What Price For Your Health?

How do you put a value good health? For many it is priceless. So how much are you prepared to pay to seek the best medical advice available?

Private health insurance is one of those lifestyle choices all us of face.

Do you go with the system and use the health safety net that the public health-care program provides to all Australians? Or seek the extra security and choice provided by private health insurance?

About a third of all adult Australians have private health insurance with the industry worth $5 billion dollars a year.

But that figure is likely to increase. From July 1 there have been changes introduced to the cost of private health care and many people have rushed in to take advantage of the savings.

The initiative of the Federal Government has been to try and increase the number of people covered by private insurance. The great fear is that as the population ages the public health system will not be able to cope with the increases in pressure an aging population brings.

Baby Boomers, those people born before 1964, make up the largest segment of Australia's population and the demand for health services will increase considerably as they age.

The changes after July 1 have meant increases in health care contributions if you're over 30. There is a 2 per cent impost per year until you are 65 years of age, with the maximum impost being based on a 65-year old.

Get in early and you retain the benefits of no impost.

For example both a 65-year old and a 75-year old will both have a 70 per cent impost. This only applies to hospital cover and there is no impost on ancillary cover. This provides an incentive for people below 30 to buy private health insurance and retain it for life.

The premium is based on the age you join. So if you join at 35 you have a 10 per cent loading which you retain for the length of your cover.

Ricki Smith, Manager Corporate Relations with HBF says there are a number of benefits that private health insurance brings.

This includes choice of doctor, choice of hospital and location and timeliness.

"You can go to hospital when you want to and avoid waiting," she says.

"Some people think it is expensive and don't realize there is so much choice. There are so many options it does become quite cheap."

Additional options often include hospital room rates, dental, optical and physiotherapy benefits.

If you're in a higher salary bracket, for example earning over $50,000 a year as a single or over $100,000 as a family, there is also a penalty if you don't have private health insurance.

An additional 1 per cent higher Medicare levy to these income earners will cost over $1,000 a year. This is more than the cost of private health insurance.

Private health insurance buys peace of mind. But what if something goes wrong and you have a dispute with your insurer.

The Private Health Insurance Ombudsman handles complaints regarding health funds.

They receive 2,000 complaints a year covering about $80 million in transactions. This ranges claims ranging from $50 for a few physiotherapy visits to $50,000 for a multiple-heart valve replacement.

Norman Branson, Ombudsman for Private Health Insurance says their role is to act as the umpire.

He says about half the claims require the Ombudsman to take specific action.

"The biggest area is where somebody thinks they're covered and they ultimately find out they're not," he said.

So if you are in the market for private health insurance here are 10 tips to help you find your way through the huge choice on offer.

10 Private Health Insurance Tips

1. Work out what you want cover for - basic, hospital, dental, optical etc.

2. Contact a range of funds. Meet with them personally to discuss your needs.

3. Don't buy on price alone. Price is not the best determining factor. Look at the package and options available to suit your age and lifestyle.

4. Look for a product that suits your needs, For example you can save quite a lot of money if you're prepared to share a hospital room.

5. Look for a fund that has a good reputation for making claims in a timely way.

Thomas Murrell MBA CSP is an international business speaker, consultant and award-winning broadcaster. Media Motivators is his regular electronic magazine read by 7,000 professionals in 15 different countries.

You can subscribe by visiting http://www.8mmedia.com. Thomas can be contacted directly at +6189388 6888 and is available to speak to your conference, seminar or event. Visit Tom's blog at http://www.8mmedia.blogspot.com.

---

Car Insurance Advice for Young Drivers in the UK

Over the course of the last ten years, car insurance for young drivers in the UK has increased substantially.This has caused many problems for new drivers with... Read More

Life Insurance Whole Life or Term Life - Find Affordable Life Insurance

Life insurance, whether you need term or whole life, can be a major expense. We all know the importance of having adequate life insurance. The protection of... Read More

Which Car Should You Own To Keep Your Insurance Rates Most Affordable?

Do you consider the cost of insurance before you buy your dream car? You should. The Highway Loss Data Institute analyzes the cost to insurance companies from... Read More

What To Do When You Suffer An Injury On The Job?

