What Price For Your Health?
How do you put a value good health? For many it is priceless. So how much are you prepared to pay to seek the best medical advice available?
Private health insurance is one of those lifestyle choices all us of face.
Do you go with the system and use the health safety net that the public health-care program provides to all Australians? Or seek the extra security and choice provided by private health insurance?
About a third of all adult Australians have private health insurance with the industry worth $5 billion dollars a year.
But that figure is likely to increase. From July 1 there have been changes introduced to the cost of private health care and many people have rushed in to take advantage of the savings.
The initiative of the Federal Government has been to try and increase the number of people covered by private insurance. The great fear is that as the population ages the public health system will not be able to cope with the increases in pressure an aging population brings.
Baby Boomers, those people born before 1964, make up the largest segment of Australia's population and the demand for health services will increase considerably as they age.
The changes after July 1 have meant increases in health care contributions if you're over 30. There is a 2 per cent impost per year until you are 65 years of age, with the maximum impost being based on a 65-year old.
Get in early and you retain the benefits of no impost.
For example both a 65-year old and a 75-year old will both have a 70 per cent impost. This only applies to hospital cover and there is no impost on ancillary cover. This provides an incentive for people below 30 to buy private health insurance and retain it for life.
The premium is based on the age you join. So if you join at 35 you have a 10 per cent loading which you retain for the length of your cover.
Ricki Smith, Manager Corporate Relations with HBF says there are a number of benefits that private health insurance brings.
This includes choice of doctor, choice of hospital and location and timeliness.
"You can go to hospital when you want to and avoid waiting," she says.
"Some people think it is expensive and don't realize there is so much choice. There are so many options it does become quite cheap."
Additional options often include hospital room rates, dental, optical and physiotherapy benefits.
If you're in a higher salary bracket, for example earning over $50,000 a year as a single or over $100,000 as a family, there is also a penalty if you don't have private health insurance.
An additional 1 per cent higher Medicare levy to these income earners will cost over $1,000 a year. This is more than the cost of private health insurance.
Private health insurance buys peace of mind. But what if something goes wrong and you have a dispute with your insurer.
The Private Health Insurance Ombudsman handles complaints regarding health funds.
They receive 2,000 complaints a year covering about $80 million in transactions. This ranges claims ranging from $50 for a few physiotherapy visits to $50,000 for a multiple-heart valve replacement.
Norman Branson, Ombudsman for Private Health Insurance says their role is to act as the umpire.
He says about half the claims require the Ombudsman to take specific action.
"The biggest area is where somebody thinks they're covered and they ultimately find out they're not," he said.
So if you are in the market for private health insurance here are 10 tips to help you find your way through the huge choice on offer.
10 Private Health Insurance Tips
1. Work out what you want cover for - basic, hospital, dental, optical etc.
2. Contact a range of funds. Meet with them personally to discuss your needs.
3. Don't buy on price alone. Price is not the best determining factor. Look at the package and options available to suit your age and lifestyle.
4. Look for a product that suits your needs, For example you can save quite a lot of money if you're prepared to share a hospital room.
5. Look for a fund that has a good reputation for making claims in a timely way.
Thomas Murrell MBA CSP is an international business speaker, consultant and award-winning broadcaster. Media Motivators is his regular electronic magazine read by 7,000 professionals in 15 different countries.
You can subscribe by visiting http://www.8mmedia.com. Thomas can be contacted directly at +6189388 6888 and is available to speak to your conference, seminar or event. Visit Tom's blog at http://www.8mmedia.blogspot.com.
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Why Montecito's mudslide victims don't need flood insurance to recover their losses - Los Angeles Times
Online Health Insurance Quotes - Finding The Cheapest Rates Possible
Shopping for health insurance can be very discouraging when you become aware of the costs. If you are in search of affordable health insurance, an online quote may be very helpful to you.
Cut Business Insurance in 8 ways
1. Comply with recommendations from company engineers and loss control.
Buy Life Insurance Online and Save
There are many ways to research and buy a life insurance policy, but the fastest and most affordable way is to buy life insurance online. This way, you can supply the most accurate information and compare the greatest number of different quotes and terms to find the perfect life insurance policy for you.
