Choosing which health insurance to go with is an important decision - it can be hard to know which policy is going to give you the cover to suit your needs, at the right price. We take the stress out of choosing health insurance by helping you compare health cover based on what's important to you and your budget. You can start using our online comparison tool now, or give us a call on 1300 232 884 - our friendly team would be more than happy to help you with a free comparison.
We'll help you save at least $50 per year on your existing Private Health Insurance or we will give you a $50 Coles Group & Myer Gift Voucher.
*Terms and Conditions
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Our participating health funds pay us for providing this comparison service. This means we don’t charge you any extra for using our service to find & apply for cheap & affordable health insurance.
The publicly funded Medicare scheme allows for certain kinds of treatment, but it is limited. For instance, you can be treated as a public patient in a public hospital, however you won't get to choose your own doctor.
With private hospital cover, you'll get to choose your own doctor. You'll also get to elect whether to attend a private or public hospital.
Better yet, when you obtain private-patient treatment in any kind of hospital, the Medicare scheme covers 75% of the Medicare Benefits Schedule for related costs.
The remaining 25% of costs - from hospital accommodation to diagnostic tests - may be covered by your private health insurance. If you obtain comprehensive hospital cover, you may have much greater peace of mind, and will be far less likely to be out of pocket if you require hospital care.
Medicare doesn't cover these private-patient hospital costs, nor does it cover medical services that aren't deemed clinically necessary.
Lifetime Health Cover is a loading the Federal Government put in place to encourage people to take out private hospital cover earlier in life.
It works like this: once you turn 31, you need to have hospital cover before July 1 to avoid paying an additional 2% loading on top of your premium. If you don’t get cover after your 31st birthday, an additional 2% loading will be applied for every year you are uninsured. The maximum loading is 70%.
For example, if you take out hospital cover at 35 years old, you'll incur LHC loading of 10% on top of your premium. Take it out at 40, and your LHC loading will be 20%.
If you pay the loading for 10 years continuously, it will be removed. However, it makes sense to avoid paying it in the first place by getting hospital cover before June 30 following your 31st birthday. You don't have to wait until this age, however. Many people take out hospital cover well before their 31st birthday in order to obtain the healthcare benefits that Medicare doesn't cover. Complete a health insurance comparison now in order to find hospital cover that's right for you.
If you earn $90,001 or more per year, there's a further incentive to obtain hospital cover sooner rather than later.
Anyone earning over this amount will incur a Medicare Levy Surcharge (MLS). This surcharge is designed to reduce the demand on public healthcare.
As a single person, if you earn between $90,001 and $105,000 annually, you'll incur a MLS of 1%. This increases to 1.25% if your earnings are between $105,001 and $140,000. If you earn $140,001 or greater, your MLS will be 1.5%.
The figures are slightly different for families. If your annual joint income is $180,001 or greater, you'll incur the MLS. Whether you're after individual or family hospital cover, it pays to be aware of the MLS. Take out hospital cover and you can avoid the MLS entirely!
If you don't have hospital cover, you need to pay the MLS in addition to the 2% Medicare Levy, which applies to most taxpayers.
The surcharge is applied on a pro-rata basis. To take full advantage of the tax time savings associated with private health insurance you have to have had health cover for the entire financial year. But, you will be pleased to know that you can take out private hospital cover throughout the year and still get some benefit. Those tax savings will only apply to those days that you have private health cover. So the sooner you get health cover, the better off you'll be come tax time!
*Your policy must become financial (this means that you both need to have paid for your policy and served the 30 day 'cooling off' period) before you are eligible for the Coles Group & Myer Gift Card offer for applying online.
"Maleena was wonderfully helpful and managed to save us over $60.00 per month on health insurance premiums as well as better cover for our family."
Julie Compared Health Insurance