I found today that Bupa would increase our health insurance premium on April 1 by 5.4% against a headline rate of 3.26% "on average"
During discussion I found we are paying for IVF ,Pregnancy and Weight Loss Programs to a total of $90.60 per annum.
I am 76 ,wife 74 and sleep in seperate beds.
Should we maintain the coverage or save $90.60 per annum?.
Absolutely not.
This is an unbelievable ripoff for senior Australians
$91.00 is an absolute bargain, most people pay thousands. Id keep it just in case
Premium is per month.. yearly $6190.95
@IanC: Your post doesn't say that, suggest clarifying.
Health insurance is a rip off for younger australiams to subsidise senior australians.
@wiipantz: Very simple to check if a troll post
The figures are shown above.
What figures did Bupa give you when you rang and checked ?.
Very easy to make unfounded accusations
There is also a saving of $342.00 by paying 12 months in advance from April 1.
You can also verify that figure for the cost of a phone call before making further troll claims.
Hopefully someone is in our position and will save in excess of $400.
.
@brendanm: If you could direct me to the institution that pays in excess of 5.5 % pa on a savings account I totally agree
The saving is $342 on $6190.80 ie 5.52%
@IanC: I mean the whole lot. But otherwise, whack it in an index fund. Just not right at the moment.
@brendanm: That is the whole lot.
Anyway agree on the index fund option.
The equally weighted MVW its my preferred option avoiding excessive bank concentration
@IanC: Ok I get you. I simply think your return would be better not getting private health and pooling the private health money to use, if you do need something done, and public can't get it done in a suitable time frame.
Do you get $6k a year back from the fund currently?
@brendanm: absolutely.
At the risk of being denigrated further have hospital costs of at least 20K over the past 12 months.
Had septicaemia last year.. 12 days in hospital. Bed alone probably at least $12000.
As for the suggestion to dump it (not from you) and use the public system, while I can afford it I will keep it.
To pay for nearly 60 years and get out at the very time it becomes useful does not make a lot of sense to me.
Had septicaemia last year.. 12 days in hospital. Bed alone probably at least $12000.
I had a kidney infection last year, 7 days in hospital. Total cost, zero.
@IanC: Things change pretty dramatically if you start looking at joint replacement.
Depending on hospital waiting lists are in the years, and the private hospital fees start in the mid 20ks and go up.
@Jalif: Exactly .. will never drop anything like that even if we are sponging off younger Australians.
have hospital costs of at least 20K over the past 12 months.
I'm sure BUPA will be happy to see you leave but is any other insurer going to be willing to take you and your wife on?
@[Deactivated]: That is the whole point of only excluding a couple of useless coverages and saving $90 pa. and staying with Bupa
Most people have no idea of the catastrophic health events that can occur .
Well, are you going to push the beds together at some point in the future?
Nup, the back seat of the old EJ still does very well thank you very much.
Beds in different rooms so cannot risk another hernia
Or mutual corona virus infection. Heard that at that age it is quite risky.
So you aren't interested in a weight loss program?
i think the odds of you getting your misses pregnant without ivf is unlikely so id defo keep it
I understand the scepticism but you can simple check the rates with Bupa
Top Hospital Plus Gold Extras 75 $ 543.80 per month.
Top Hosp excluding Pregnancy etc $$536.35 per month
Just thought there may have been other senior Ozbargainers in a similar situation who would like to save $90 for the cost a phone call
It’s the repeater tax, aka as the lazy tax
Ian, you dont sound like your 76.
Can't help that.
wish i could be half funny as u. i'm 36
lol
just wait another 4 years
So don't pay for those things if it's an option?
OBVIOUSLY will not be taking.
I would bet that most people of our age have no idea they are paying for this coverage.
Also most would not know that paying 12 months ahead will also save heaps.
Maybe I'm wrong but just trying to pass on a genuine saving for virtually no effort at all.
This is the same with all insurances etc? You should always check what you are actually insured for.
