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GHOSTY

Private Health Cover?

Health Cover  

47 members have voted

  1. 1. Do you have private health cover

    • Yes
      26
    • No
      16
  2. 2. After seeing how it can be utilised, will you look into it?

    • Yes
      31
    • No
      11
  3. 3. Have you ever been hospitalized before?

    • Yes
      25
    • No
      17


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Thought I might share my thoughts on private health cover.

 

To keep the back story short, in a nutshell all my molars (back teeth - x8) need to be crowned because over some years they've been worn down from grinding my teeth when weight lifting and from stress etc. I go to a pretty up market dentist, as a rule of thumb they charge at least 1.5x what a normal dentist would charge, but closer to 2x generally, in return they have the latest technology and blah blah etc. Each crown is made from gold and fully envelopes the tooth and costs around $2,000 each. Obviously this starts to add up quickly, I've already got 3 with 5 more to go. So I looked into getting private health cover to help offset the cost.

 

I didn't really shop around or go through iSelect as I'd pretty much decided to go with Medibank Private as my family had always been with them previously and a quick perusal of what they offer seemed to work out quite well for me, and that's what I want to share.

 

I'm a single (as in "not married") male, 25yo, healthy, the top level of cover with top level of extras cover costs me just under $3,000 a year going off the generic quote.

 

From that $3,000 I can subtract the Medicare rebate straight up at tax time which is about $900, so that brings the yearly premium down to $2,100.

 

I also happen to work for a not-for-profit organisation which gives me an 8% discount, which works out to be about $200, so that brings my yearly premium down to around $1,900.

 

The reason I went with the top level of cover = top level of "extras cover" is because they pay out $1,600/yr towards "major dental" which goes towards my crowns for example. So I plan to have 1 crown down a year. So subtract that from my premium and that brings it down to around $300 already.

 

I also get adjustments done in my back from a chiro 1-2 times a month, and like to go to the physio for deep-tissue massages 1-2 times a month, and the top level of extras cover pays out $750 and $1,000 a year respectively towards both of these.

 

So with just that, the membership has already more than paid for itself + there's still a truckload more stuff I can claim, for example cost towards a new pair of othotics etc etc.

 

On top of this, off the top of my head I think when your medical expenses >$2,500 you can start claiming them against your income tax also (Kez180 can confirm).

 

Most importantly of all though, I've got the best cover available in case of emergency/accident and I wind up in hospital or something horrific etc.

 

So in light of the above, I don't see why more people don't take out private health cover. I often hear colleagues and friends say stuff like "I don't need it" / "It won't happen to me" etc.. but stuff always happens and why sit in a public hospital waiting room when you can have a private suite?

 

Do you have private health cover? Why / Why not? ..discuss...

 

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P.s. If you do want to sign up to Medibank Private and get a $50 Gift Card when you do, simply present this Reference Number - "2313565" :P

david_unaipon_new_50_dollar_note_front_big.jpg

Edited by GHOSTY

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i just signed up last week with health partner- reason being- wanted to get a dental checkup. haven't been since primary school. pretty cheap. works out to be 6bux a week for extras only. might take out hospital cover later on when i get older, but for now its not needed.

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The thing that got me thinking with iSelect and the others where you can remove cover for things you think you won't need (I mean obviously if you're a male you don't need the obstetrician stuff etc), but how do you know you're not going to stack it on a bike and need a hip replacement, or something crazy like that? The whole point of having insurance and spending the money is to cover the off chance when bad luck shit like that happens /2c

Edited by GHOSTY

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i did the iselect thing aswell. got a phone call from them for a good 2 days after for follow up told them to not bother me anymore. health insurance- i guess its one of them things you have to know your lifestyle and take out which cover accordingly. for me i dont do any sport and i consider myself pretty healthy, so i consider myself a low risk to being hospitalize. although i do plan to take out hospital cover later on when lets say i start a family or as such, but until then extra cover suits me best.

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Don't mind asking, How old are you? At what age did you feel you needed health cover? Or did an event trigger you to do so?

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Don't mind asking, How old are you? At what age did you feel you needed health cover? Or did an event trigger you to do so?

 

I'm 25yo, I was under my parents "Family" membership up until my 25th birthday last year at which point I'm too old to be covered by it so had to get my own since they wouldn't be paying for my medical stuff anymore etc.

