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Private health insurance

Discussion in 'Living Room' started by JesseT, 9th Nov, 2015.

?

What health care do you use?

  1. Public

    6 vote(s)
    11.8%
  2. HCF

    5 vote(s)
    9.8%
  3. BUPA

    13 vote(s)
    25.5%
  4. AHM

    4 vote(s)
    7.8%
  5. NIB

    4 vote(s)
    7.8%
  6. Medibank

    10 vote(s)
    19.6%
  7. MBF

    0 vote(s)
    0.0%
  8. Other

    9 vote(s)
    17.6%
  1. JesseT

    JesseT Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
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    Sydney
    Just wanted to put out the question to the financially savvy PC community as to whether or not private health is really worth it.
    I am a young single and get quite a lot back on dental rebates as I seem to need a lot of work.
    I was with HCF and was offered a corporate deal through work for BUPA which I went for.

    I really don't thinks it's stacking up financially, my partner recently had her appendix removed through the public system and had great care, didn't cost a cent which has caused me to further question the benefits of private health care.

    And why not get some of our hard earned tax contributions back?
     
  2. Bran

    Bran Well-Known Member

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    There is another thread on this already.

    The issue is largely when you are faced with elective surgery, with long waiting lists.

    I'm with medibank private but am leaving asap (we have a known medical expense coming) due to their screwing of the consumer. BUPA are next in line.

    It's only worth it when you need (or want) it.

    Plus, private generally gives you access to the specialist, otherwise you are part of their training.

    Your choice.
     
  3. Angel

    Angel Well-Known Member

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    19th Jun, 2015
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    Location:
    Paradise, Brisbane
    We are in Bupa due to Hubby's employer's corporate deal. So-so. We are too old now to try to self-insure ourselves and when we were young, we didn't want to risk it. My opinion is: Public for heart attacks and cancers, private for knee and hip replacements. How much sport do you play?
     
    bob shovel likes this.
  4. Xenia

    Xenia Adelaide Property Manager Business Member

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    Not always.
    My mum has rheumatoid arthritis - she sees a specialist every month to check on progress. She does this through the public system and hospital, she's had hip replacements and knee reconstructions. She has paid $0.00 so far, no gaps, nothing for pharmaceuticals, nothing for surgery. All public. Her condition is monitored.

    My auntie has exactly the same medical condition. She sees the EXACT same doctor but not at the public hospital, she visit's him at his private practice in the Eastern Adelaide suburbs. She pays a gap to see him.
    She has had similar surgery through private hospitals.
    So far she has paid thousands in private health cover, gaps, treatment and anything that private health does not cover. But she gets a private room :)

    It's all a choice - we have an excellent medical system in Australia, those who do not have private insurance are not really any worse off.
     
    MTR likes this.
  5. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,595
    Location:
    Adelaide, SA
    Where was the option for none - it's a waste of money in my opinion.

    If you need something minor, like going to the dentist, they only cover a certain percentage - the cost of which you've already paid throughout the year anyway.

    If you need something major, like urgent surgery, public system will sort it out anyway.

    Personally, I'd rather put that fortnightly premium into investing and let the returns pay for whatever I need in the future. Given I haven't had so much as a cold in the past couple of years, I see this working well.
     
    Johnny Cashflow likes this.
  6. Azazel

    Azazel Well-Known Member

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    18th Jun, 2015
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    Brisbane
    It also depends on your income and your age.
    If you're going to do it, and want coverage for having babies, particular ailments, shorter waiting times etc... you should look into it before you turn 30.

    "If you do not have hospital cover with an Australian registered health fund on your Lifetime Health Cover base day and then decide to take out hospital cover later in life, you will pay a 2% loading on top of your premium for every year you are aged over 30."

    "For example, if you take out hospital cover at age 40 you will pay 20% more than someone who first took out hospital cover at age 30. The maximum loading is 70%."
     
  7. SouthBoy

    SouthBoy Well-Known Member

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    20th Aug, 2015
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    170
    Location:
    Ozland
    Its no different to any other insurance. The chances of you ever getting back the money you've paid in premiums over the years is next to NIL. But you know its there if a major life changing event comes up, and it helps you sleep better at nights.
     
