Phil & Vikki Posted February 21, 2012 Share Posted February 21, 2012 Hi All, What’s people’s opinion on getting health insurance? We need to get it in the next few weeks before our 1 year is up. We are a family of four and all very healthy and never had any issues with our health, we decided that if we were going to get health insurance that we would only get basic cover but now wondering if its worth spending the money out at all and maybe just put some money away each month to pay for any emergency’s that may come up. I’ve no problems using the public hospitals and I’m sure that if any emergency’s did arise it would be a public hospital they would take us to anyway. We would definitely get ambulance cover, but apart from that would probably only use the dental aspect (which I know is expensive) but it looks like we would still be paying out more than we would be using for us all to go for a dental check up each year. Or do we wait save each month and get insurance in a few years time when we actually think we might need it a bit more and pay the bit extra for the government loading. Also I read somewhere on here about the medicare levy threshold – and it might not be worth getting health insurance, is someone able to shed more light on this for me? My husband works full time but I only work part time so I’m not sure if we will be over/under whatever the threshold is or what that means. Any opinions on what you think would be greatly appreciated. Some say it’s a waste of money and others say it’s a must, so I’m not sure what to do! Cheers, Vikki Link to comment Share on other sites More sharing options...
tisme Posted February 21, 2012 Share Posted February 21, 2012 I think the same as you, about paying the paying for Private Health versus paying as you go, when you need it. I think paying for the services as you go is a much cheaper option, depending of course if and how much the extra medicare levy is gong to cost, even having to pay this extra 1% can sometimes still work out to not much extra, it will depend on how much over the threshold you earn. A bit of info below might help you make a descision. Reduction for people on low incomes Your Medicare levy is reduced if your income is below a certain threshold. For 2010-11, your levy is reduced if your taxable income is $22,163 or less, and you don't have to pay the levy at all if your taxable income is $18,839 or less. The thresholds are higher for seniors. If your income is above the thresholds, you may still qualify for a reduction based on your family taxable income. Medicare levy exemption You may be exempt from paying the Medicare levy if you're a foreign resident, a resident of Norfolk Island, not entitled to Medicare benefits, or you meet certain medical requirements. If you're entitled to an exemption you need to tell us on your tax return. Medicare levy surcharge You have to pay the Medicare levy surcharge (MLS) if your income is above a certain threshold and you (or any of your dependants) don't have appropriate private patient hospital cover. In 2010-11, the surcharge may apply if your income for MLS purposes is more than: $77,000 for a single person with no dependants $154,000 for a couple with no children or one dependent child, plus $1,500 for each additional dependent child. Link to comment Share on other sites More sharing options...
Guest JK2510 Posted February 21, 2012 Share Posted February 21, 2012 We have got a standards essential cover through hbf...haven't bothered with the hospital cover as I have no issues using public hospitals when/if the time comes...we are a family of 5 and 3 of us wear glasses...and dentists can be expensive. So we think we will get our money's worth! Link to comment Share on other sites More sharing options...
Petals Posted February 21, 2012 Share Posted February 21, 2012 We have taken out health insurance and we are retired, prior to this we used to pay for things as we go but when it came to my knee replacement it was going to cost $25,000 or over 2 years on a waiting list at our hospital. So we took it out, what you do need to know though is it does not stop there, there is the gap to be paid over and above for doctors and tests. My gap for this operation which I have had now was $3,000. So if you do not have funds around for the gap I would rely on the public system.. We used to have extras but really they have reduced the amounts they repay over the years and we got rid of it even though we both wear glasses, there are plenty of budget places around. My daughter has ongoing medical problems and she is taken care of in the public system and looked after very very well. She has to have regular mris and she never has to make an appointment all that is done for her and all her appointments with specialists as well. Lets face it if I fall over and the ambulance comes where do I go, public emergency just like everyone else. We will keep our insurance now even though we have to pay full whack because of the penalty because at our age we will probably need it due to the engine needing non urgent repairs. Link to comment Share on other sites More sharing options...
yorkiegirl Posted February 22, 2012 Share Posted February 22, 2012 It's a hard one to answer, like any insurance, you really only see the benefit of having it when you really need to use it. To be honest, my OH has had a few things done this year , a few cortisone injections in various joints, stuff like that, but as it was done at the radiology centre and not as an in patient somewhere, you get nothing back from you health fund. Medicare do cover some of it but we were still out of pocket several hundred dollars each time. As Petals says, the rebates seem to get less as the prices go up, my glasses still cost a almost $300 even with the rebate. (and just specsaver ones, no designer frames or anything like that) We pay just over $3000 a year for our insurance for 2 of us, I think we are paying for the "just in case" factor! Link to comment Share on other sites More sharing options...
RockDr Posted February 22, 2012 Share Posted February 22, 2012 If you're above the medicare levy surcharge income level, it can work out financially even/beneficial to take it out, especially if you're likely to be using the extras (dental/eyes/physio etc). Below the surcharge income level, I'm not sure I'd bother. The public system is fine for urgent stuff, and the money you save over a lifetime would probably be enough to pay for that one non-urgent operation with stupidly long waiting list in the public system. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 22, 2012 Share Posted February 22, 2012 I have managed all these years on the public system without health insurance, however, I was told straight up here in Cairns that I need to take it out as there are limited specialists etc at the Base. So we have now taken it out, although I will still opt to go public when I can as I am more than happy with the service. Link to comment Share on other sites More sharing options...
Salma Posted March 2, 2012 Share Posted March 2, 2012 I was going to post exactly the same thing. We are a family 3 with us being in good health but our son needs to go to the dr a fair bit and is being treated privately we get some of the money back. I will be in the next couple of years looking to have another child so what we need to know is do I health cover or will the public system be fine? Link to comment Share on other sites More sharing options...
Petals Posted March 2, 2012 Share Posted March 2, 2012 I have managed all these years on the public system without health insurance, however, I was told straight up here in Cairns that I need to take it out as there are limited specialists etc at the Base. So we have now taken it out, although I will still opt to go public when I can as I am more than happy with the service. I agree with you Kate, the public system has treat my family very well and especially my daughter and still continues to do so. I like you only took out the insurance recently because my engine is falling apart and needs new parts Link to comment Share on other sites More sharing options...
Guest Homer Posted March 9, 2012 Share Posted March 9, 2012 I have had some serious health issues stretching over the last 3 years (Pulmonary Embolism, Diverticulitis and now likely Crohns), all under the public system. I have received prompt, first rate care and not paid a cent apart from scripts. Just my $0.02. Link to comment Share on other sites More sharing options...
Quoll Posted March 9, 2012 Share Posted March 9, 2012 Over the years I have been very grateful for our private cover - getting my gall bladder out by my surgeon of choice within 4 weeks compared with a prospective wait of 18 months - 2 yrs was worth it alone and I had another fairly major but "elective" operation within a fortnight and would probably still be waiting for the public system. Mind you, had we been assiduous, we could have self insured all those years and put the $250 per month into a dedicated account and, in hindsight, that might have been a better option but when you are earning over the threshold, it's a no brainer to pay the insurance premiums rather than the surcharge. Link to comment Share on other sites More sharing options...
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