Compare Health Insurance Australia
Do you know what’s included in your health insurance policy? Many Australians have health insurance but don’t even know exactly what they’re covered for. If you’re in this group, you’re definitely not alone! The problem is, you’re potentially paying for things you don’t need, hence paying too much. One way to save some money is to compare health insurance Australia.
When you compare health insurance, there’s quite a few things you need to know. Lucky for you, Billy Explores has dedicated his life to helping Aussies just like you save money on everyday expenses like health insurance. Read on for a helpful guide on how to compare health insurance Australia.
Compare the Different Types of Health Insurance
Maybe you’ve heard about hospital cover and extras cover, but did you know there’s different levels in both? Let’s take a quick look at each:
Hospital cover provides peace of mind that you can get the very best healthcare without suffering a huge hospital bill. There is four different levels of health cover, and obviously the price will vary depending on the level you choose.
Basic Hospital: The lower level of hospital cover doesn’t include a huge range of surgeries, however you do get admittance to a private hospital, and you get your choice of doctor without worrying about public hospital waiting lists.
Bronze Hospital: You get everything you do with basic cover, but there’s a few more inclusions you can enjoy. Minimum treatments covered include ear, nose and throat treatments, bone, muscle and joints, cancer treatment, kidney and bladder surgeries, gynaecology and plenty more.
Silver Hospital: Simply, you get everything from the bronze cover, plus more. Added in to the mix are treatments for heart, lungs, chest, blood, back, neck, spine and dental surgery to name a few.
Gold Hospital: The top-level cover gives you access to many more surgical procedures like major eye surgery, assisted reproductive services, joint replacements, dialysis and many more.
The product disclosure statements for all private health insurance should include a table which clearly outlines the things you’re covered for at each level. Make sure you read it carefully and choose a cover that is realistic to your needs and budget.
Extras cover is for the smaller medical services not covered by hospital cover. We’re talking about things like dental, optical, physiotherapy and many more. Much like hospital cover, you can purchase extras at different levels. Most of the extras in your policy will have an annual limit, and some may only reimburse you for a percentage of each claim. Here’s some of the different levels of extras cover you might see in a typical policy.
Basic Extras: Like the name suggests, you’ll get the basics such as optical, chiro, dental and physiotherapy. If you don’t have a lot of ongoing medical concerns, this might be the only extras cover you need.
Medium Extras: You’ll have a few more included services in medium extras cover. Items like psychology, podiatry, major dental/orthodontic and remedial massage could be included. You also might get higher annual limits than the basic cover.
Comprehensive Extras: As we go up the scale, the inclusions keep increasing. If you’re into natural therapies, or need medical appliances like hearing aids, even orthotics, this this is the cover for you. Again, the amount you can claim could increase too. When you choose comprehensive cover, make sure you really need the extra benefits or you could be wasting money.
Whenever you compare health insurance Australia, you’re going to want to check the extras. People often choose a higher cover than they need and this is where savings can be made. When you check the additional benefits of high level extras cover, think carefully about whether you’re taking advantage of them. If not, you can reduce your level and save some dollars in the process.
Understand the Tax Benefits
You might not know that there’s other financial benefits that come with all hospital cover. From tax benefits to government initiatives, you can save money by purchasing private health insurance.
Medicare Levy Surcharge
If you earn over $90,000 (or you’re in a couple that earns $180,000), you’re liable to pay the Medicare Levy Surcharge (MLS). Effectively, this props up the public health system that benefits almost all Australians at one time or another. However, if you’ve held hospital cover for the whole financial year, you’re exempt from paying this levy. Depending on your income, the MLS can be between 1% and 1.5%. At $90,000 income, this equates to $900 per year you’ll save by having hospital cover.
The Government Private Health Insurance Rebate
The Australian Government subsidises private health cover to an extent. The amount you’re entitled to will vary depending on your income and age, but it’s a great initiative that makes private health insurance more affordable for Australians.
The most common way to receive the rebate is by having your monthly premiums reduced by your applicable percentage. This way you don’t have to worry about anything at tax time. Alternatively, you can pay the full premium through the year and claim a rebate as part of your tax return. The choice is yours!
Lifetime Health Cover (LHC)
Lifetime Health Cover (LHC) loading is a Government scheme which encourages Australians to take our hospital cover before they turn 31. Essentially, if you don’t take out cover before you turn 31, you’ll pay an extra 2% loading on your premiums for every year you go without cover.
Compare Health Insurance That Fits Your Needs
The most important thing to consider when you compare health insurance Australia, is that the cover really suits your needs. A healthy person in their 20’s will have very different needs to someone in their 60’s (except for the super fit people in their 60’s we all wish we could be!). Think about the level of cover and the extras you really need, and stop paying for things you don’t.
Compare Health Insurance and Switch Today!
Are you ready to compare health insurance Australia? You’ve come to the right place. Billy Explores may not have made it as an himalayan explorer, but he excels at saving money for everyday Australians. If you’re ready to shop around for better health insurance, let Billy Explores help you compare plans today!