Health insurance is without a doubt a confusing subject. Wrapping out brains around the language, the rates, and premiums as well as what we should do when we’re hurt or ill is a bit challenging. Though it can be a daunting task, it’s important to educate yourself about this complicated industry and make the most out of what it offers. Let’s dispel some common myths around Australia’s private health insurance jungle.
1. We Don’t Need Private Health Insurance — We Have Medicare
The government might cover most medical services through the Medicare system, but it only covers a certain amount of the cost. Private health insurance gives you a greater choice over your hospital experience — including access to a private room in a private hospital as well as greater control over your choice of doctor and hospital. Without private insurance, you’ll also have to wait to get treatment in a public hospital — an average of 73 days for a hip replacement or 38 days for general surgery.
2. I’m Fit And Healthy
Being fit and healthy doesn’t make you invincible. There’s still the possibility that you’ll get injured, suffer an accident or have a medical emergency. It doesn’t hurt to be prepared for whatever situations may arise. Private health insurance can ease the financial burden you’ll be in where you need to have your tonsils removed, break an arm or leg, or getting ill. You can also access a range of non-hospital treatments like dental, optical, physiotherapy, chiropractic and remedial massage.
3. Private Health Insurance Is Too Expensive
Accidents can happen at any time which could leave you with considerable out-of-pocket expenses. And without an appropriate level of private health insurance, you’re required to pay a Medicare Levy Surcharge. Consider the impact of a health issue that can cause serious and ongoing financial harm versus the range of policies available at different price points. You just have to pick out a policy that matches your income and health needs accordingly.
4. The Costs Outweigh The Benefits
Some private health insurance providers offer more than just plain insurance. Take Medibank’s GymBetter as an example, it provides members with access to a nationwide network of gyms at discounted rates as well as 24/7 access to health advice. So, it pays to shop around to find the best value for your money.
5. There’s No Need To Update My Policy
As our lives change, our health needs also change. So, having the same policy might not be beneficial in the future. It’s worth reviewing your cover regularly to ensure you’re always covered. It’s also a worth checking out new products from time to time. After all, policies don’t adapt to our personal health needs, we’re the ones that need to make the decisions to switch.
