Hey guys,
I'm 41 and seem to be spending alot of cash on chiropractors and the like these days. And haven't got around to my dental checkups/cleans yet. Was just curious if it's possible to break even/come out in front with extras only private health cover or does 'the house always win?
Cheers
Don’t you know most are ‘not for profit’
Just massive annual bonuses…
Yes, I'm.sure the poor CEO's and management are taking home a pittance 😂
I’ve been curious myself…
Looking at a low end HBF extras cover its around $370 a year and would give me $200 (lump sum) towards optical and $800 towards chiro, physio, massage etc (that is giving 50% off per visit)
Given i spend much more then that yearly on these things it would seem i would be in front if I purchased it,
And yet, i still question it haha.
I recently switched to HBF because they pool most of the caps into one pot from NIB which split the funds into a dozen categories making it much harder to use. I think there are a couple of schemes that do this but theirs looked the most appropriate to my needs.
Yeah when the numbers come out in your favour it's like wait what's the catch haha
Exactly, and I’m yet to work out what it is haha.
I have had the page open in a browser for months and am hesitant to pull the trigger haha
Extra's is like the casino…the house always wins
Yes it's pretty trivial to make it back and pretty easy to calculate.
I am on ahm extras, pay $200 a year with no tax breaks.
2 dental visits a year would cost me $500 or so but are covered by it.
I also get physio for $200 covered by it.
Also had 2 uses of ambulances for $1000 each.
So yearly I make at least $500 profit from it, toss in the ambulances and closer to $750 assuming I don't need an ambulance each year.
Very simple to calculate whether you're ahead or not.
Yeah you're right. It appears the extras isn't bad value if you're using the allied services anyway. Seems to be the hospital cover that skyrockets the cost.
What sort of profits are these insurance funds making every year?