Hi
I will be 30 years old in the couple of years, as it is now compulsory to have private insurance for 30 plus, does it cover medicine expenses? Thanks
Private health insurance covering medicine?
newbiesh on 24/08/2018 - 00:23
Comments
Colleagues were talking abt it, but just wanna know do they over medicine expenses generally ?
I believe, and may be wrong. Only non-PBS medicine. Each policy will be different.
depends on policy - some do, some don't
for those that do, it typically over cover non-PBS prescription over a certain $
compulsory to have private insurance for 30 plus,
Not compulsory.
It is not compulsory. But when you are of a certain income level, you are penalised Medicare Surcharge if you don't buy it, so you may as well buy private health.
On a side note, such a choice may result in making medicare weaker and insurance companies stronger.
medicare weaker
That won’t happen with the current government. Medicare is safe, for now.
Not for much longer, the Turntail is out. :D
Turntail is out
Which means a by election. Amending the medicare will be difficult if the lib loses another seat.
Medicare is safe.
such a choice may result in making medicare weaker and insurance companies stronger.
Which is what the gov wants…. a private self funded system like the USA, as thats working so well for them!
It's not really the payment model that's the problem in the US - it's the infrastructure. So long as the medical facilities and infrastructure are still majority publicly owned - and so prices charged are set by the government, how people pay doesn't present as much of an issue.
@HighAndDry: No its the payment model. $800k USD to give birth aka over $1M AUD. Something is broken
https://www.theguardian.com/us-news/2018/jan/16/why-does-it-…
$800k USD to give birth aka over $1M AUD.
This is isn't a payment model, this is just the price. No matter HOW that's paid, it's still ridiculous.
As I've said, if we have a significant portion of the medical system that's still publicly owned, publicly funded and whose prices are set by the public (aka government), you wouldn't have such astronomical costs to begin with. If giving birth cost only say, $15,000 - whether it's paid by Medicare or through private health insurance, it's still far more reasonable.
@HighAndDry: My point was, the aus gov wants a USA style heath system and this is the outcome of THEIR system, $1M AUD to give birth. Someone is paying that, either the tax payer or insurance.
publicly funded and whose prices are set by the public (aka government)
So what we have today?
@JimmyF: You fundamentally misunderstand the issues with the US Healthcare system. This is what you said:
Which is what the gov wants…. a private self funded system like the USA
It's not the funding model that's at issue, it's the ownership and control model of the underlying infrastructure which is the issue. You could have the US Government paying every hospital bill in the US, and the exorbitant prices charged would still make it unsustainable.
You have to find out what is cheaper and whether you want it… Only if you a purely buying private cover to offset the Medicare levy.
Paying the Medicare levy because of your higher income or paying private cover. That's the choice you have.
If the cost of your private health cover is less than Medicare levy then it doesn't hurt. But if your private cover is significantly more than your Medicare levy then you will have to decide whether you want the private health cover.
You have to factor in your age loading. And what you require.
Private health insurance is not compulsory but you will be penalised for joining after you are 30 and the penalty increases as you get older.
I have the highest level of Bupa extras and they only cover certain meds that cost over x amount. (Note: it's a high amount and would usually only go toward non-PBS meds in my experience. I take expensive oral contraceptives and migraine meds and they still don't cost enough.)
Just get basic cover.
Not compulsory, but if your family income higher than 180k you should in order to avoid the Medicare levy surcharge.
https://www.privatehealth.gov.au/healthinsurance/incentivess…This is good reading - basically assess whether you need it before shelling out
smh.com.au/money/saving/dont-be-fooled-by-the-private-health-insurance-industrys-pitch-to-30yearolds-20160719-gq8w5p.htmlIt’s not like you get nothing for your premiums though. I needed it once for surgery and a week recovery in a private hospital - it would have been a 2-3 month wait in the public system.
You would have to be a pretty chronically ill 30yr old for private health insurance to be financially beneficial.
Or need any serious dental work done
Unfortunately, the low claim limits and annual caps make it hard to get a financial benefit there either.
younger people are more prone to injuries
They have more sporting injuries, but the health insurers depend on the young people paying much more than they claim to stay in business.
The young are the cash cows these businesses depend upon.It might give peace of mind to pay hundreds or thousands in premiums when you are young, but it is financially a bad decision for the vast majority.
all depends on your income
https://www.doineedhealthinsurance.com.au/
You really may not get any value at all from private health.
It's called the Lifetime Health Cover (LHC) loading.
https://www.smh.com.au/money/saving/dont-be-fooled-by-the-pr…
Regarding medicine:
Government regulations prevent private health insurers from paying a benefit towards the cost of drugs that you (depending on factors like your age, gender, your medical condition and history) can receive through the PBS.
Depending on your cover, you can claim some non-PBS but TGA-registered drugs but there are lots of exclusions (weight loss, reproductive, over-the-counter etc) and there will be a maximum amount covered after making a co-payment.
What you might be referring to is if you're 31 or older and don't have PHI then you get penalised with loading
https://www.privatehealth.gov.au/healthinsurance/incentivess…
Or like others said, the other restriction is income based
To avoid the surcharge you need to have hospital coverage after 30. Hospital coverage doesn’t cover medicine unless in hospital. If not in hospital then you need extras or ancillary cover. Then the fund will only pay an amount above the PBS of $39.50 and not always the full amount, subject to a yearly limit.
Private health insurance is a scam.
Maybe, but avoiding LHC and MLS is almost a no brainer.
Who told you it was compulsory?