Its easy to say this, but (at least previously) definitions changed, etc.
Oh I got flood insurance. Well the water came from the sky, or the drain, not from the land…
I agree that people should know what they are covered for, but it really should be quite easy that when you hit X age, then they should withdraw IVF & Pregnancy automatically. Its just getting those extra dollars which the Government allows…
It's 2020… This all goes without saying. Troll much?
I wonder if young folk know that their health premiums are covering hip and knee replacements, prostatectomies, inguinal hernias, cateract removals, heart bypasses, etc. etc. etc.
Very valid point.
Some of those conditions can be excluded and save plenty.
However downside is waiting years on Public hospital lists for for certain procedures.
I sure hope they do, I'm not paying for that scam.
During discussion I found we are paying for IVF ,Pregnancy and Weight Loss Programs to a total of $90.60 per annum.
This is likely to be part of the package or "level of cover" that you've taken up.
I don't know the exact details, but if I remember correctly, there's rules stopping the insurance companies from separating particular coverage items in their packages to cater to individual circumstances. It was so that everyone has the ability to get coverage. There are waiting periods for pre-existing conditions, but there are no exclusions. Therefore, the costs coming from having to cover those items end up being factored into everyone else's premiums
You can choose a lower level of cover, but then you might also lose other elements from the package that you might need.
I am 76 ,wife 74 and sleep in seperate beds.
And this is why you need IVF! Science is your only hope of conceiving :P
When is a good age to start sleeping in separate beds, and what was your main reason?
Never wanted t0
Have dreadful snoring problem and bad sleep apnoea and couldn't hack CPAP…very scary for partner but partnership has lasted 50 years plus.
Try the weight loss program on the insurance?
Lol
Had the same snoring/sleep apnoea problem, fixed many years ago by using a very firm pillow with a height of ca. 12cm, which makes it uncomfortable to sleep on the back (and snore etc.) and makes me automatically turn on the side and stop the aural assault on my wife of 40 years.
Thanks.
Tried the mask for 6 months but made no difference
Looks like Aldi may have the solution for you, Ian. Hope it works and you get to move back into the missus's bed 🤞
Shouldn't you be on the Public Health system……
At your mid 70's, if you have not bothered to look after your health - why are you bothering now
wont attempt to r respondi to the "not bothered" insinuation.
and not my neg
Why are you with BUPA when there are health insurances tailored specifically for people over 50 which include things like :
Does not include:
Is BUPA cheaper than say, APIA?
60 years of habit.. will look at alternatives
Loyalty - sadly an old fashioned concept.
It's a two-way street; they will not show you any loyalty, so you don't need to show them any.
Same thing for the modern employer.
1) check your coverage more often! Its your money but they will let you insure and holden at the same price as the BMW if you will pay it!
2) you dont need to have extras and hospital with the same company. you get no discount for this! also dont confuse hospital with extras, hospital is optional as you have the public system but extras are for things the government dont cover!
you get 40% off health insurance, its too good to not have now. get the virus, you can go private and you might live, go to a public hospital at your age is a waste of an ambulance
checkout EXTRAS on the government health site www.privatehealth.gov.au & choose a hospital plan that covers your needs best… 6k is a whack in anybody's book
Thanks .
Very good summing up
2) you dont need to have extras and hospital with the same company.
I’m exploring PHI options at the moment and hadn’t considered this. Thanks for the tip.
Hi there Ian C,
We were with another of the high charging rip off health insurers, and went to a better and much cheaper Fund.
We went to one fund for hospital cover, and another one for extras, and it works very well and covers all you needs, at a pensioner age, at a much lower cost.
You need to check that you have access to which private Hospitals, and watch the waiting times when you are changing funds.Dont worry about any allegience to the big ones, its all rubbish.
Give BUPA, & Medibank the flick, as they are both in the business to make a profit for shareholders, and you as a subscriber are continually being ripped.
Thanks
What's your policy plan number and do you have existing conditions which another health fund might not cover you?
