When it comes to your health care, you can choose between public health and private health insurance. With private insurance, you can be treated in the hospital as a private patient (Scott, 2020). You can also use private insurance to help reduce costs for health services that generally aren’t covered by Medicare, for example, you can choose extras coverage for things like, dental, optical or physio (Australian Government Department of Health, 2019). Beforehand, you have to ask, "Is extras cover worth it?"
Determining the worth of extras cover depends heavily on your situation and consideration of having an appropriate level of cover if the unexpected arises.
Extras cover insures you for various out-of-hospital health care services. For example, Medicare may not pay for care from an optometrist, dentist, psychologist or physiologist (Australian Government Department of Health, 2021).
To answer whether or not you should purchase extras cover, you should consider the benefit in being covered for health services that generally aren’t covered by Medicare. You should also consider the costs of those services in the event you require treatment. For example, if you have a back injury and require chiropractic treatment, having an appropriate level of extras coverage could help reduce the out-of-pocket costs for treatment.
Is extras cover worth it? To determine the cost's worth, analyse the benefits you'll receive from your health fund. Compare your annual costs for those services and the percentage you can save using your extras cover. You should also consider the potential unforeseen costs for unexpected treatment. Remember that most extras come with yearly limits regarding how much you can claim within a year (Australian Government Department of Health, 2019).
If you have extras cover, you receive a percentage benefit. When you require treatment, you may only pay a percentage of the total cost for the service (Australian Government Department of Health, 2019).
Before you purchase extras cover, there are several factors that you have to consider.
How often do you have to seek services under extras coverage? If you have to see your therapist regularly, schedule regular dental appointments and need to have eye appointments, then you may realize you're paying a lot of money on extras. Think about every aspect of your health care.
Most people need more than hospital care. Think about how often you have an appointment and how much you could save if you had extras cover. Did you know that on selected Health Partners extras covers you can get 100% back on a dental check-up, your optical limit and a physio visit*?
Before you choose extras cover, compare the policies that you do have. There are various extras cover policies that suit different needs. For instance, if you have to undergo a lot of care, you may need to spend more for a higher annual limit than someone else to help reduce out-of-pocket costs. Check your extras policy for what benefits are included and whether there are any waiting periods.
We have worked with Adelaide locals for over 80 years. We are dedicated to ensuring that you receive the health care you deserve and provide a range of policies with generous benefits. Is extras cover worth it? Receive a quote today to find out.
Everyone deserves generous private health insurance. Give yourself more choice and control when it comes to your health with a fund that’s run for members.
*Benefits vary according to cover level. 100% back available for a dental check-up at Health Partners Dental, your optical limit at Health Partners Optical and a physio visit at participating providers. Waiting periods, limits and conditions may apply. See healthpartners.com.au for details.
Australian Government Department of Health. (2021, August 18). About private health insurance. Australian Government Department of Health. https://www.health.gov.au/health-topics/private-health-insurance/about-private-health-insurance
Australian Government Department of Health. (2019, December 24). Extras and ambulance cover. Australian Government Department of Health. https://www.health.gov.au/health-topics/private-health-insurance/what-private-health-insurance-covers/extras-and-ambulance-cover
Scott, D. (2020, January 15). Two sisters. Two different journeys through Australia’s health care system. Vox. https://www.vox.com/2020/1/15/21030568/australia-health-insurance-medicare
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