Is it Cheaper to get Private Health InsuranceWould it be cheaper to take out private health insurance?
Far-reaching reform of the private health insurance system
Recent coalition statistics have confirmed that more than 13 million Australians, or more than half of the country's total health care workforce, have some form of private health insurance. More recent studies show that 80 percent of health insurance members value their insurance because it gives them security: trust that they have acces to health care when and where they need it.
As health care is a heated campaign topic, health insurance will be at the front line of many people. However, health care expenses are still rising and the main problem for health insurance members is the affordable nature of premiums. Nearly half of all Australians with private health insurance have an average of less than $50,000 a year.
You really need private medical insurance?
Just good health surpasses everything, but here are a few other pretty awesome reasons we think having private health insurance is worth it. Let's be honest: health care is not inexpensive. To go to the infirmary is already stress enough, without having to fear if it will breach the bench. What's the price of this place anyway?
If you are not well or in a state of agony, even 24 hrs can look like a life. Here is how long you may have to wait to get treatment in a government clinic. Private health insurance allows you to prevent long (and painful) waiting times in hospitals by opting for a private clinic.
You can make sure you go to the infirmary if it's best for you. Australians are quite eager to have private health insurance to relieve the burden on the state system (read: Your purse might be suffering if you don't). Here's how they like to give you a little boost:
You will be subject to at least 1% additional tax if you do not have $90,000 per year in medical insurance. While you may think that you are too young to need medical insurance, if you keep it until your later years (over 31 years to be precise), you will be stabbed with Lifetime Health Cover Loading.
Generally, it means that if you choose to take out coverage, you could pay more for up to 10 years. You still don't think you need it? Don't worry, but remember: while the government of Australia is covering some health costs through the Medicare system, private health insurance provides more choices.