For over 30 years I have been representing injured workers in workers compensation proceedings and there are some basic errors that injured workers make time and time... Read More

Travel Health Insurance - Understand the Benefits

If you're planning an overseas trip, you need travel health insurance. Every year, nearly 1 million Americans require emergency medical treatment while overseas. Traditional health insurance plans... Read More

Disability Income Insurance Can Meet All Your Financial Needs

Disability income insurance can cover you in the event of a severe accident or illness but, it really depends on how much disability income insurance you purchase... Read More

Why Would I Need Auto Insurance Specialists?

If you do not understand the way that auto insurance works, you really need to deal with auto insurance specialists. These are the agents that work for... Read More

Why Should I Go To A Life Insurance Broker?

A life insurance broker is a dedicated person that encourages and listens to the needs and wants of a person looking for life insurance. It doesn't matter... Read More

Everyone Wants The Cheapest Automobile Insurance Quote

When you are looking for an automobile insurance quote, the first thing you usually do is pick up the phone and start calling the various insurance companies... Read More

Need Low-cost Temporary Family Health Insurance?

Many families will find themselves without medical coverage at some point in their lives. So, what do you do if you find yourself in this situation? Here... Read More

What Are The Auto Liability Insurance State Minimums For My State?

As you shop online for the best auto insurance deals you may begin to ask yourself what exactly is required by law when it comes to auto... Read More

Medical Bills - Evaluating Your Personal Injury Insurance Claim

The value of a personal injury claim has a direct relationship to the amount of your medical bills. Why? Because a claim with medical bills of $500.00... Read More

Why Buy Life Insurance?

Love. Yes, that's right. Love for your spouse, children, family, or even your school. This insurance provides financial protection for your family and friends when you die.... Read More

Senior Health Care Insurance

Health Insurance For Seniors On The NetWhen a good friend of mine inquired where he could obtain information about medical insurance for his out-of-state, elderly mother, I... Read More

Free Money Saving Auto Insurance Tips

Our money saving auto insurance tips were written for one reason - To Save You Money on your next auto insurance policy. Since in most states you... Read More

Life Insurance Careers

Do you like to spend all day being sitting around? Fixed income is good enough for you? Do you feel economic stability is not a priority right... Read More

How to Match the Right Insurance Policy to the 4 Stages of Life

As we go through life our needs change. A Young man or women with a family has very different insurance needs then the Empty Nester. Here is... Read More

Medical Bankrupticies: What You Can Do To Protect Yourself

First the bad news: about 2,000,000 personal bankruptcies each year are caused by unexpected medical expenses. Of all those people, 1,500,000 have (or had) health insurance before... Read More

Buildings Insurance and the Threat of Flood

What is the impact of increased flooding risk in the UK? What happens if your home becomes effected by flood?Flood is an increased problem in the UK.... Read More

Is an HSA a Type of Insurance?

A Health Savings Account (HSA) is not a type of health insurance. But that's an easy mistake to make!HSAs are closely associated to health insurance, although they... Read More

New Jersey Car Insurance - What Do You Need To Know About It?

When purchasing New Jersey car insurance there are many decisions you will have to make. You need to understand what kind of car insurance coverage you need... Read More

5 Steps To Cheap Car Insurance Premiums

Although car insurance is compulsory, it's not necessary to pay more than you have to. A few simple steps combined with some time surfing for competitive car... Read More

Can I Really Get Life Insurance, No Exam Required?

Changing the way that life insurance is bought and sold on the Internet and through the media has opened up the doors for many people to have... Read More

How Can I Compare Life Insurance Quotes?

The online life insurance companies offer a free service where you can request a free quote for your life insurance needs. This enables you to compare life... Read More

Auto Insurance In Texas

If you are looking for auto insurance in texas, you might want to check out golden rule insurance company who offers cheap auto insurance online. Of course... Read More

Do You Pay Too Much For Your Car Insurance?

Do the premiums just seem to get higher and higher every year?It is amazing how many people just receive their insurance renewal when it is sent out... Read More