I'm 27 and interested in picking up health insurance (never had any before).
What factors should I be considering and which companies would you guys recommend I look into?
some info about myself:
- Gym multiple times a week (4-5 days)
- Play sports 2-3 days a week
Thanks
yeah good waiting 5 hrs to get seen, or 2 yr wait list for an operation that you're in daily pain with… yeah real waste of money
Emergencies you'll be immediately admitted in public system.
However, depending on your condition it may take time for waiting periods.
The OP is very young hence it will be a waste as I assume he/she is healthy at this stage.
The OP can go with PHI and pay exorbitant charges per year $2K+ as they are pumping the price up and lowering the benefits over the years…. pay out of pocket expenses where Joe Blow goes through the same public system and pays ZERO (apart from post admission.. medication etc).
Insurance companies are the most lucrative businesses in the world as they sell "What if" and pay jack most of the times and the customer is severely out of pocket.
Do you have PHI?
Edit: Yes, I have PHI due to my fortunate salary PA as I am using this for legal tax evasion. IMO another scam to get you to pay.
Cheers
You can definitely find affordable HI that fits your salary and budget man. You're 2k figure is the max someone would spend and I don't know any quoting 2k for PHI…
It has to BE an emergency for it to be free. Not everything is an emergency, most things actually aren't then you're slugged with a 5k hospital bill and 10k operation bill. Being able to get the top surgeons as well is important, something you don't get public. Waiting periods in public are an absolute joke. 2 years waiting for something like a hernia that you can barely walk with or lift anything.. great system like you say man.
Op isn't in pain. It would be foolish to waste good money unless it's for tax avoidance.
you can predict the future of the Op can you?
you can predict the future of the Op can you?
predicting the future? don't be silly.
op hasn't stated that they are in pain.
How much do you earn annually?
If less than the threshold, Choose Extras only, should be sufficient.
Extras is the worst value health insurance you can get. In the same class as extended warranties on electronics.
Agree that extras is poor value. I went to the dentist last week. Total bill was $380, Bupa covered $89 of it. I’m now planning on cancelling it and just keeping hospital coverage.
When I was your age, my sole reason for getting hospital only cover was tax - per query above, have a look at what you're earning. I don't have extras as I don't get value out of it but if you think you're likely to use it a lot, do your math and see if you're going to be ahead or whether you should just self-insure (like I do).
if you want some cover, gets extras cover only.
If you earn under the tax threshold, I would work how much you spent on dental, optical, physio etc. last year and then compare it to how much you would actually get back from a typical extras. An example of BUPA, which covers you $350 for dental per year, it'll only cover half the cost of your check-up, you can only claim every 6 months, and that's only with their preferred dentists which might not be yours. If you have to get four fillings in one year, then health insurance is your hero. Hospital is handy for sports injuries that would have a super long wait on the public system, but you have to weigh up the chances of that. Remember that Insurance companies are looking for people who are young, fit and healthy so they can pay for the costs of all their older, fatter and unhealthy members.
If you are female and thinking about having a baby you might want to consider it. If you are likely to be injured with the sport you are playing then it might be worth thinking about. I didn't have any private health insurance when I was young and I never needed it. If you do decide to think about it look into private patient in a public hospital options.
This chart might help with your investigations.
https://www.privatehealth.gov.au/healthinsurance/whatiscover…
I had it since I was 18 … I've used it hardly ever. But if you think you'll need wisdom teeth/orthodontics/periodontics etc, could be worthwhile depending on the treatment.
I had hospital and extras. From 18-30 I went to hospital twice, it was not worth it for me.
Open a Savings Account. Whatever the monthly cost of the Private Health Insurance is, put that amount in the Saving Account instead.
Use the Savings Account only for Dental and Optical, nothing else.
You'll thank me in 10 years when you are booking that overseas holiday with the money you saved!!
This is the best advice!
This is good advice, except the bit about spending it on holidays! You should only spend it on health expenses, unless you build a significant balance over a few decades.
I am in my mid-fifties and and have only spent one night in hospital in my entire life. I have never had PHI.
My son was born in a public hospital and we paid nothing. My best friend's wife had her first child 4 weeks earlier in a private hospital with insurance and her doctor of choice. They got a bill for $1000. That was 25 years ago.
When my son was 5 years old he had hearing problems which required an operation to insert grommets. We were told there was a 12 month wait in the public system but he could have it done straight away if we went private in a public hospital. The total cost including pre and post-operative specialist appointments was $400. I bet the gap would have been more than that if we had insurance.
If you need knee surgery etc. and they tell you there is a 5 year wait as per an earlier comment, you can take out PHI and get it done after a 12 month waiting period as a worst case scenario, or just pay for it out of your savings.
For anything serious, you are likely to end up in a public hospital anyway.
I now have a progressive neurological condition and the private system would be of no use to me at all. I have one of the most senior neurologists in the state looking after me and it doesn't cost me a cent.
Thanks a lot to everyone that took the time to reply. Definitely helpful to get your thoughts and perspectives.
Will take some time to think and make a decision but the idea of putting/setting money aside instead does appeal to me.
Waste.
The public system is good here.
Don't waste your money.
Cheers