In Queensland, private health insurance provides room for you to be taken care of in a hospital as a private patient.
Also, there’s every chance that your health care cost will be paid for, which does not cut across your Medicare, such as physiotherapy. How much it costs and what it covers is dependent on your policy.
What you must do to get your private health insurance:
- Purchase a policy from the right, and a registered health insurer.
- pay for regular premiums to remain covered.
Article Road Map
- Advantages Of Private Health Insurance
- How To Save Money On Your Health Insurance In Queensland
Advantages Of Private Health Insurance
1. Heath cover and choice would be increased
When it comes to your policy, private health insurance pays most or virtually the costs of:
- Your treatment in general or private hospitals as a private patient with the doctor that you choose.
- Services rendered that are not documented under Medicare such as physiotherapy, dental and optical.
Private health insurance may also help you gain access to some hospital services efficiently.
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2. Pay reduced tax
Purchasing private hospital cover may also mean you won’t have to pay the Medicare levy surcharge.
The Medicare Surcharge is a levy of up to 1.5% of the taxable income of individuals who:
- do not have private hospital coverage
- earn income above a certain level.
3. Get reimbursed for private health insurance
You are eligible for Australian Government private health insurance reimbursement if:
- you have private health insurance that provides hospital coverage, general treatment coverage (“extras”), or both
- your income is below a certain limit.
You get the refund as:
- reduced insurance premiums through your health insurer, or
- an offset on your annual tax return – this reduces the tax you have to pay.
Who can take out private health insurance
You are not required to purchase private health insurance, but you can choose whether you want coverage for more healthy options and services.
Most insurance is rated according to risk, for example, car or home insurance. Private health insurance has a community qualification. It means:
- everyone pays the same price for a particular policy
- a health insurer cannot refuse to insure you or sell you the policy you wish to take out
- You are guaranteed the right to renew your policy.
Some other healthy tips you might like:
How To Save Money On Your Health Insurance In Queensland
1. Make sure you pay only for what you need
Some consumers prefer to be covered for all eventualities, but that level of coverage certainly isn’t cheap, nor does it make sense to pay for things you don’t even need.
If you’re 20, do you need coverage for hip and knee replacements? Chances are you won’t need that level of coverage for a long time. Similarly, there is no point in paying for things like IVF and obstetrics if you are in the mature phase of life.
Also, take a look at your extra coverage. If you don’t like alternative therapies like acupuncture or naturopathy, don’t pay for them. Take stock of your current policy and make sure it meets your needs.
2. Buy in March and June
March and June are typically the busiest months of the year for Australians looking to purchase a health insurance policy.
Premiums typically increase each April, so many policyholders look for a better deal in March to try to “beat the April 1 price increase” (as noted in tip #4).
June is the other peak period as many future 31s desperately seek shelter before being stung with the burden of Lifetime Health Cover (LHC) kicking in for 31s without a health insurance policy from July 1.
It can be very beneficial to shop during one of these peak hours, as health insurers try to win over new customers by offering a variety of bonuses and incentives to new customers.
3. Get insurance before you turn 31
If you don’t already have private health insurance and need it, seriously consider getting coverage before you turn 31. Otherwise, you will have to charge Lifetime Health Cover (LHC) in addition to your premium.
For every year you delay getting private health insurance after age 31, you will be charged a 2% fee on top of your premium. Since the LHC charge lasts 10 years and peaks at 70%, you may want to avoid this cost altogether.
4. Pay in full before prices go up
This will hurt your pocket at first as it is a lot of money to spend But by doing so you may be fighting for a bargain.
Paying your premiums a year in advance before the April price hike essentially allows you to keep your premium the same as the previous year.
You can even get a discount, with some health insurers offering up to a 4% discount if you pay for your coverage a year in advance.
5. Ignore registration benefits
Sure, theme park tickets and fitness trackers are alluring, but if you look closely, they may be masking a policy you don’t need…or can’t afford.
6. Remember to pay your premiums by direct debit
There are health insurers that will reward you for paying for your health coverage by direct debit, offering you discounts of up to 4% on your premiums simply by allowing your payments to be made automatically.
7. Save money by staying fit
If you’re a bit of a gym buff, it might be worth considering a health fund that rewards you for your lifestyle. Some health insurance funds offer reduced premiums if you continue to take steps to improve your health; there is an incentive to go to the gym if I ever find out about it.
8. Find out if you qualify for a business fund
Some companies offer corporate health insurance, which could mean significant savings for you. Some offer their members exclusive discounts and benefits, such as lower premiums for a higher level of coverage, or even free gym memberships.
We hope this post has offered insight into health insurance tips in Queensland.
Do well to drop further questions in the comment box.