Hey guys, wondering if I should get health insurance and if it would be worth it. Im 22 at the moment and the only issue I have is that I have a bad back. Apart from that only thing I'd use is basic dental.
I've never had health insurance before and was wondering if it would be worth it to cover if I started going to the physio regularly. At the moment when I go I pay about 90 a session.
I understand that when I sign up I won't be able to claim for a certain time period but I don't think my back issue will be going away soon. Wondering what are your thoughts on this as I have no idea on this issue.
Should I get Health Insurance?
ClintonL on 13/09/2016 - 09:21
Comments
The value proposition of private health insurance is pretty tricky and it changes depending on things like your income (MLS) and age (LHC).
IMHO I get very little value out of it compared to what it costs me - but that is true of most insurance.
Yes, and you don't have to pay MLS (Medicare Levy Surcharge) unless your taxable income is over $90,000.
If you earn over a certain amount and don't have private health insurance, you may pay an additional Medicare levy surcharge of 1%, 1.25% or 1.5%
I should have included something like
"it also depends on how much you need medical assistance"
Unfortunately, like most insurance, the system needs most people to contribute but never claim (or claim very little) so the few people who are always sick or have very serious conditions can be covered.And the system is paying for a lot of middle men (insurance companies and their employees and shareholders) and a lot of health practitioners to provide "extras" and services that there would otherwise not be a demand for.
I give my health insurance extras a good workout. I try and use most of my allowance as much as possible, mainly for preventative maintenance. I mainly use mine for Chiro & Physio & also remedial massage for my on and off back pain. Being single and young the health insurance aint going to cost you an arm and a leg and it gets expensive as you get older. Insurance is there for peace of mind just in case and saved me from being out of pocket by 20K in one of those emergency times. Anyways, look up AHM or HCF as I feel they give better returns than any other insurance companies out there. Trust me, you will feel its a waste of money until you see the hospital bills and thank your stars that you had insurance in the first place.
I know this is an old thread but I'm looking at health insurance myself and need one that's got a decent return on chiro, possibly physio, optical maybe once every few years and dental, have you had any luck since you posted in finding a decent health insurance company?
Are you looking at Extras cover or Hospital Cover or both?
The Extras cover, IMO is not worth the money unless you use the services regularly. If you do use it regularly, work out how much "rebate" (usually 60 or 70%) you'll get for the services, multipled by the number of times you go each month - then look at the premium you need to pay. If the amounts are about even, then it might be worth it since you're already paying that amount directly without insurance.
Taking insurance at a similar cost means that you could potentially use the other services without any real additional cost.
Hospital Cover is a completely different story - this is where you must weigh up the cost and the risk/likelihood of you requiring their services. Even then, you must read up on what's actually covered. There's not much that you can get with private insurance that you can't in the public system - especially for someone like yourself who is quite young and presumably healthy.
Your back problem - there's a possibility that it could be classified as a "pre-existing condition" and may be excluded. Check any potential policy PDS' to see what it says about it.
I have both types of cover myself, but it's for tax purposes more than for "value".
Keep in mind that insurance companies exist to make money.