For the majority of us, our Medicare health insurance premiums cost two per cent of our yearly salary for’free or subsidised’ access to physicians, specialists, optometrists and lodging and treatment in public hospitals, and some other perks.
So let’s rephrase…
Superior question — we are glad you asked. But we would like you to break that question down a little more because there is no such thing as”private health insurance”: there is private hospital insurance, and there is extras insurance. And we are not only being sticklers here — a lot of people waste good money on these insurance forms without using it. We do not want you to be among those people.
You have Medicare so why if you take out private hospital insurance?
No private hospital insurance — the good things:
If you make less than $90k annually (double that for families and couples ) the sole financial incentive to acquire hospital cover is you will need to pay the Lifetime Health Cover (LHC) loading in the event that you take out hospital cover once you are 31.
The public hospital system serves individuals who need emergency surgery well.
For more complicated and expensive health conditions, you’re going to wind up in public no matter whether you have private hospital cover or not, because public hospitals have the equipment.
If you’re admitted to public hospital as a public patient, Medicare will foot the physician’s bills. Be sure to check out best private health insurance australia reviews, on websites like product review.
But if you are admitted to a public or private hospital as a private patient, you might wind up paying a’gap fee’ for your physician or occasionally even to the hospital. That is the gap between what Medicare and your health fund pays, and what the real physician’s fee is, and it may encounter thousands of dollars.