Buying health insurance can be confusing. Whether you’re buying your first policy or
looking for one that’s more affordable, here are a few things to keep in mind.
No lock-in contracts
You decide how to pay your premium, whether it’s weekly or annually. You’re never locked into a contract, and any unused premium is refundable.
The government offers rebates that subsidise the cost of private health insurance. You could be eligible of up to 34.579% back on your premium!
As long as you don’t make a claim, all of our policies come with a 30-day money back cooling off period. No questions asked.
Legally, insurers cannot charge you a higher premium because of a pre-existing condition. However, be aware that waiting periods may apply.
Medicare Levy Surcharge
If you earn over $90,000 as a single person or $180,000 as a family and don’t have hospital cover, you’ll be liable to pay up to 1.5 percent of your income as an additional tax.
Lifetime Health Cover Loading
Once you turn 31, take out private hospital cover before 1 July to avoid an annual 2 percent loading charge on your premium.
Private cover steps in where Medicare doesn’t, offering coverage for essential services like dental, optical, and hearing care.
You don’t have to re-sit any waiting periods already served for hospital cover when you switch to an equal or lesser level of coverage.