
Norman Branson, Ombudsman for Private Health Insurance says their role is to act as the umpire.
He says about half the claims require the Ombudsman to take specific action.
"The biggest area is where somebody thinks they're covered and they ultimately find out they're not," he said.
So if you are in the market for private health insurance here are 10 tips to help you find your way through the huge choice on offer.
10 Private Health Insurance Tips
1. Work out what you want cover for - basic, hospital, dental, optical etc.
2. Contact a range of funds. Meet with them personally to discuss your needs.
3. Don't buy on price alone. Price is not the best determining factor. Look at the package and options available to suit your age and lifestyle.
4. Look for a product that suits your needs, For example you can save quite a lot of money if you're prepared to share a hospital room.
5. Look for a fund that has a good reputation for making claims in a timely way.
Thomas Murrell MBA CSP is an international business speaker, consultant and award-winning broadcaster. Media Motivators is his regular electronic magazine read by 7,000 professionals in 15 different countries.
You can subscribe by visiting http://www.8mmedia.com. Thomas can be contacted directly at +6189388 6888 and is available to speak to your conference, seminar or event. Visit Tom's blog at http://www.8mmedia.blogspot.com.
If you're self-employed and facing high health insurance bills, there... Read More
Auto insurance rates can be quite expensive. If you are... Read More
My wife and I recently purchased a new home in... Read More
Our money saving auto insurance tips were written for one... Read More
My whinstone house my castle is, I have my own... Read More
Many people ask, "If I am supposed to get a... Read More
If you're looking to save money on your auto insurance... Read More
The changing healthcare and health insurance landscape in the United... Read More
A Health Savings Account (HSA) does not really cover alternative... Read More
Cheap term life insurance is easier to get than most... Read More
Finding insurance quotes for California auto is now pretty easy.... Read More
Insurance adjusters are not without outside pressures they must deal... Read More
In the United States most companies offer their employees dental... Read More
The biggest single investment most people make in their lifetime... Read More
When I was a lad, some 25 years ago, the... Read More
Most of us don't like thinking about our own funerals,... Read More
You may have noticed that life insurance is coming back... Read More
The phrase "BUY TERM AND INVEST THE DIFFERENCE" evolves around... Read More
What is health insurance and why do I need it?... Read More
Why does health insurance cost so much? Year after year,... Read More
Unlike motor cover, home insurance is not a legal requirement... Read More
For thousands of years men have sailed the seas. From... Read More
Forcible and violent entry (f&ve) is the terminology used within... Read More
Health Insurance: a sense of dissatisfactionThe three C's, customization, consumerization... Read More
In the early 1980's Medicare started using a system called... Read More
The Terrorism Insurance Act of Nov. 26, 2002. This helps... Read More
Health insurance is something that everyone needs today. The rising... Read More
Health Insurance For Seniors On The NetWhen a good friend... Read More
Many people are skittish about life insurance, because they feel... Read More
Is your auto insurance bill $12000 a year or even... Read More
Here are some useful tips on how to reduce Home... Read More
It is very important to do an auto insurance comparison... Read More
Most of you have heard about "consumer directed health plans".... Read More
Don't skimp on insurance. This probably doesn't sound like a... Read More
1. Comply with recommendations from company engineers and loss control.... Read More
Insurance is always a gamble, a bet actually.You are betting... Read More
Many personal car insurance companies consider your credit information when... Read More
A new financial tool is now available for senior citizens.... Read More
One of the things that is important to consider when... Read More
Thank goodness the internet age has arrived helping us to... Read More
Everything is big in Texas and so it is with... Read More
How do you put a value good health? For many... Read More
Health Insurance For Seniors On The NetWhen a good friend... Read More
If you want to save money on your car insurance,... Read More
Although car insurance is compulsory, it's not necessary to pay... Read More
Only 61% of adult Americans have life insurance (down from... Read More
Disability income insurance can cover you in the event of... Read More
With the cost of car insurance becoming more and more... Read More
When obtaining renter's insurance it is important to put serious... Read More
There are two different types of life insurance, term life... Read More
Recent statements by the City of London Police Commissioner James... Read More
If you want to save money when you purchase your... Read More
The road to saving on auto insurance is something that... Read More
If you run into a billing problem or misunderstanding with... Read More
I've long wanted to write an article about Internet Leads... Read More
The Medical Savings Account (MSA) is an older form of... Read More
Renters insurance is often overlooked by people who are renting... Read More
Travel insurance is something that many people haven't considered. Sure,... Read More
A Bed and Breakfast, often referred to as a B&B,... Read More
Long-term care insurance policies have a variety of features and... Read More
Many families will find themselves without medical coverage at some... Read More
Renter's insurance is protection intended for anyone who rents an... Read More
The best judge of Total Disability and/or Partial Disability is... Read More
Many people ask, "If I am supposed to get a... Read More
For once finances seem to be going in favour of... Read More
There are different types of life insurance policies available. Shop... Read More
Insurance |