Who pays for what when it comes to your medical bills?
A simple guide on who's responsible for healthcare costs
If you want to make sure you're getting the best bang for your buck when it comes to private health insurance, it's important to review your policy regularly.
Believe it or not, your health is your most valuable asset, and having private health insurance means you'll have financial support when it comes to unexpected illness or accidents.
A private health insurance policy could also save you from having to pay the Medicare Levy Surcharge (MLS), a Federal Government initiative that is an additional amount of tax applied to singles earning over $90,000 or couples earning over $180,000 who don't have an appropriate level of private hospital cover.
And you're never too young to consider private health insurance. Under the government's Lifetime Health Cover (LHC) initiative, a loading is applied to private hospital cover premiums from 1 July following your 31st birthday if you don't have hospital cover. That means the older you are when you take out your first health insurance policy, the more you're likely to pay for your health cover.
At nib, we believe health cover should be simple, smart and value for money; so, we’ve put together four quick questions that could save you hundreds!
Believe it or not, your health is your most valuable asset.
Our health needs change as we get older, so save yourself some cash and make sure you're not paying for cover you don't need. For example, if you've hung up your footy boots for good, perhaps you don't need a high level of physio cover. Or if you've had your babies and your family is complete, maybe it's time to remove pregnancy cover from your policy?
At nib, we've created Extras covers based on services you are most likely to use. For example if wellbeing is important to you, you can chose cover which includes natural therapies like remedial massage - and if your needs change, it's easy to select an Extras policy to suit you!
When looking at your private health insurance policy, it's vital to check what level of excess you've got. For example, if you want to save money on your monthly premium, consider choosing a higher excess option. On some of our nib hospital covers, you can choose from either a $250 or $500 excess. To change your excess amount, call 13 16 42.
Some health funds offer different percentages you can claim back across their extras products, while some offer set benefits. At nib, we've kept it simple with our latest range; depending on your cover you can claim from 50% to 75% of the cost up to the annual limit. You can also choose the nib-recognised provider you want to visit and expect the same benefits.
It's important to think about this when you’re considering value for money – a cheap premium with a low claim back percentage may not be ideal.
Health insurance shouldn't be set and forget. If you want value for money – and the right cover when you need it – review your policy regularly to ensure you're getting the best deal.
At nib, we encourage customers to talk to one of our expert staff about developing a policy that best suits your needs and budget. If you're not sure your current cover meets your needs, but don't know where to start contact us, we're here to help.
To find out how real people use their nib private health insurance, check out Sonya's story.