Private Health..Yay or Nay

I wonder if it is better to choose a mutual fund.

BUPA is a for-profit fund owned by a not-for-profit fund. Was good to cash out though.

 

Just go for a cheap policy - e.g. Australian Unity Smart Start. Only covered as a private patient in a public hospital for overnight admissions, covered for basic day procedures and includes basic dental, optical and other extras.

 

Zenni Optical.

 

Good point - my older child had to have a trip last week, ordered by the GP.

Haven't got the bill yet, the ambos said when I get it to send it off to PHI. Going to be a 50km round trip from their base to Randwick @$3.29/km, + $364. So ... over $500 in one go!

 

This is one of the things I despise about the PHI industry.

If it were car, house, pet or travel insurance I don't think those with just one or two would like to subsidize those with 6... also our taxes are already doing that anyway....

The MLS makes the decision a no brainer for us. Pay it in tax or get PHI paid for by the tax savings....

 

Don't blame the industry, I'm sure they'd like to change this too!
That aspect of the pricing structure is forced on them by legislation.

 

Not really. It’s enough to look at NIB ASX releases. The revenue and NPAT are growing at insanely high rates. So they are squeezing profits like crazy. Of cause they would blame the “legislation”.

 

Family health care is anywhere from 2000 to 5000 a year - lower end doesn't cover much to be honest and hence you'd probably looking at the higher end - also we won't really see the use for another 25 years or more. Money saved would exceed surgery costs for elective - if it is serious it's emergency etc.

 

Family? Think it's 180K per year but depends on what your partner earns.

 

FWIW https://www.aihw.gov.au/getmedia/3e1d7d7e-26d9-44fb-8549-aa30ccff100a/20742.pdf.aspx?inline=true
Elective wait times etc, article form ABC said that 90% came in under the clinical required time.

 

If you can afford it, get it. I remember blowing my ACL and as soon as the surgeon made the recommendation, I was under the knife within a week. Out of pocket I think was $500, cost $5-$7k

You are really paying for the security, that if you need hospital care (non-emergency) you will get it straight away.

When you are in pain, that cost will be long forgotten.

I agree, for many policies the extras coverage can be wishy washy

But having lived in the states for a couple of years, I will NEVER EVER complain about the cost of health care in oz

 

I pay close to 5K for health insurance for a family, I know it probably not worth the money but
it is not a risk I am willing to take since I can afford it.

beside It virtually cost me nothing having shares in NIB and Medibank.
their dividend covered the cost of premium and I get capital gain for being a healthy investor

 

Agree there, kids have some hard tooth extraction recently, all done in a week in private hospital bed for a day.

but our best probably private birth for our children, stay there until we ready to go home instead of getting kick out in public system after a day.

We are a healthy bunch and rarely use most of the services offered but like all insurances you never know when you need them

 

It's a hospital not a resort. Unless you've had major surgery or serious complications you should be out asap. Lots of clinical evidence to back that up.

 

It not like I am there for holiday, we ask for an extra day and we got it, even though the Dr ok for us to go home

 

@albanga thank you for starting a great thread and much appreciated to everyone who have contributed with their experience and comments(+/-).

It is an old thread and would like to ask if someone have reviewied their policies and changed the level.

We are a couple who falls under that MSL and need PHI however as @Barny mentioned has to be a right cover and our aim is not juwt tax related and we want to get good cover without breaking the bank either.

May I ask if anyone use online free compariaon sites Canstar, Iselect or xomparetgemarket VS paid Choice ?

Our age is above 36 so policy will be dearer due to surcharge of not having under 31. We do have mortgage but we do see a value in this as @Simon Hampel mentioned ***happens and @Marg4000 , @Lizzie and other users have provided valid points.

Does anyone have any experience with Westfund aparently coming in many search results.

Any recommendation/tips will be appreciated.

 

Just be aware that some of these sites only review policies offered by related insurers not the wider market.

 

Thanks @Scott No Mates hence seeking guidance that how do users compare and choose