Another common name of the private medical insurance is health insurance. It supplements what free public healthcare provides. If you do not have it as one of your employee benefits, you can choose to pay the premiums. However, you will have to start by deciding whether paying an extra amount of money to have a range of choices over your healthcare is worth it.
A quick introduction to private medical insurance
Most people in Australia benefit from free public healthcare. The insurance will pay all or part of your medical bill if you are treated privately. It provides you with a choice of the level of healthcare you need, how and when you should get it. You do not have to go for private health insurance, but if the free public healthcare does not sound good to you, you will find it very hard to pay for the private treatment without private health insurance, particularly if your health condition is serious.
What the insurance covers
Like the other types of insurance, private medical insurance will provide you with exactly what you buy. The basic medical insurance covers the costs of inpatient treatments such as tests and surgery in addition to the day-care surgeries. Some policies might extend to outpatient treatments and might cover the services of consultants and specialists. They will pay a set amount of money for every night you spend in the hospital.
When is the private health insurance worth it?
You can benefit from the free public health and therefore the private health insurance is more of a personal choice. You will need it if:
– You would not want to wait for the free public health treatment
– You just do not want to use public health and you prefer private hospitals when possible.
– You need an insurance cover for the treatment and drugs you would not get with the free health such as a specialist surgery after a sports-related injury affects you. Before you go for a private insurance policy, you will have to ensure that it covers the healthcare you need.
– You are planning to have your teeth removed or you have a kid who requires braces. Medicare will not help cover that cost, private health insurance will. Dental bills can be financially painful, particularly for a family with young kids. Therefore, the extras that private health insurance providers are a worthy investment. Compare health insurance policies for family to ensure that the one you select offers what you need.
Who does not need private health insurance?
You do not require private health medical insurance if:
– You would want to continue relying on the free public healthcare
– Your employee benefits package provides you with medical insurance
– You are just worried about the health of your child – the free public healthcare prioritizes on children
– You have many debts and you do not have any savings
– You are able to pay for your individual treatments
If you are young and healthy, particularly if you are in your 20s, going for the private health insurance might not sound like a good option – considering that you do not remember the last time you went to a hospital. However, it comes with many benefits such as the ability to see a psychologist or dentist.