Health Insurance 2
All premiums shown are rounded monthly family premiums, with the 30%
government rebate already deducted. (If you or your spouse are 65 or older you
receive a 35% rebate; 40% for 70+.) Some funds may give you a discount if you
pay by direct debit and/or annually instead of monthly.
Single premiums are usually half the family premium cost, while couples pay the
same as a family. If you’re a single parent, shop around as some funds give you
a large discount on the family premium.
Full cover policies cover you in a public or private hospital as a private
patient, they allow you to jump public hospital waiting lists.
Full or limited cover policies – some of these policies will only cover you for
some procedures in a public hospital for the first 12 to 36 months – a so-called
benefit limitation period. This limitation only applies if you take out hospital
insurance for the first time. If you switch you’ll be fully covered apart from
any waiting periods which may apply.
Restricted cover — these policies don’t cover all procedures in a private
hospital. For some procedures you’ll only be covered as a private patient in a
public hospital which allows you to choose your own doctor, but not to jump
public hospital waiting lists.
Cheapest cover available. These policies may have restrictions and exclusions.
They usually have a high excess. they have selected at least one policy in each
state that provides an exemption from the Medicare Levy Surcharge. If a
procedure is excluded, you're not covered for it and will need to get treatment
as a public patient, just like someone without private health insurance.
Excess and co-payment
You can choose an excess or co-payment to save on your premiums. The higher the
excess or co-payment, the cheaper your premium. An excess means you pay a
certain amount (such as $500) towards the cost of your treatment, usually once
per hospital stay. With a co-payment you pay an amount (for example $50 a day)
for a certain number of days each hospital stay. they’ve only included policies
which have an annual maximum limit for excess and/or co-payment.
TIP: Some funds don’t charge excesses or co-payments for children on a
family or single-parent policy.
What kind of insurance is available?
Broadly speaking, you can choose hospital cover and extras/ancillary cover.
These are available separately or combined.
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