annqldau

So...

Private Health Insurance who's got it & who hasn't and is it worth it???

What's everyone's views?

And who know's how this 1% thing works once you hit it... does it make it more worth while to have private health insurance as you are paying 1% anyway?

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Mandy&Cliff

Bump. The 1% surcharge kicks in once you have a taxable income of 50k and over. So for hubby and I we have to pay $500 dollars each as we don`t have private insurance. Unless we can get our individual tax claims to reduce our incomes to under $50k. Creativity is the name of the game. Did some rough calculations of buying health insurance V paying the surcharge... For us, bearing in mind that when you do utilise private funds you are often up for an excess on the care episode, we decided not to opt for private cover. Any thoughts on this issue would be great to hear.

annqldau

So if you had got the private health insurance and it came to say $3,000 a year would your 1% have gone towards that instead leaving you only $2,000 a year to pay?

NickyC

We have it because it costs us less to have it, than it would cost us to pay the extra 1% Medicare levy. We only have the most basic hospital cover which is quite cheap (comes with an excess) and designed for people trying to avoid paying the 1%. Most funds offer a basic, cheap Hospital plan like this.

Don't forget that just because you have private hospital cover, you dont have to use it. You can still get things done via Medicare if you wish. We've never used ours (touch wood) but it's a useful thing to have in the event of an emergency.

We also have private Extras cover which is worth its weight in gold. Having Extras cover has no effect on the Medicare Levy but if you have kids and teeth it's worth it.

spalen

I pay the 1%

Opted for mediban private with top extras package I cold find.

It cost me 600$ for 1 year after taking into account the tax rebate. Dental cover with no waiting period this year is 300$ - so we've used that, next year it goes up to a few K$ for dental - im sure we'll get more than 600$ use out of the policy to make it worthwhile.

Example : Went to dentists - it cost 170$ - medibannk private paid 105$ out of that. Bargain.

TillyG

We have it as we're on a 457 visa - unfortunately it means we get charged as "overseas visitors" though so the premium is steep. We pay $416 per month for the top whack policy (hospital, extra + OBGYN stuff, just in case!). We don't use anywhere near that much per month but it is reassuring to have it there. Also, we worked out that DH used to pay more than the GBP equivalent of $416 in NI each month so for now we're happy to pay it.

Sandra

Ok basic idiot here....Insurance freak...with a need to be covered

I have family of four costing about $350 per month to cover it all. Private medical and extras. (In NSW you possibly need private medical to cover ambulance call out $1000+ a pop, unless you pay another way).

I did it because I like to be covered with the just in cases that might happen. I had the same level of care in the UK and never used my company cover because the NHS sorted everything free of.

Here in Aus, I need to pay out for lots and lots of things, my private cover is my back up, when Medicare says no, I check my private cover......when that says no I pay the difference.

So I am currently paying 350x12 = 4200 per annum
Saving myself on the Medicare levy (income dependant) approx 1500

On my cover I get refunds for teeth care and eye care as standard. With a family of four we use this teeth bit and with me being the only specky four eyes - but I love the $250 off my glasses each year.

As a woman of 42 now I love the protection that my cover gives me if I need a female op. I had a D&C for fibroid for free, I possibly need more ops, I love the protection the cover gave us when hubby has skin cancer (all treated for for now on Medicare with paying fees) but if we have to use it!

I also have seen the figures on this site so I give you mine..... take my 4200 per annum and not need any help for 10 years! You have 42 thousand!!! Spend as you wish.

My advice...........check out the policy..then check it out again, make sure you can claim and claim some more, teeth, eyes, massage, holistic, gym therapy, feet....get the claiming bit?!

At 42...I love the protection of my policy....but on small print reading I just might have to die on Medicare or be back in the UK on NHS cause none of the buggers want you when you are really ill.

annqldau

LOL...thanks a lot that was very informative and liked the if I pay $4,200 per annum and if dont use it will have 42 thousand to spend as you wish ... but then that's only on health still which they may or not cover. Said to husband by time you buy life insurance, critical illness and medical you are better off ill or dead than fit... :scared: :scared: :scared: . Will read your figures again properly and weigh up pro's and con's.

I want to have plan with the plan that costs the least and gives you most but i'm sure like anything in this world it doesn't exist.

JaneandJim

You'll need to decide quick if you're going to take it. After you've been here a year there's a 2% loading on your premium for every year you are over 30. Take it out before a year's up and you don't have to pay the loading.

We didn't bother taking it. I'd rather have the money in our bank account and pay for anything if necessary. I had a scare last year and was booked into hospital straightaway on Medicare so thats good enough for me.

Jane

TillyG

I was tempted to do that but I was worried that we'd end up dipping into it


PS - hope you're fighting fit again now

chels

The medicare surcharge will cost me more than the premiums for basic health cover, so I have to get myself organised and arrange it before the tax year's gone again and I find myself having to pay the effing surcharge again.

JaneandJim

We have a flexible mortgage account so everything goes into that so we pay less interest. We can redraw when (and if) necessary.

I'm not sure that there was anything wrong with me, just some iffy test results but they erred on the cautious side which is very reassuring.

Jane

brisnick

I have it to avoid Medicare Levy Surchase. It works out cheaper. Have never used it, only used Medicare. And I took it out now (even though I don't think I need it) to avoid the 2% loading.

If you have to pay the MLS it makes sense to take it out, and no sense not too, as payments are generally less than MLS.

JaneandJim

Only if you take it out within a year of arrival or you haven't hit 30 yet. I did the maths and it was going to cost us more. (Jim is 42.)

Jane

jad n rich

We have it few reasons.

1. Our health insurance costs less on a per person basis then it does to insure our car. I value my family more than my car.

2. Mr Howard considers us a high income earner so will be screwed for extra tax if we dont have it.

3. Do some work for a group of medical specialists, bit of an eye opener re wait times, far too many people dont realise the wait times for many things are grim. I've said this before and as always the goody gum shoes denied that could be the case here. Make your own mind up, ask some questions or do a search for Queenslands wait times for cancer patients.

4. Get quite a lot back on dental anyway. Our plan gives us all 2 annual free exams and cleans, that alone is worth $110 each.

If you do take it tho, study how to make the most of it, read the 'Gap' and members choice specialists and hospitals who charge less.