Health Insurance

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  PissLUR on 06/03/2014 - 18:14

  +1

  Is Health Insurance worth it? What are your experiences with or without it

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  mini2 on 06/03/2014 - 18:30

  Keep extras and sign up for health insurance just before you're 30 to avoid the loading.

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  mskeggs on 06/03/2014 - 18:32

  How do you make use of the extras? Would you do better paying cash or seeking lower cost options? E.g. my friend likes extras for a $200 pair of glasses each year. I buy similar online for $15.

  • 

    eclaw on 06/03/2014 - 18:48

    +1

    Dental and optom mainly; the others not so much
    Sorry about the typo, I confirm its actually 23/month for extras = 260 -300 year
    70% rebate, 750 dental + 200 optical so I can get my contact lenses and glasses each year

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  goosegog on 06/03/2014 - 19:05

  Don't let it go - you never know what could happen tomorrow,next year etc. Yes, it costs a lot that you might think could be spent on more enjoyable activities at your stage in life. However should a situation happen when it is needed you will be forever thankful that you had the forethought to keep it. My husband & I are with H.I.F. - they have been great over the 20 years since we joined. Won't bore you with the details of illnesses,accidents that have happened since we took it out but have had IMMEDIATE attention & surgery + ambulance cover to great private hospitals. We pay apx.$130.00 per fortnight for the 2 of us (not each) & some of the ops. would have cost multi thousands of dollars. No waiting time - straight in - sorted - in comfort. Obviously there are a few niggles such as still having to pay to see a consultant prior to any procedure to gain the procedure to be performed ( not in an emergency though - in an ambulance you're straight in ) but if it's not life threatening such as wanting to correct badly alligned feet i.e. bunions, or a hip replacement, then you have to pay to firstly see a consultant but then you'll be in & done almost immediately at no charge as opposed to waiting years on a public hospitals waiting list. Your choice but my advise is to think of the future.

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  goosegog on 06/03/2014 - 20:09

  Hi again eclaw - just checked our payments with H.I.F. -they are $123.40 for both of us per fortnight for gold star hospital cover, ambulance & all extras such as free glasses every year,dental,chiropractic & much more. Just thought I'd give you an update.

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  srhardy on 07/03/2014 - 17:30

  eclaw, who are you with and whats the name of the plans (hospital & extras)

  BEST VALUE extras are AHM LIFESTYLE EXTRAS at $34.95 as of april 1st '14

  CHEAPEST NEXT BEST VALUE is PEOPLECARE BRONZE EXTRAS AT ABOUT $16 PER MONTH, then
  BUPA BRONZE EXTRAS at about the same (get FUNURAL as well with bupa and save 10% on FUNURAL insurance bonus) $16 p/m
  GMF Lite extras at $22 ish…

  BEST TOP GMHBA PLATINUM EXTRAS $65 (10% iff if you have Australian SUPER), then MEDIBANK TOP 85%

  BEST VALUE HOSPITAL is CUA 65% TOP (with $1000 copay limit per admittance), its also about the same cost as the basic public offering at $65 a month. Checkout the CUA HEALTH website. Its 5STAR from Canstar ratings and is the only offering that gets around the $500 single limit for high income earners…

  A (little) cheaper is HCILTD $1000 excess http://www.hciltd.com.au/assets/files/pdf/50273_hci_rates-si… BUT you will need to change to $500 excess when you turn 31 to avoid the medicare loading penalty.

  You can have hospital and extras with different companies, you will rollyourown deal and save if you do. Extras is always 30% (and up) and isnt subject to the HOSPITAL government loading too FYI. You can have more than 1 extras with different providers if you need it, the GOV will pay both too (loophole i checked, just cant claim on two for the one service, but you can use up chiro say with one and then the other)

  Or pay for better extras until your 31 and cancel hospital, or go on your parents plan and pay them the difference. Students are covered by paretns plan until 25 usaly anyway…

  http://www.privatehealth.gov.au/healthinsurance/incentivessu…
  checkout plans and offering here….

  One last pont is GAP COVER, both CUA & HCILTD offer it but some dont and it can make a huge difference to the cost if you use your insurance. Always contact your insurer and get a quote to save money. Your first port of call is always the public system then private if you need it. You dont have to use private if you dont want too and the public hospital may offer to pay excess/gap to use it if you do.

  YOU CANT JUST WALK INTO PRIVATE HOSPITAL AND USE SERVICES AND EXPECT YOUR INSURER TO PAY ANYTHING, MEDICARE REBATES ARE ALMOST NON EXISTANT IF USED THIS WAY… Always go to your public hospital and get refered, or from your GP to the PRIVATE system. Then ask for a quote, gather quotes and compare and remember to call your insurer to see if they cant get you a better deal and save you money too! Then you know your out of pocket expences, make a descion and go forward.

  IMO always get insurance that coveres everything with a high deductable as its rarely used and a low deductable results in you paying the difference on all plans every year instead of as required, which is often rarely (even for chronic hospital users)

  Hospital insurance that saves you money but excludes services are never worth it unless its to save money until you have had insurance 10 years and the loading drops off… Then you get a better policy or bump up coverage to inc everything like cardic ect…

  HIF have some decent offerings BUT read and know the fine print and how much they will pay. They do participate with gapcover too FYI

  • 

    eclaw on 09/03/2014 - 02:15

    Hi Srhary,

    Information overload here haha you've lost me a few paragraphs into your post.
    I'm currently with Medibank - Basic Hospital + 70% extras
    I've been thinking of going Corporate Basic (corporate just means my company gives me 8.3% discount) which puts me at around 224/quarter or 75/month. I've checked out NIB as well and they seem to do it much cheaper at 186/quarter with comparable features.