Considering the current (and upcoming) surcharge and rebate policy, and the introduction of Lifetime Health Cover, how do people with income less than $84,000 get the most value and benefits from the insurance plans? Any tips or suggestions in selecting the best provider and the most suitable cover option?
Tips and suggestion on selecting private health insurance
leiiv on 09/05/2012 - 23:29
Comments
Check out WWW.ISELECT.COM i just dealt with them yesterday,and they are a great help.They compare all the companies,and give the best deals on gaps,limits and premiums.
They don't compare all the companies and do not always give the best deal.
I prefer using privatehealth.gov.au. It's very easy to use unless your IQ is below 80 and you can't make your own decisions without having to be cajoled by an iSelect telemarketer.
Be VERY careful when using ISELECT - they are not independent, they only use 12 funds (& then not all of each o those companies products), I strongly suspect they are paid commissions each time you sign up with them (how else do they make their money & they must make lots of money to support their intensive TV marketing campaigns!!), & a number of important & large funds are not in their mix, so you are not getting proper advice.
Use the Commonwealth Government site (www.privatehealth.gov.au), narrow down your choice from there & then get copies of their products & compare from there.
Stay away from ISelect….
My wife also got a letter from the government saying that she should take up private health insurance before she turns 31 soon. Is getting a family insurance better (as I will also turn 31 in few months after her) or should I go for individual insurance plans? I have no idea on the price of this. Infact, I have no idea on anything related to private health insurance. Can someone please let me know what should be the average price for a family insurance? 2 adults + 1 kid (1 year).
Mainly depends on whether you want pregancy and cardiac cover, make a huge difference with and without, about $60 difference. As a rough reference, we pay around $300 a month. Good Hospital with Top extra, $500 excess. I know because i have been shopping around as premium keeps going up and up. All major funds are roughly the same.
Hi, I went through iselect and they recommended HCF.
I used to be with AusUnity but their prices kept on going up.
What what they told me HCF is a non-for profit, they put the profits back into the fund and from going through what they offer it's better than AusUnit (higher rebates). There was no waiting period except for a couple of items.
Also I was able to join HCF for the same month and get a refund from AusUnity for the remaining period which saved me some $.
I'm considering joining health partners (found it through privatehealth.gov.au). Their Silver Hospital 500 plan seems very similar to my Peoplecare Hospital Cover $500, but the premium is significantly cheaper.
FYI for those that are interested - you can avoid the reduced rebate from 1 July by prepaying your premiums for the next financial year by the end of June. See http://www.choice.com.au/healthinsurancerebate for the full article.
Thanks everyone for all the comments here. I really need to know more about this insurance things. If you have any private health insurance at any level, would that mean you cannot make any additional claim to medicare at all? Or are you practically covered by both medicare AND the private insurance? Can you still go to public hospital?
Most health funds are helpful and experienced to answer questions like the ones above. Depend on the claimable items, some part of services are covered by medicare, some by private health fund and so by both. In short, private hospital cover covers charges while in hospital. There can often still be gap payment for most cases - doctors fee, prostheses gap, so and so. Depends on where you live. While as a public patient, there will be no gap and no charge. Only it is a bit of pot luck and know how to get a good doctor and facilities in public. Also, expect waiting list for surgery. Many are teaching hospitals which trainees perform cases under supervision. If you have private health fund, you are the same as any Medicare holder uses public hospital. Though nowadays, you can elect yourselves as private patient in public hospital, so hospital can claim against your fund and save some taxpayers money. Think you get a free newspaper and join a shorter queue. Check.
Many good surgeons work in public as their contribution back to the society and college. Only is where to find them. Personally, if it is a complex and rare case and/or for ongoing treatment, it is not a bad idea to go public. And if it is a common case, I will go private anytime if choices are permitted, especially elective procedures. Others may share different view.Hope we are all well and stay away from hospitals. Exception is to have babies!!
SAVING TIP: If you are working for a large organisation, check out if you are entitled to corporate rate. SAVE 2 to 7 percent depend on which fund and what was agreed on.
I had been with Peoplecare for a while now. They are fantastic. With the referral programme, if you join before 31 Jan 2014. Both parties can get a $50 Westfield gift card. PM me if anyone want a referral.
If you are prepaying your annual policy, pay it prior to 1 April every year - this is the date all increases take effect.
I am in that lower income range. I took out Medibank once before and requested extras only and no waiting periods. Done. I was seeing a physio often at the time so it worked out well for $20 a month and it halved my physio bill.
I cancelled a while ago and now just jumped on board again. But this time they said I have to take out hospital cover with it. But after two months I can cancel and just keep the extras. But as yet, I have kept both.
I feel like being in private health is like playing on the slot machine at the casino late at night. On the get go your money is taken. You may have a win here and there but on the average you are slowly losing. But you have heard all the stories of big wins, so you stay.
You go home 6am, penniless, thinking that if you had just placed those coins in a high interest savings account, you would have been better off.
Unless you know you will need major surgery within the next year or two and you are willing to join up and pay their high premiums and maybe make a claim or two along the way for stuff like "remedial massage" ;)
And at the end of the wait period for pre existing conditions you decide that you will get that major surgery stuff done…and after factoring excess and gap payments you get a couple of procedures worth maybe $40,000 for the cost of a years premium and some out of pocket expenses :)
even better if your gp will attest to the fact that they are necessary..not just elective :)
Beat them at their own game lol
EOFY is coming up, look for some zero/reduced waiting period deals from a few of the funds. ;)