Reserve bank health society review

The Reserve Bank Health Society (RBHS) is a health insurance provider for current and former employees of the Reserve Bank of Australia (RBA) and Note Printing Australia (NPA), along with their spouses and dependent children.

As a not-for-profit fund, RBHS is entirely owned by its members, allowing it to offer more member benefits, including up to 90% back on most extras services.

Hospital cover

Nobody chooses to go to hospital. But when you do, appropriate hospital cover will help you get the treatment you need, where and when you want it.

It also helps to pay the bills, as fees for hospital rooms and specialists can add up.

Think about what services you’re likely to need, in line with your budget. If you earn over $90,000 individually or $180,000 as a couple, taking out appropriate hospital cover may help you avoid paying the Medicare Levy Surcharge (MLS).

RBHS keeps things simple by only offering Gold Hospital cover, for complete peace of mind and cover for all Medicare recognised services. 

Gold Hospital

Key inclusions:

• Cataract treatment

• Pregnancy and birth-related services

• Weight loss surgery

• Implantation of hearing devices

Ambulance cover 

Ambulance cover is available to members with a hospital and/or extras policy. 

RBHS offers 100% land, air and sea ambulance cover with no annual limits using state-recognised ambulance providers.

Extras cover 

From dental, to optical, to chiro and more, extras insurance helps cover the bills for routine treatments with rebates of up to 90% for most services and up to 100% for pharmacy and ambulance. RBHS’ extras reset on 1 January every year. 

While we’ve summarised the key points of RBHS extras policies below, it’s always worth taking a closer look at any gap fees, how much you can claim back, and whether your preferred healthcare provider t is recognised by the health fund.

Take the time to work out what you need and what you’re prepared to pay. If this feels a bit overwhelming, our experts are here to help.

RBHS only offers one top-tier extras cover called Premium Extras.

Premium Extras

Premium Extras offers a 90% rebate on a broad range of services, with high annual and lifetime limits.

Key inclusions:

• General Dental (unlimited)

• Major Dental (limits range from $1,300 - $6,500 during a five year period, depending on the service)

• Hearing aids (90% of the cost covered with limits of $5440 per person during a five year period and $2720 per ear) 

Combined Hospital + Extras Cover

RBHS offers a Combination Cover that includes Gold Hospital and Premium Extras Cover, which means you can get a 90% rebate on a broad range of services as well as being able to choose your doctor in hospital.

Key inclusions:

• Pregnancy and birth-related services

• Weight loss surgery

• Laser eye surgery

• Hearing aids

Waiting periods

Waiting periods are there to stop people from signing up, claiming and then cancelling their cover. It means once you take out a new plan, you may have to wait a certain amount of time before receiving your benefit.

When you switch to RBHS from another provider, your waiting periods may be waived, unless your new policy covers something you didn’t have before.

Hospital Waiting Periods

• 12 months for pre-existing conditions, obstetrics and IVF

• 2 months for palliative care, rehabilitation and psychiatric treatment (even for pre-existing conditions) and all other treatments

• No waiting period for accidents requiring hospitalisation

Extras Waiting Periods

• 12 months for optical and laser eye, major dental, health aids and screening

• 2 months for ambulance, physiotherapy, chiropractic and osteopathy, general dental and approved health management programs as well as all other services

Member benefits

RBHS members have access to discounts and special offers at a range of eye care outlets across the country.

RBHS also rewards loyalty, offering higher extra limits for members for each year of continuous cover, up to the fifth year of membership as well as offering a reduced premium if you take out Hospital and Extras cover.

How to claim

Hospital Simply tell the hospital you are a member of a RBHS policy. Your hospital account will be sent directly to RBHS for them to assess on your behalf. 

It can be a good idea to call your fund before your admission date to check what benefits you’re entitled to and if there are any out-of-pocket expenses to consider. 

Extras

You can swipe your membership card to claim directly on the spot using your provider’s HICAPS or iSOFT terminal.

Members can also claim after the treatment via the RBHS mobile claiming app or through email, fax or mail.

Hospital agreements

RBHS has agreements with a large number of hospital and day surgery providers across Australia.

When comparing policies, it’s worth checking if your preferred local hospitals and clinics are covered. Our specialists at Health Insurance Comparison can do this for you.

Customer service

RBHS received 0.1% of complaints in 2020. They have a market share of <0.5%¹.

Frequently Asked Questions

1. Is RBHS a not-for-profit fund?

Yes. As a not-for-profit fund, RBHS is 100% owned by its members.

2. Who can apply? Are there restrictions? 

RBHS membership is only available to current and former employees of the Reserve Bank of Australia (RBA) and Note Printing Australia (NPA), as well as their immediate families.

3. Is it easy to switch to RBHS?

RBHS isn’t on our panel so it’s best to  contact them directly to switch. However, we’re confident the Compare Club team can find you a great deal from the insurers on our panel.

4. Do I need to re-serve waiting periods?

If you switch to an equivalent or lower level of cover, you generally won’t have to serve new waiting periods. However, you may need to serve new waiting periods if your new policy includes additional services or higher benefits.

5. Can I change my level of cover?

Yes, you can modify your cover with RBHS directly. If you move to a higher level of cover, you will usually need to serve waiting periods on the extra services/higher benefits.

6. Do I get the government rebate?

For every dollar of private health insurance premiums, the Australian Government provides eligible Australians with a rebate of up to 33.4% (depending on your age and income). To learn what you’re entitled to, read our rebate guide.

7. Do I have to pay the Lifetime Health Cover loading?

If you’re 31 or over, you usually need to pay 2% loading for each year you’ve gone without hospital cover since the 1st July following your 31st birthday. You can find out more here.

8. Up to what age are children covered?

Children are automatically covered under family cover until they’re 18.

If they are full-time students, they’ll be covered until the day before they turn 25 or are not married or living with their partner.

If your child reaches 18 and is not studying full-time, there is an Extended Family cover option that lets you keep them on your membership until they’re 25 for an additional premium.

Sources

privatehealth.gov.au, RBHS Health Fund Performance, September 2021