  8. Jkat

    Jkat Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    101
    Location:
    Sydney
    We have private with CBHS (one of the perks if you have a family member employed by CBA). This gives us a good level of cover with plenty of extras. We always use our limits of extras, have only used the hospital cover sporadically (when I got my wisdom teeth out, and maybe a couple of other times that I can't recall right now).

    I think it depends on what you need it for/will use it for. Even without private health insurance we would spend a lot of money of allied health services (physio, chiro, massage, psychology) as I am a strong believer in prevention and looking after yourself. This way, we get part of what we spend back.

    We have used/continue to use a combination of private and public health services when needed. We are looking at pregnancy and with the level of cover I have now I can have a choice of private doctor in a public hospital. Otherwise I have to increase level of cover.

    At the end of the day it is no, one size fits all.
     
    wylie likes this.
  9. York

    York Finance Broker Business Member

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    24th Jun, 2015
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    Sydney
    What would you know Marty? Are you a doctor or something? :p
     
  10. bob shovel

    bob shovel Well-Known Member

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    Also depends on where you live. Sydney, your surrounded by great public hospitals (and people still whinge!). Until you have kids or old sports injuries stay to flare up don't worry about it. I've never use anything private (my wife does that side) but my wife had a major hip op which still cost $12k premium but got to choose her Dr, they're like tradies, some good, some bad, some full of.... and you need to shop around! 3drs said the same default answer, 4th one was the specialised one she needed

    And don't bother with maternity cover, they sting you for that! We dropped that straight after my wife worked in a private hospital. Go public!
     
  11. Tranquilo

    Tranquilo Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    342
    Location:
    Mascot
    I'm public, but do have ambulance cover.
    @Jesse my accountant also sits on the Colac board hospital said unless your a sickly person its really not worth it.
     
  12. Bran

    Bran Well-Known Member

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    At work

    Rumour has it, so yes. I am financially biased (in both directions).

    Our public system is very good, and amongst the best in the world (I've worked in several countries).

    Private cover gives you choice. My wife has her melanoma care by a specialist, my son had his second ENT operation 5 days after we decided we needed it. Major acute illness, trauma, then public is all good.

    I have private cover, and use either/or accordingly.

    Our baby is due in a few months - all private.

    It's all about choice.
     
    wylie likes this.
  13. Jeah_

    Jeah_ Well-Known Member

    Joined:
    30th Jul, 2015
    Posts:
    185
    Location:
    Newcastle
    We have BUPA on a corporate deal. Wife has had surgery on both hands for carpal tunnel, which carries a horrendous wait time in the NSW public system, kids braces, gym memberships, glasses and running shoes blah blah. Private health insurance has cost us very little when it's all added up.
     
  14. geoffw

    geoffw Moderator Staff Member

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    15th Jun, 2015
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    2,159
    Location:
    Canberra
    My daughter was covered by our private insurance all her life until she was old enough to not be covered by our insurance. She dislocated her shoulder and had to wait 15 months to get an operation on the public system. This included one time when she went in for an xray only to be told that they were told it was for the other shoulder. She had to wait several weeks to get the correct shoulder xrayed.

    She had no control over when the op took place- she is a student and had to miss some crucial lectures to get the op done when they told her it had to be done.
     
    Bran likes this.
  15. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    +1 for CBHS. A perk for working at CBA. :)
     
  16. wogitalia

    wogitalia Well-Known Member

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    28th Oct, 2015
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    871
    Location:
    Perth
    If you earn above the thresholds for the Medicare Levy Surcharge you're basically better off having it than not having it from that basis alone (unless you're particularly sickly and going to pay a massive premium, in which case you probably want it anyway!).

    The actual insurance kind of seems like a waste of money, unless you need a specific category you can claim a lot on you're burning money... but in the event you need something on it, better to be paying your money to that instead of the taxman right?
     
