Home insurance Should You Get Private Medical Insurance in Australia?

Should You Get Private Medical Insurance in Australia?

Getting sick can really put a drain in your pocket. Hospital stays, doctor consultations, medication, and therapy will cost a significant amount of money, which is why aside from avoiding getting sick, getting medical insurance is a must.

While those who are young or who are health buffs can easily say that they do not need insurance or, at worst, that these things are nothing more than a scam, data shows that you will be able to save a lot of money in the long run if and when you do get sick.

Australia has one of the best universal health care systems in the world, even better than other countries like Canada, the United Kingdom, and the United States can offer.

Medicare, the public healthcare system of the country, as well as the Pharmaceutical Benefits Scheme, are available to all Australian citizens or permanent visa residents, and these are paid for through your taxes. Still, you may find that these benefits are lacking, which is why you may opt to get private coverage on top of this.

Here are the reasons for why you should be getting private medical insurance in Australia, regardless of your age, health, or social standing.

Your Salary is Too High

While public health care is available in Australia, the government actually encourages its residents to get additional coverage. In order to do so, the country imposes a Medicare Levy Surcharge, where in additional taxes will be imposed on individuals that earn a certain amount but do not own a satisfactory private health insurance coverage based on your earnings.

Those who earn more than 90,000 dollars a year may spend up to 1.5% of your income as additional charges on top of your usual contributions as part of the Medicare Levy Surcharge. As such, it would be much better to get additional insurance rather than pay for these additional taxes.

You Want Top Priority

Waiting around in a line can be a pain, especially if you want to get treated quickly. If you want to skip the queue of public health care, then it would be much better to have private coverage so that you do not have to wait around for weeks or even months for your schedule.

While Australian public health care is known to be quite efficient, it is a sad reality that many are availing of these services. With private coverage, you can jump ahead of the line and pick hospitals and doctors that can look at your more or less at your convenience and not the other way around.

You Are Getting Older

While you may think that you would not need medical coverage at the age of 30, this is actually a good time to get covered. In fact, the earlier you purchase private insurance, the better.

Upon reaching 31, premiums will get more expensive for each year that you are not covered. In some cases, this can reach as much as 2% every year. Of course, you should check both your physical health and your needs as covered by your insurance of choice. In this case, not being able to maximize your yearly insurance coverage may prove to be a valid reason to not get insured in the first place.

You Want More Options

As great as Medicare is, not all types of treatments and services are covered. Ambulances, for one, are typically not covered, and so are home nursing and some elective surgeries like non-essential cosmetic treatments or non-basic dental services.

Public health care is also limited to public hospitals and doctors, and while it does cover general practitioner costs as well as a high percentage of specialist costs, you may find that Medicare is a bit constrictive.

Not only will private medical insurance give you more options, but you may also be eligible to get more discounts for eyewear, more advanced dental procedures, and even massages that Medicare may deem to be out of its scope.

If you would like to get treated in a private hospital with a doctor or specialist of your choice and you feel that Medicare will not cover these expenses, then private medical coverage is the way to go.

What Type of Insurance Should I Get?

Australia has dozens of accredited insurance firms that over private medical insurance to both Australians and non-residents. They are capable of offering thousands of different types of products and policies to choose from.

Costs will depend on your age, health status, as well as the amount of coverage. You may also have to shell out extra money for additional coverage such as for ambulance coverages, coverage for additional treatments, coverage for laser eye surgery, and priority service. You may choose which one suits you best based on your possible medical needs, or you can simply get one that suits your budget.

However, if the reasons above are not applicable to you, then know that Australia’s public health care system is, under regular circumstances, more than enough to meet your medical needs. All you need to do is sign up for Medicare and get your card, and you will already be covered. You may check the Australian government’s website for information on what Medicare is all about, who is covered, and how to enroll.

Conclusion

While Australia’s public health care system is quite appealing, it would not hurt to get additional coverage. In some cases, this can even help you get more savings, especially when you are sick or simply taking advantage of your coverage by availing of products and services that can help improve and maintain your health.

