Pretty much anyone in Australia is eligible to access great healthcare through our public healthcare system, Medicare. However, sometimes the public healthcare system just can’t give you what you need, for example when it comes to timely specialist treatment, ambulance services, or elective procedures – which can get expensive. That’s when private health insurance can make all the difference.
There’s no denying that in Australia, we’re pretty lucky to have a fantastic public healthcare system. However, this basic program isn’t designed to cover all your individual specific healthcare needs, and that’s where private health insurance comes in. For many of us, we need to take out private health insurance to get the coverage we need for our lifestyle.
This guide covers the A to Z of private health insurance and its benefits, so you know what to look for when scouting a new policy. We can help get you started on your private health insurance journey.
The benefits of your private health insurance policy can differ depending on a range of factors:
On top of that, you can get additional benefits when adding an ‘extras cover’ to your policy. Depending on your individual needs, this could include optical, physio, natural therapies or dental cover. Generally, Australians with appropriate private health insurance can also enjoy benefits such as:
The Medicare Benefits Schedule (MBS) is a regularly updated document that includes all the medical services that are currently subsidised by the public health scheme. If you want to know whether a specific procedure is covered under Medicare, then it’s important to search the latest MBS. While Medicare covers the medical services listed as eligible services in the MBS Medicare does not cover the following:
The product information documents of your insurance policy should detail what is and isn’t covered under your policy. If you’re still unsure, your health insurer should be able to provide further clarification. If you are unsure what your private health insurance doesn’t cover, it’s recommended that you read the information documents in full and speak to your insurer.
Yes, many Australians who plan to start a family or want to reduce the cost of their dental needs may purchase private health insurance policies. It can make private hospital care affordable… as well as cover additional services such as professional teeth whitening, checkups and fillings.
The rebate isn’t universal for all Australians. Instead, it is determined by your age, your taxable income, and whether you are single or a family. There are four ‘tiers’.
As of 1 April 2022, the rebate levels are:
These are adjusted annually.
The cost of private health insurance differs depending on the type of cover and extras you choose. Individuals usually pay monthly premiums for their private health insurance.
If you are looking to calculate the costs of different policies, a quick comparison service can come in handy. Compare Club’s experts can help you vet your options and find a great deal for you in no time*. We can help you find a great insurer and policy for your needs in the shortest amount of time. For general purposes, you can work out the average cost of private hospital cover according to the tier. For a single person around 30 years old, the average cost would be around^:
