In Which Cases Is It Not Worth Paying for Private Health Insurance in Australia (for Australian Citizens) ?

wisdomtooth on 29/05/2023 - 12:13

A while ago, the only point of paying for private health cover was for aromatherapy and private rooms in private hospitals (glorified hotels, basically), but it seems the rules have changed. Including for children! Is it now a requirement for basic cover?

Financial Health Insurance Insurance

Comments

      • taradavey on 30/05/2023 - 15:00

        Bicep tears give me nightmares haha. And definitely agree, when it comes to things like that waiting can cause really bad outcomes.
        Glad yours has healed well!!

        • wisdomtooth on 30/05/2023 - 18:17
          +1

          Bit, wait… Not buying PHI does not necessarily mean waiting in line in the public system. Question is whether the ENPV of PHI is positive or negative (for you) in relation to self funding, not to waiting.

  • pdperth on 30/05/2023 - 11:16
    +2

    Get rid of extras. They cover less than 30% of major dental and provide minor returns on most other stuff. I would keep private hospital cover. If you need a major job done, like ablation for afib for example the cost is $38000 or for a pacemaker $24000. A relative had a pacemaker put in within a week, he paid about $500. If you can afford it do it I think. There are probably other things you are better to economise on?

    • reactor-au on 31/05/2023 - 09:23

      I agree extra covers for singles and couples usually only gets you what you put in, I think for large families it's different because I think the more you buy (the more members) the better the discount on the insurance (could be worong about that though).

      • Stoozer on 09/06/2023 - 09:23

        Kids don't pay for insurance, costs the same as couples regardless of how many kids are included on the policy

  • Kipod on 19/08/2023 - 21:36

    @YesPleaseThankYou
    I've just joined Bupa with the 6 weeks free promotion + no waiting period for extras. If I churn insurers after the 6th free week, will they honour the no waiting periods? Or will the waiting period continue at 10 weeks (as Bupa's promotional 6 free weeks kick in after first 4 weeks)?

    Thanks

  • fozzie on 28/09/2023 - 00:31

    I currently only have extra cover. We pay about $950 as a family. We get 8 dental check ups for free. They would cost $1200. Cashback for massages. Free glasses. $300 back for the gym. Looking into possibly getting hospital when our threshold will be above $186k. We salary sacrifice up to the max each so that doesn’t make use hit the higher threshold. I’ll get the hospital once we go above.

    • BigBirdy on 28/09/2023 - 06:45
      +2

      Super contributions, incl salary sacrifice, are included back in your income for the threshold calculation
      https://www.ato.gov.au/Individuals/Medicare-and-private-heal…

      • fozzie on 28/09/2023 - 11:32

        Thanks, silly me for thinking that wouldn't count. WIll look into hospital cover

        • MITM on 28/09/2023 - 15:57

          $300 back for gym ? Which PHI/extras gives that ?

          • fozzie on 28/09/2023 - 16:07

            @MITM: $150 each. Teacher health fund (you need to get doctor to sign form).

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