I realised a pattern about my private insurance that I am not using 75% of the extras with Medibank. I approached and they are not willing to give me other options. Only option was to reduce by one level which is not going to make a major difference the premium.
Are there companies which provides the flexibility to pick and chose the ones based on our need?
I used to work at a large health insurer and this was the advice one of the actuaries gave me, get whatever cover you need for tax purposes, if you want to pick your own doctor for having kids then get good cover for that when needed (but the public system is fine for childbirth, it's how most children are born), then get gold plated healthcare when you're 60.
Extras aren't ever worth it unless you're clearly know you're going to use them for expenses that already exist. Finding ways to spend it (i.e. new glasses every year when not needed) is just spending money that doesn't need to be spent.
I've always had extras for dental as require a bit more care (periodontitis) but ever since the cover/rebate for dental changed 3-4 years ago I find it almost not worth it as I'm out of pocket a significant chunk each visit anyway!
Will have to revisit the sums and possibly just budget for dental and bin extras altogether. Optical is the worst IMO, as mentioned who needs new glasses every year?
Check what they're charging you per code too and do a bit of a google. A lot of places put them online these days and you can compare how much it would cost to just go somewhere cheaper and get it done. For example, here is Bupa's price list - https://www.bupa.com.au/-/media/dotcom/files/adf/2023-2024/a…
Might be worth looking at HIF for insurance too. Their top extras policy is pricey but pays out $1,500 on major dental. Not sure what they cover under major dental though, I'd call them up and check the rebate on the specific codes you use. As you said, the rebates and coverage changed so you'll need to look at what you're out of pocket.
If you're a regular with a dentist you could also try and negotiate with them. Fees aren't fixed and they know you can go somewhere else.
Wise advise. Thank you.
Agreed. We dumped extras and went gold hospital. Have had much better use of it and greater ROI tbh.
You didn't use it all before new years? My old housemate was on the top tier Medibank throuhg his rich parents and his gap for massages and shit was like a few bucks. Got sunglasses and all sorts with it. I mean the gap was also paid by his rich parents. His dad owned a large share of a large medical practice. He ded now so I guess he owns a large share of a large medical practice now and he can stop faking interest in medicine
doubt
At the end of the day the government held system is a government system. A private system is purely devoted to healthcare, and making money, but a government health system is its own unique beast. For most people it may be fine but for many people that beast isn't there to serve their health needs first. Better than nothing, but nothing is what a lot of people get from the public system for their real health needs.
And like you say, if the public system isn't good enough for your kids, why should it be good enough for you and me?
HCF does flextras (flexible extras)
Good, useful advise.
Same with BUPA, you're able to choose specific extras.
I spoke with Bupa, they have a cover to chose 4 extras. I found the difference wasn't that much
And AHM. Their year is july-june which comes in handy if you switch
You didn't use it all before new years? My old housemate was on the top tier Medibank through his rich parents and his gap for massages and shit was like a few bucks. Got sunglasses and all sorts with it. I mean the gap was also paid by his rich parents. His dad owned a large share of a large medical practice. He ded now so I guess he owns a large share of a large medical practice now and he can stop faking interest in medicine.
I m with Medibank and the corporate program combines all extras as a lump sum which can be used across services. Hopefully this gives you an idea
I had a look at this:
https://extrasjar.com/health-insurance/
I think there is some HSA - Health Savings Account attached.
https://hsa.extrasjar.com/health-savings-account
I still really don't understand Extrasjar (and have stayed with HIF Extras) but I guess it is more like a savings account that is dedicated to Health.
It may suit those seeking a structured financial way of saving towards "Extras" coverage.
It is the only product I found that is an alternative to the conventional Extras offerings.
https://www.bitemagazine.com.au/extrasjar-an-alternative-to-…
You might want to consider getting hospital cover + extras with different providers. That's what I've done for years. We chose BUPA (hospital cover) and NIB (extras) because it best meets our family's needs. With NIB extras, we get unlimited general dental and $250 optical per year, which we used up for no gap specs and contact lenses. Shop around to mix and match your needs.
I never thought about this option. Thank you.
Just gone through this and we about to drop extras completely and only continue with hospital cover. It's not worth it for the occasional physio use and replacement eyeglasses and twice yearly dental cleans… We will be putting the difference in premiums aside in their own ynab budget line and hopefully this builds for long enough before we need to draw down on it..
Just my 2 cents
Unless you have a family i'm firmly in the minimal private health cover bracket (no extras) for tax minimisation purposes.
You rarely end up ahead given the number of deductables etc and they prey on the "what ifs" when in reality our government health system is actually quite decent.