Getting additional coverage by getting your own private medical insurance can be a very big decision, but being able to shop around for the best one and being able to use it to your advantage can really be a great way to get some savings in the long run.

In any case, ensure that you still have savings tucked away as both Medicare and private coverage may not cover anything and everything, and having a rainy day fund will ensure that both your health and financial status will remain in good standing even in cases of medical emergency.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Understanding Medical Law – What is it About?

Medical law is a type of philosophy that is often misunderstood. Is a medical lawyer a doctor or a lawyer? What is...

Medicare and Telehealth – Are You Protected?

Medicare is the foundation of the Australian health care system. It is used to help covers for the cost of healthcare among...

Can I Sue My Doctor for Malpractice? What You Need to Know

The main reason for going to the doctor is to seek treatment for any condition that ails us, or at least to...

8 Types of Medical Doctors – What Do They Do?

A vast majority of us have a family doctor and, if we are lucky enough, they would be the only one tending...

Australian Health Care System: An Overview

Living in Australia certainly has some advantages, and access to good quality health care is definitely one of them. Australians enjoy one...

Medical Malpractice Demystified

What Is Medical Malpractice? Medical malpractice occurs when a doctor, a hospital, or a health care specialist hurt...

Top 5 Countries With The Best Healthcare System

Access to health care is a basic human right. Everyone deserves to have access to good health care, and many governments prioritize...

7 Serious Mental Health Issues Faced by Children

Introduction Children are as prone to mental health issues as other age groups. According to the UK Mental Health...

6 Surprisingly Effective Stress Management Techniques

Our world is full of situations and circumstances that stress us out. There are some factors that lead to stress that can...

What Research Says About Telehealth

Telehealth is a relatively new technology that is taking over the health care industry, and it has become much more important now...

5 Upcoming Challenges for the Australian Healthcare System

An average Australian is expected to live up to 82.5 years, according to the World Bank. This is due to the top-notch...

Barriers Holding Back Wider Telehealth Implementation

Introduction The recent coronavirus pandemic has us looking at health care in a different way. Gone are the days...

Relevance of Telehealth in a Coronavirus Affected World

Introduction The global pandemic that we are experiencing right now is unprecedented in modern history. Several aspects of our...

Top 6 Health Insurance Firms in Australia

With Medicare being the primary source of insurance for most Australians, it’s pretty much redundant to get additional insurance from private companies....

Legal Aspect of Telemedicine in Australia

Telemedicine is a relatively new addition in Australia, having been introduced within the last ten years. During its inception, telehealth has evolved...

Telehealth Vs Telemedicine: What’s the Difference?

Technology has greatly benefited our lives in almost all aspects. Of course, health care is another area that has taken advantage of...

8 Frequently Asked Questions About Telemedicine

Telemedicine is a very popular medium in health care nowadays. Doctors and patients alike have reaped the benefits of telemedicine, and many...

5G vs. Health, What is the Truth?

Introduction Just like vehicles, we want our Internet fast. Whether it be for work or play, we require faster...

7 Stunning Benefits of Telemedicine for Doctors

Telemedicine has been around for quite a while, but it has only been now that we are able to enjoy its full...

6 Serious Health Issues That Indigenous Australians Are Facing

Indigenous Australians pertain to Aboriginals and Torres Strait Islanders found in Australia. They comprise 3.3% of the population and have been around...

7 Serious Health Issues Caused by a Poor Diet

The old adage is that we are what we eat. This holds true especially since the state of our health is largely...

Why are Mental Health Cases on the Rise?

Mental health cases around the world have been increasing dramatically over the years, and specialists are growing more concerned. Data has shown...

6 Serious Health Problems That Obesity Can Cause

Obesity is a major problem all over the world. The World Health Organization stated that almost 2 billion people were overweight in...

3 Common Mental Health Issues That Australians Face

Mental issues are one of the major health concerns not only by Australians but all over the world. These conditions cause a...

Amazing History of Telemedicine: How It Began

Some may think that telemedicine, with its advanced features and methods that seem to come from sci-fi movies, has only been around...