Disability Income Insurance Can Meet All Your Financial Needs
Disability income insurance can cover you in the event of a severe accident or illness but, it really depends on how much disability income insurance you purchase as to whether or not it will be able to meet all of your financial needs. The greatest number of families have no form of disability income insurance.
Underwriting Life Insurance For Diabetics and Diabetic Life Insurance Information
Life Insurance Companies differ in their "underwriting philosophy" when it comes to diabetes. Offering life insurance for diabetics can be risky if the underwriters are not fully trained.
Insurance Providers Weather the Storm While Consumers Flounder
We have just had the first year's anniversary of the flash flooding which occurred at Boscastle in Cornwall. The floods saw some of the worst damage wrought by sudden rainfall in the UK for many years.
Insurance Credit Scoring: An Ethical Issue
The issue at hand is the use of a consumer's credit score as an underwriting tool for auto insurance rates. What is a credit score or FICO score? A FICO score is a credit score developed by Fair Isaac & Co.
Term Life Insurance on Your Business Partner
Life insurance is something we often take out to protect our family and our loved ones, but that's only one example of how life insurance can save us in unhappy circumstances. Businesses also need protection and those with partners realize that if a business partner were to pass away, the business itself could be jeopardized.
Health Insurance Plans - Benefits to Different Plans & Providers
Health insurance plans vary in their coverage and prices. The more coverage offered, the higher the premiums.
Health Insurance Quotes Online - Tips On Finding a Good Provider
Since 2001, major health insurance providers have been allowing consumers to buy policies online. Through the convenience of the internet, consumers are able to compare prices and coverage to find the best insurance policy for them.
5 Steps To Cheap Car Insurance Premiums
Although car insurance is compulsory, it's not necessary to pay more than you have to. A few simple steps combined with some time surfing for competitive car insurance rates really can save you hundreds.
If You Rent A Home, Protect It By Buying Renters Insurance
Renters insurance is often overlooked by people who are renting their house or apartment. Many people don't realize that their landlord's insurance only covers the building that you live, there in no coverage for your personal belongs.
What Are The Differences Between A Cancellation Notice And Non-renewal Notice?
OK, you take that stroll down to the mailbox excitedly as you do everyday hoping to find the catalogue with all that neat stuff you want to buy or to find that magazine you love to read or to find that big check Uncle Bob sent! Come on, you know you love getting mail and really look forward to this daily ritual. You know that Mr.
Alternate Risk Transfer (ART) - Insurance Strategies
Risk ManagementAlternate Risk Transfer is a fancy way of saying alternate methods of insurance and risk management, of which there are many. From the most basic alternative of going without insurance (self-insuring) to so-called "program business captives", there are a wide variety of strategies from which to choose.
Cheap Insurance - Ten Ways
Cheap insurance? Auto insurance, life insurance, health insurance, liability insurance - whatever type of insurance you need, you can buy it for less. Try the following:1.
Car Insurance Rates - Can You Lower Them?
Car insurance rates are prohibitive nowadays. Many families really struggle to pay the car insurance bill each month.
Long-Term Care Insurance: Eldercare Solution
When I suddenly had to become a fulltime caregiver to my elderly parents, both with health problems and starting to develop dementia (namely Alzheimer's), I had never even heard of Long-Term Care Insurance. After we burned through their life savings, and then started chipping away at mine, I was advised to apply for financial assistance for them through the government's Medicaid system--a program for those at the poverty level.
Insurance For The Self Employed And Those Seeking Health Insurance
First of all, congratulations on deciding to go out and make it on your own. The rewards and excitement of making it on your own can not be found anywhere else.
Is an HSA a Type of Insurance?
A Health Savings Account (HSA) is not a type of health insurance. But that's an easy mistake to make!HSAs are closely associated to health insurance, although they do not provide any insurance benefits themselves.
Millions of Americans have No Life Insurance
Only 61% of adult Americans have life insurance (down from 70% in 1984).Only 41% of adult Americans have individual life insurance, many rely on group insurance leaving them vulnerable if they lose their job.
|Cheap Insurance | Car Insurance Glossary | Zurich Insurance | Cheap Car Insurance | Car Insurance Quotes | Classic Car Insurance | Articles | Insurance | site map|
|© 2007 www.thecheapinsurance.co.uk - Cheap Car, Auto and Home Insurance|