Best Value Health Insurance To Cover As Much Extras As Possible

glub on 25/08/2021 - 16:06

I know these posts get published a lot, however, I am looking for some advice.

I have had a look at all the comparison websites and also the commonly mentioned spreadsheet from Whirlpool. But I found all the comparison sites did not include most of the places only the ones sponsored and the spreadsheet was OOD.

The reason I am looking for health insurance is:
1. I am earning over the threshold where it makes sense for tax purposes
2. I have been told I need jaw surgery and braces which is going to be $30k alone without the hospital fees - hence needing hospital cover to cover my stay (if I do go ahead with this surgery, I am undecided at the moment but I need a year of health insurance if I do want to proceed)
3. I have a range of ongoing costs:
- $100 on prescriptions a month
- $500 a year on remedial/sports massages
- $500 a year on psychiatrist appointments
- $500-$1000 a year on glasses and contact lenses

I am also a "temporary resident" due to my visa status, although its 5 years + - however, this limits the number of insurers that will accept me.

I was looking through "product reviews" for ones well-rated and "frank health insurance" seemed to be well recommended and work for overseas visitors.
For the top extras and top hospital its around $60 per week, which I am fine with.

However, the extras cover is so small:
- optical /$250 annually
- dental total /$2000 annually (with sub-limits for orthodontic/$700 and $500 for preventive)
- pharmacy /$400
- remedial massage /$400
- Psychiatrist /$0

It probably only saves a tiny bit more than it costs to add on the extras.

So I am wondering if anyone has any recommendations for a very good comprehensive cover that is likely to cover a bit more of these crazy medical costs.

Any help is appreciated!

Health & Beauty Health Insurance Insurance

Comments

  • avoidfullprice on 25/08/2021 - 16:16
    +1

    I am earning over the threshold where it makes sense for tax purposes

    Remember that extra cover doesn't make you exempt from the Medicare Levy Surcharge. Hospital cover does.

    Also look at how much rebate each product gives back to you. How much gap you willing to pay? e.g. you might pay $100 for remedial massage, but only get back $40 each time.

    this limits the number of insurers that will accept me

    Which insurers accept you? Let us know maybe?

    • glub on 25/08/2021 - 16:36
      +1

      Yep, I will get hospital too!

      That is true, I didn't actually look at the gap fee. Frank had 80% but some of the others were only 60%.

      Most of the ones I have checked seem to cover, but some do not state it! So I think it might have to be trial and error with calling them once I have narrowed the search.

      • avoidfullprice on 25/08/2021 - 16:47

        In your quest, get a full quote from the dentist for your anticipated surgery. Ask them to provide itemised AID code and cost. Then take that quote to health insurer and ask them to confirm the gap if you have fulfil all waiting period.

        Then if you can't decide, let us know with those details.

        I used the above technique to compare my extra cover every year. Time consuming.

      • Yola on 28/08/2021 - 13:01

        The rates of 60% or 80% back are not all the info you need. I was with one large fund where the rebate rate was staggered, it started high but after a certain number of appointments, it dropped significantly so even though the yearly max was high the spend to get it was also high. My current insurance cover pays 80% of each treatment up to the max regardless of how many appointments I have. Much better.

  • screensaver on 25/08/2021 - 16:18

    I dont do extras so I dont know whos the best. Heres a list of some that qualify https://www.privatehealthcareaustralia.org.au/consumers/from… Australian Unity has 10% off for prople who have a bank account with them, this is not widely known

  • Bisah1342 on 25/08/2021 - 16:40

    HIF savers options.

    i pay 300 a year. and claim approx 2000-3000 worth a year non covid.

    During covid, i claim about 500.

    happy to give you a referral - which i think gives you a free month but idk.

    https://www.hif.com.au/theme/hif/assets/public/File/Factshee…

    they covered ambulance call outs when i needed it in 2018/19

    • mskeggs on 25/08/2021 - 20:35
      +1

      That info sheet lists a bunch of low item fees - $26 for an osteopath visit, $32 for physio etc.
      How do you manage to claim so much? Do you normally spend $10k out of pocket to get the $2k-$3k in rebates?

  • mickyb80 on 25/08/2021 - 18:30
    -2

    Call iselect and let them sort it out for you!

  • Ceri on 25/08/2021 - 20:21

    Pretty sure temporary resident doesn't get charged MLS? Because you aren't eligible for Medicare? You should have some kind of overseas visitor health cover tho.

    I have ahm lifestyle for extras cover, which gives me up to $1,8k back ($600 p.a) for braces. No gap checkup & clean with Pacific Smile dental branches. Also $200 pa optical

    Another thing is that you dont have to get the same insurers for both hospital and extras. E.g. my hospital cover is with westfund

  • AussieMark on 16/11/2021 - 01:18

    @Glub do you mind if i ask your age - I thought since you mentioned braces maybe you were young but the rest of your info makes it sound like youre not early 20's.

    Let us know how you go. 30k is expensive but would be good to understand what it falls under is it dental or hospital etc. or both

    In other countries policies are a bit easier to understand as they cover 100% but here its damn confusing you need to spend hours reading each one carefully then only maybe get 60% back on some - crazy.

    Would be worth calling the place too where you will have it and ask what they recommend re: insurance or what people normally do. Try to find someone who is in your boat before (ask family and friends too as they may be able to help). Also check with your work if they have any special cover or system for employees (normally not in Australia but some companies have corporate accounts with BUPA etc)

  • CMH on 17/11/2021 - 00:06
    +1
    • $100 on prescriptions a month

    Just a note, if that's all the prescriptions you're on in a month chances are excellent that you won't be able to claim any of it on your extras cover. Most extras cover will only cover the portion of the medication that costs over the PBS amount (which is $41.30) this year.

    So if your medication costs $50.00, they may reimburse $8.70. This depends on insurer but a quick look at the PDS of a few of the main insurers show this is the case.

    Assuming your $100 prescriptions a month:
    if it's 1x $100 medication, you get $58.70 reimbursement (well, some have a cap of $40, in which case it's $40).
    if it's 2x $50 medications, you get a total cashback of $17.40.
    if it's 3x $33.33 medications, you get nothing.

    Just my contribution to your calculations.

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