InsuranceWorks | What health insurance should I buy?
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Health Insurance Sunshine Coast

There are unexpected gaps in the Australian Private health insurance system that you do not find out about until it is too late. Who thinks of calling to check with the insurance company when there is an unexpected emergency? If you have private health insurance you assume you are covered, and some people believe that private health insurance gives them access to better care.

Private health insurance often does not deliver

Every year in late March and early April, premiums rise for the approximately 11 million Australians who have private health insurance. Apparently this is a vicious circle, because insurers try to keep premiums down by changing health insurance policies and their clients choose policies with exclusions and restrictions to get lower premiums. Then there are ‘junk’ policies, which Australian Medical Association President Michael Gannon has described as “not being worth the paper they’re written on.” Junk policies exclude common procedures such as hip and knee replacements, and provide little choice of doctors.

Australia has a universal healthcare system

Medicare and health care is available to all, but the Commonwealth Government pressures Australians to take out private health insurance and imposes penalties on anyone who does not. If you earn over $90,000 a year and do not have health insurance you pay an extra tax called the Medicare Levy Surcharge. While you are between 31 and 65 Lifetime Health Cover goes up by 2 percentage points every year you do not take out private health insurance, so which you are better off paying depends on your tax position.

To insure or pay tax?

Ian McAuley, a research fellow at the Centre for Policy Development who has studied the private health insurance industry, says Australians do better without private health insurance unless they are high earners, coping with a chronic illness, aged over 55 or planning to get pregnant.

It takes an experienced insurance broker to advise you

It’s a tricky question, and one you are better off discussing with an expert. Call the Woolgroves at InsuranceWorks. They have dedicated the past 25 years to questions like this and they will find you the best, most affordable, least complicated specialised health insurance broker, who, like InsuranceWorks will not try to make you spend over your budget and make sure you get value for money.

Private Health Insurance Sunshine Coast by InsuranceWorks

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