Looking for private hospital cover for parents 65+ in Victoria.
They've never had private health cover and are pretty healthy. To my understanding, they end up paying 30%-40% extra because of the private health loading as they've never had private health insurance before? There anyway around this?
Seems like a real mish mash out there now, is there any one that is a go to for over 60's private health?
they end up paying 30-40% extra
It's 2% for each year over the age of 30 - so if your parents are both 65, then it's 70% more …
Unfortunately, no way around this. This is the government's way to encourage you to purchase a private health insurance policy as earlier as possible after 31. These changes didn't take effect until 1 July 2000 and if they were over 31 and had cover since then, the loading would stay at 0%. Otherwise it is 2% for each year as resubaehtgnolhcs has said.
The only way to remove the loading is to a hold a private health insurance policy (hospital or hospital and extras, extras only doesn't count) for 10 years.
Look at the following website for more details:
https://www.ato.gov.au/Individuals/Medicare-and-private-heal…
holdenmg's link also gives similar information.
Medicare
Agree. Really depends if they ever need a procedure is considered 'non-urgent' and you end up on a waiting list. These waiting lists can get every long. Private health allows you to jump the queue. But if they are generally healthy, it might not be worth it.
Of course there's no way to avoid it.
I think it's a fair charge too. Balances it out so the young people aren't subsidising the old quite so much.
There is a discount for over 65s of 4% and another one at 70. You have got basic which is private care in a public hospital (say HCF and a few others), Bronze which doesnt include heart, and silver which is around 25 a week without loadiings and pretty much covers everything except pregnancy. Westfund and Queensland County Heallh and HCF are among the cheapest. If you go through Flybuys you get a heap of points after 10 months for HCF. One way to save on loading is to switch funds every few months and get 6 weeks free, thats 18 weeks a year.
Why do they want private cover? Last time I was in hospital (public ward) we had two private patients there because there were no private hospital beds available.
Pre existing conditions is a 12 month wait, so get in now
I pay a loading so I am on the best value bronze I can find, although currently I am on silver temporarily because of a sign up deal. When the loading is up I will stay on silver
Just on the offchance they recently moved..
Migrants to Australia who are over 31 when they arrive have 365 days from Medicare registration to take out private health insurance and avoid LHC loading.
Not worth it, better off getting a extras cover if you after some benifits.
got to be cheaper than paying health insurance for the last 35 years
That Private health insurance thing has been around for decades. It goes with the Medicare levy if you are earning over a certain amount and don’t have Private health insurance.
Whatever you intend to do look into what is covered before you take out cover. Most things that are urgent will get you priority in the public system. We have private cover and a lot of tests I’ve had done, recently, in Private clinics aren’t covered by my private health insurance. There is, also, the issue of excesses and gap costs you will encounter with private hospitals as well.
The first thing to do is work out what you are trying to cover and then determine if the private health insurance will cover it and what the additional costs would be. Especially look at hip, knee replacements, etc.
My biggest investment in my health is I’ve got a good GP. I recently turned 60 so we put me up on the hoist and did a full road worthy. I’ve got a couple of little issues but I’m doing pretty good. The best thing is to nip things in the bud before they become an issue.
The loading is only for 10 years.
https://privatehealth.gov.au/health_insurance/surcharges_inc…
HIF are good.
Use the Referral Link from:
https://www.ozbargain.com.au/node/634990
https://www.hif.com.au/lhc#/