 

Main reason for taking out private health cover was for the "Extras" cover to offset the crown costs as that's pretty much a guarenteed outgoing expense I'm going to have shell out for the next 5 years, but then looked into how I good get the most out of the money I'd be spending anyway.

Edited by GHOSTY

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Anyone know some good places too look? I am sick of paying 1500-2k+ a year at tax time cause I don't have cover

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I don't have it, I guess I do go with the 'well im healthy' in terms of vital organs afaik.

I was looking at getting purely for the tax-claim as i do remember a TV commercial saying if your making over so much money its good to have health cover? But i never really looked into it further.

 

All i really do have is Ambulance Cover.

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I have mine with Health Partners, saved me quite a bit when I got my wisdom teeth out. Haven't needed it for anything else, but I feel better having it and not needing it, then needing it and not having it. Am going to get some new sunglasses under the coverage tho :)

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Also keep in mind the waiting periods if you are thinking about getting health care and wanting to utilise it straight away as you may not be eligible to until the waiting period is served.

 

antonio: If you're paying for ambulance cover only, you may want to think about getting health care as many covers offer amblance cover within. Not sure how much ambulance cover is per month, but I'd imagine health care (hospital + extras) wouldn't be all that much more?

 

Damo: I think if you're 31 and over and don't have health cover, you pay a certain penalty as well. Can't remember exactly what the policy is, but I'd encourage you to suss it out mate!

 

I'm with Medibank and have been covered since 25, like GHOSTY where I had to move on from family cover. I worked for a not for profit organisation and was able to go on a corporate rate at the time. Not sure if I'm still paying a corporate rate, as each year or two they jack up the price due to the fkn Gov. And this April again :rolleyes:

 

I'm on Bronze + Bronze extras, which was the lower cover. They no longer have that cover, but it's the equilivant to the current lowest one with Medibank, but I got a few bonuses which they don't do now. About $70 a month... Gives us enough cover. Twice a year dental check ups and $200 or thereabouts to claim on optical a calander year. Pretty much all I need for now. For hospital I have sufficient cover, just need to pay an excess for admission *touch wood*.

 

Cheers,

 

Andy

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I have private hospital cover, but that's it. In my case, I've never had a dental issue, got 20/20 vision and despite 15 years of hard running training and the last 3 years of gymnastics/parkour/cheer, no joint issues either. For me, the additional benefits you get from Private cover just don't hold much value.

 

Private Hospital cover on the other hand is enormously beneficial, and anyone who hasn't been able to rapidly book elective surgery will know exactly what I mean. Worth it.

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I've always had it. Ever since i was a little tacker. I wear glasses all the time and have really shitty teeth, so it pays for itself pretty quick.

 

Always shop around for the best deal though. Currently I'm with MBF under a corporate plan.

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antonio: If you're paying for ambulance cover only, you may want to think about getting health care as many covers offer amblance cover within. Not sure how much ambulance cover is per month, but I'd imagine health care (hospital + extras) wouldn't be all that much more?

 

Ambulance cover a year is peanuts cheap, Like $150 for 2years or so, I find it good as atleast a safety net incase something were to go wrong i wouldn't be slammed with a 2k bill to get me to a hospital.

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I stopped getting privet health care,

 

having had two injuries both tendon damage i was worse off with privet health care then i was with out.

 

with privet health care HBC i think it was, i had to wait 2 weeks to get ultra sound by this time my tendon retracted so i had to get surgery for a tendon graft did not get any after care no Physiotherapy. Same injury different part of the body got ultra sound in 2 days pinhole surgery done less then 5 days later and i got physiotherapy after it.

 

with health care i also had to pay up front and wait 6 weeks for a refund. Now i just stick with medicare and safe the money i was spending on health care aside for times when i do hurt myself. As for tax it has not changed to much still earning over 100K and my accountant in fact got me more back this year then when i had health care.

 

 

I do how ever have Ambo cover like Antonio

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I stopped getting privet health care,

 

having had two injuries both tendon damage i was worse off with privet health care then i was with out.

 

with privet health care HBC i think it was, i had to wait 2 weeks to get ultra sound by this time my tendon retracted so i had to get surgery for a tendon graft did not get any after care no Physiotherapy. Same injury different part of the body got ultra sound in 2 days pinhole surgery done less then 5 days later and i got physiotherapy after it.