The policy plan number will be attached with your annual email or some sort, telling you coverage and the cost.
I'm trying to help by knowing your circumstances and punch in here to see other options
https://www.privatehealth.gov.au/
Of note is you mention "extra $90.60 per annum" then say that's per month in your response. Can get a bit confusing for us …
Sorry for confusion about the $90.96 saving bit.
The Summary Cover reads ..Top Hospital-Gold with Top Extras75
Current Premium $515.90 per month
New Premium $543.80 per month.
I am naturally looking at other funds.
Would appreciate what you can find I you are happy to do so
Do you have existing conditions, and what have you claimed in recent years? Existing conditions are hard to transfer over to new funds.
I don't want to jump into conclusion what your health condition is like at 70+. You could still run a marathon. However I reckon gold hospital cover probably will provide you with peace of mind, just my opinion not advice. With the extra, I reckon you focus on what you actually use rather than what you don't use. Your plan covers a lot of treatment and you singling out IVF and pregnancy don't do justice in your comparison (although I now get where the $96pa comes from)
By your needs, also include your partner's needs.
And with policy it depends on the state you live in too.
Hi,
We have massive medical problems between us and very afraid of jumping ship to another fund.
Going Public is not an option.
For example had already reached Medicare Safety Net threshold by mid Feb with regard to out of pocket expenses to give you some idea.
Last year while waiting for a procedure in hospital I was appalled by the number of people being told "sorry your fund does not cover this procedure and you are up for $400", even though they thought they were fully covered.
Many thanks for your reasoned and sensible comments.
Ian many people accused you of trolling because it’s a fairly obvious solution - shop around.
Staying at Bupa and complaining about the pricing structure, when there are dozens of funds tailored to seniors makes it a bit of a pointless post.
Let us know who you go with because clearly Bupa Top cover is a poor choice and not tailored to your needs.
Hi Skramit
The whole purpose of the post was to alert anybody out there who was as foolish as myself in not realising they were paying far more than they needed to.
Maybe i'm wrong and every single Bupa policy holder is way smarter than me..then so be it. Still not a pointless post in my humble opinion.
How the trolling accusations (by definition) fit the post is way beyond me and I will just accept the ridiculous assertions.
Trolling. The art of deliberately, cleverly, and secretly pissing people off, usually via the internet, using dialogue.
Anybody with Private Health Insurance is foolish enough not to realise they are paying far more than they need to.
Are you suggesting everybody should go Public?
No. People should still have the right to choose Private. But absolutely no public money should go toward subsidising profitable insurance businesses.
The money (paid in rebates/subsidies) should be spent on improving the quality of public healthcare for the all of the Austalian public, not just high income earners that can afford private cover.
The whole PHI system is a ponzi vampire scheme that relies on drawing in new young victims, charging ever increasing premiums, reducing what can be claimed and increasing gap payments.
The whole "industry" is in a death spiral and will collapse within a few years, without more taxpayer dollars to prop it up. 100,000 people per year are dropping private "cover" because they know it is pointless.
I am 76 ,wife 74 and sleep in seperate beds.
I am just curious as to why sir?
Also have you been spelling seperate like that for ~70 years?
Read above for the first part. Not many have the curtesy to read the entire post
Yes have been making that spelling error all my life.
Profuse apology for the spelling error .
Thanks for the great contribution.
You might have Alzheimers pops go see a GP. Could even be dementia. It's only March.
a plus and kisses for you too
Ask them for refund on how ever long you've paid it since menopause. Then invest the money and use the returns to offset the increases.
Another fantastic suggestion.
I will plus you for that one… great idea
Such a shame someone took the plus away.
Never mind will create a seperate account and plus you again
Your wife and I also sleep in separate beds.
Wow another great effort
Plus for you too
yes!
IVF pregnancy at 75 plus ….. not a good idea
Delete this crap
Good idea as 90% of the responses fit your description.
Plus for you
troll?