  17. jrc

    jrc Well-Known Member

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    20th Jun, 2015
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    76
    Location:
    Regional NSW
    We had gone several years without much in the way of claims. Then 2 years ago about $8000 in claims, so we could have saved thepremiums and been in front. In the last 18 months about $100,000 in claims. Yes there may have been public health alternatives but not equivalent alternatives in the public health system. Having said that, Australia has an excellent public health system, having spent several days and nights with family members needing treatment for various issues.
     
  18. Ouga

    Ouga Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    374
    Location:
    "Trying is the first step towards failure" Homer
    Guys, anyone with Frank health insurance?

    Private Health Insurance By Frank - Don't Get Ripped Off

    They have good reviews on : Health Insurance Reviews - ProductReview.com.au

    Looks like the parent company is GMHBA - I don't know anything about health insurances, not sure whether they any good?
    I always find selecting health insurance so confusing. They give you a list of stuff they cover, such as:

    • Private hospital accommodation in a shared room or single room (where available)
    • Hospital treatment as a result of an accident sustained after joining
    • Medical gap
    • Theatre and same day treatment
    • Pregnancy and birth related services - Optional
    • Assisted reproductive services (IVF) - Optional
    • Intensive and coronary care
    • Colonoscopy
    • Cardiac services
    • Hernia repair
    • Appendicitis
    • Cataract surgery and corneal transplants
    • Joint investigation and reconstructions such as knee and shoulders
    • Joint replacements including hips and knees
    • Chemotherapy treatment
    • Grommets in ears
    • Gynaecological procedures
    • Psychiatric services
    • Haemodialysis
    • Gastric banding and all obesity surgeries
    • Surgically implanted prostheses

    Now, how am I supposed to know what I want to be covered for? I just want the insurance I pay monthly to pick up the cost of the hospital if something serious happens and I need treatment/surgery - more than paying for the room, I want the insurance to pay for my medical treatment as the costs can escalate very quickly. The problem is how to select what I want to be covered for? I have no knowledge of what medical issues I might encounter. I find this so frustrating!

    I am currently with medibank under their basic hospital cover. I got a letter in the mail a couple months ago advising they no longer cover spinal fusion, but they now have accident coverage....how the hell do I know if I want to have spinal fusion covered?
    In fact I am looking at the information statement, and I am still unsure what is covered, what I would have to pay if I needed to go to hospital...
    In services not covered at all, it lists "Hospital treatment for which Medicare pays no benefit e.g. most cosmetic surgery" - I have no idea what Medicare pays no benefit for... Is there any serious stuff in there? I would not know.

    In the section " will I have to pay anything if I go to hospital" it says: "9 out of 10 medical services paid for by this health insurer in NSW have no out of pocket expenses. You may also have to pay other costs depending upon: the doctor chosen, the treatment you are having, the hospital you go to".

    Could it be any less clear? Not for me.
    So I am paying this insurance, and I don't really know what it covers me for or what I would have to pay if I was to fall serious ill or get injured. :/

    Am I just not getting it or missing something here?
     
  19. geoffw

    geoffw Moderator Staff Member

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    15th Jun, 2015
    Posts:
    2,159
    Location:
    Canberra
    I have a friend who was just diagnosed with prostate cancer - detected through a blood test, so they caught it early. He doesn't have private insurance. On the public system he would have had to wait until March for an op. He's opted to pay for the op himself (as you would, and also at the oncologists suggestion - though her "should" have been OK to wait). He will be out of pocket up to $20k, and has had to go interstate as the procedure isn't available in Canberra. Had he gone to Sydney instead of Brisbane it would have cost another $10k.
     
  20. Bran

    Bran Well-Known Member

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    OMG! DONT!

    ONE complication requiring one night in ICU and he can double that bill.

    I will not operate on uninsured patients in the private system but for the most simple procedures.

    Generally speaking, an early prostate cancer does not need to be done now, at massive expense, compared to March. He should definitely get another opinion. Most of us die with prostate cancer, not because of it.

    What sort of procedure isn't available in Canberra??? The Robot? Yikes.

    @geoffw - i've sent a pm
     
    Last edited: 29th Nov, 2015
    bob shovel, geoffw and Gockie like this.