If you are reading this article then it’s likely that you’re in some kind of a quandary trying to figure out if you should opt for public health insurance or private health insurance. It is fair to say that we have an excellent health system here in Australia but sometimes the system will let us down in terms of the time that you have to wait and the specialist that you get to see. If we have learned anything from the Covid pandemic, it is that we need to be prepared for anything and as the head of the family, it is your job to make sure that your family are protected at all times. If this means taking out additional private health insurance to make sure that your family are covered for all eventualities then so be it.
Many people complain about the costs of taking out private health insurance in Australia, but you need to break down the costs into monthly and then daily payments. Once you do that, it seems a quite insignificant amount of money that you have to pay every single day in order to have proper health insurance for you and your family members. In many cases it amounts to cutting back on a pint of beer or cocktail every single day and when you look at the big picture, it starts to seem to be incredibly affordable to all.
There are a number of benefits to investing in a private health insurance policy for you and your family and the following are just some of them to help you to make a smarter decision when it comes to health decisions.
- You get to choose - When you are in the public health system then you get the healthcare provider that is given to you and yet if you take out private health insurance then things tend to change for the better. You get to pick from a number of health care providers and they may be one that you particularly prefer and a friend or family member has sung their praises time and time again.
- Shorter waiting times - The public health system does provide excellent care but sometimes the system gets backed up and so expert medical practitioners are not available at certain times and so you may not get to see them as quickly as you would like. In the public health system, you will have to wait your turn when it comes to elective surgery procedures but with private health insurance, things are much different and if any kind of surgery is recommended then it is only restricted as to its surgeons schedule. If they are available now then this is when you will get your surgery.
- Additional medical cover - If you are visiting your dentist or a physiotherapist on a regular basis and you’re paying out of pocket for this then this can all amount to a significant amount of money over a number of years. It may be the case that many of these are not covered under the public health care system and so if you have private health insurance then you get to experience a wide range of services that can keep you in great shape.
- The government offers rebates - This will help to save you money as the government have now committed to contributing money towards the cost of taking out private health insurance 1https://www.privatehealth.gov.au/health_insurance/surcharges_incentives/insurance_rebate.htm. The amount of money that you save will be best on how old that you are and the money that you make in your job. The good news is that you can claim the rebate quickly and easily and you can put towards your premium payments.
- The family is covered - private health insurance policies allow you to save money by taking out a policy that covers all members of your immediate and extended family. If you were to lump the cost of taking out insurance individually, this amounts to significant saving over the course of any year. This is money best kept in your pocket and the money that you save can be used to treat the whole family to a well-deserved holiday this year and every year.
Hopefully it is clear to see now why many Australians the length and breadth of the country take out private health insurance every single year. They have done their homework and they have rightly figured out that this is the best road to go down when it comes to medical cover. When you take out private health insurance for both yourself and your other family members, you’re providing them with the peace of mind that everyone should have knowing that in the event that they suffer from ill health or a medical emergency that they will be taken care of quickly and effectively.
Additional resources and citations
- 1https://www.privatehealth.gov.au/health_insurance/surcharges_incentives/insurance_rebate.htm