 

with health care i also had to pay up front and wait 6 weeks for a refund. Now i just stick with medicare and safe the money i was spending on health care aside for times when i do hurt myself. As for tax it has not changed to much still earning over 100K and my accountant in fact got me more back this year then when i had health care.

 

 

I do how ever have Ambo cover like Antonio

 

Interesting story but

1. Having private health cover doesn't stop you using the public system, it's your choice which hospital you go to

2. Why didn't you go see a doctor and get a referral or go to the emergency section at a hospital if the injury was urgent?

3. If you don't have private health cover you pay the Medicare levy, and if you're over 31yo and don't have private health care you're also slugged another fee, you may be misguided about your taxation position..

4. Perhaps HBC was not the best provider for you and you should have sort another provider

Edited by GHOSTY

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1) did not know that

2) I went to emergency

3) I pay the levy, Just work out in front with the money i save not paying health care and i have a good accountant. (Under 31)

4) Went with HBC as when i called the iselect or who ever it was and answered there questions that is who they put me on to.

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I don't have cover, and from time to time I look at the costs and rewards and apply them to my life.

 

I'm yet to find a cover that SAVES me money... for example, a few years ago I went to the physio to help me with a back problem that was caused by my sleeping position.

 

Cover cost was about 2K a year, they would only cover at the time $700 worth of physio, and if I went with an associated private cover I got a discount up front cost. This was the "gap" between my normal payment with any variances sorted out at tax time. Now when I added up the visits I needed (weekly) - discount + cost of cover... the gap would only cover me for about a months worth of visits, then I'd still be down the 2K a year in addition to the rest of the cover needed.

 

In the end I got my problem fixed, sleeping position altered and it cost me under 2K

 

my vision is fine, body is fine, no teeth problems, I'm more healthy now then I ever was outta school and I simply can't find a way to justify the added weekly expense of private health cover on my current wage.

 

I understand for some people that cover works in their favor if they have multiple ways to benefit. I however can't.

 

Other then hospital cover and ambo cover simply for insurance against a bill that would give me a heart attack, I so no need for "extra's" at this stage of my life.

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i dont have cover but i know i need it. when i get a half decent full time job its one of the first things on the list.

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Only got it a few weeks ago.

Never had many issues so its mainly for tax

 

Basic but only cost about $600 odd

Tax it cost me nearly $1000 last year for Medicare. Ambulance was about $100 a year so already saved close to $500.

Don't get much to claim but get a little. Even if I go to the dentist 2x a year saves me another $200

 

So was worth getting

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I don't have it and am not considering it. I won't earn enough this FY to get any tax benefit, I see a doctor about once every 2 years, physio and massage once every 2 years, and dentist once every 15 years, never been in hospital. I will earn too much next FY but with the most basic level of cover, if you did need surgery then you'd still have out of pocket expenses, if you went public for non-elective surgery then you've got no expenses and still get the same doctors.

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I had it for tax reasons but let it slip but now the levy has been increased higher i haven't bothered to get it back. I have a baby on the way now and going public is free but a work mate is on the same situation buy just had it and he was thru private using his insurance and he still owes 6k. In this case i dont see the benefit

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I had it for tax reasons but let it slip but now the levy has been increased higher i haven't bothered to get it back. I have a baby on the way now and going public is free but a work mate is on the same situation buy just had it and he was thru private using his insurance and he still owes 6k. In this case i dont see the benefit

 

If you're on a public waiting list for 2+ years for a procedure and to decide go private to have it done within a month, then private cover gives significantly more options.

Where medical cover is concerned, you should never look only at the life-threatening issues, as they get priority in the public system. It's better to look at the non-life-threatening issues that get you put on a massive waiting-list, or procedures in which you really want a specific doctor for reasons of their reputation and success rate.

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Ignoring the tax thing, if you don't have private health cover you can still be treated privately, you just have to pay the whole lot yourself. So, if you don't see the need to pay $270/month "just in case" you can save up and pay for whatever it is you need done.

 

I have had private health cover forever under my parents but I've had lots of injuries over the years so for me personally it's not an option to NOT have it. 12 knee ops in 13 years plus various other things... But then I know a girl who hurt her knee, wanted to use the same surgeon as me but didn't have private insurance so she paid out of her own pocket and had it done when it suited her.

 

We're on a corporate plan with BUPA through work, it's $270 for both us each month and they pay the excess if either of us go to hospital.

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