Private health insurance worth it now?

[cycle myth]

The budget is out.

Health insurance looks a dead dog.

Worth having or not?

I think I'm getting out.

[MYVYSS]

I am thinking the same thing, I will now face a 30 increase in the cost of it, and I am hardly using what I am paying for now...I know its there in case of emergency...but with a single income (yes its a good one) and everything else going up, I am thinking this will be the first thing to have to go......which in turn will put much more strain on the public system, which is already in trouble....not very smart thinking.....

[snappy]

Has it ever been worth it, Everyone i know that has had a serious accident or something they always hide the fact the have private so they dont have to pay.

Also i think the more private or health care gets the worse our public h/c will get until we are like america .

Personally i would perfer to pay more taxes and have good health care for all.If the choice was given

[Pinch]

I am facing the same, but a few years ago I got really sick. Was in hospital for months. Total amount health fund paid was in excess of $150,000. I had to pay about $10K out of my own pocket, but had a paid off car I could sell. Much prefer to sell a Hyundai than my house! Ended up buying a BA XR6 to cheer me up when I got out and back to work anyway. I was 25 at the time.

Without insurance I would still be either really sick (and not earning an income) waiting for public treatment, or I would have had to sell my house, cars, and everything down to my undies to pay for treatment.

I was pretty healthy before I got struck down. Can happen to anyone. Unlikely yes, but certainly not impossible. If you can still afford it and not go without food or other necessities then personally I would recommend it. If you are disciplined enough to actually self insure or sink the cash into other quick liquidity options then that would be good, but not having access to either insurance or cash/liquid assets could be a recipe for disaster.

[xbcool]

i hate having to pay for it but it seems to be a neccessary evil .
a bit like car insurance

[Sam_Boss260]

Typical, the harder you work and more you earn, the more you get penalised.

Thanks Krudd !!!!

[cycle myth]

The way I see the numbers..

costs me (us) $250 a month $3000 p.a

if no 30% rebate then + 1,285 p.a

less claims (dentist!!!!) - 120 p.a

- penalty ???
total $4,100 - rough

so I can spend 4100 a year before i get a benefit.

Have I missed something or does the government know I am stupid?

[Hally]

Cycle Myth,

I would not call you stupid, but naive.

Firstly, if you only claim #120 per year for denatl, why pay approximately #1,200 per year for it (assuming it is a family membership)? Drop the ancillary component and save the money. If your and your spouse are healthy, look at increasing the hospital excess. This will save you more premium.

Secondly, you need to factor in the Medicare Levy Surcharge if as a Sibgle you earn more than $75k or $150k if a Family. This surcharge levy is also going up from the current 1% of taxable income id you don't have private health insurance when earning above thos amounts to a maximum of 1.5%.

Thirdly, if a single and over 30, and you drop out now, later on when you jump back in you could be hit with a Lifetime Health Cover loading.

There is no doubt middle and high income earners are getting stung by the changes to the Rebate, However, they are no coming in to rffrct until 1/7/2010.

I work in the domestic and international health insurance area. We have it a lot better than most countries in my opinion.

Cheers,

Hally

[InTrail]

If your salary means you are losing the whole 30% rebate then your taxable income >$240k.(for family).
Without hospital cover, you'll pay an extra $3600 in medicare surcharge anyway (if as Hally says it is increasing to 1.5%).

Personally I'd rather pay the marginal difference of ~ $500 and actually get the increased coverage.

[saber]

Originally Posted by Pinch

I am facing the same, but a few years ago I got really sick. Was in hospital for months. Total amount health fund paid was in excess of $150,000. I had to pay about $10K out of my own pocket, but had a paid off car I could sell. Much prefer to sell a Hyundai than my house! Ended up buying a BA XR6 to cheer me up when I got out and back to work anyway. I was 25 at the time.

Without insurance I would still be either really sick (and not earning an income) waiting for public treatment, or I would have had to sell my house, cars, and everything down to my undies to pay for treatment.
.

Your story mirrors mine somewhat. The old man while working, complained of being out of breath and had a pounding heart. Quick thinking workmates got him straight to hospital. That day he underwent a triple bypass. The total cost for that day alone: $84000. 2 weeks later while still in hospital a pacemaker was installed to regulate his heartbeat, that cost $43000 for that day. Lucky for him 2 months earlier he took out private health insurance ($3000+ per year) for the whole family.

If we didn't have private health insurance the family home would of been sold to pay for the costs. To this day, he takes medication costing around $60 per week, which can be claimed to the insurance. He's now healthy and back at work.

Private health insurance:
Expensive: Yes
Worthwhile: Hell Yes.

[XR6-VCT-2000]

It's a waste of time imo, from what i've seen with my parents going through health delimas over the years ( and they 'did' have private cover ), i've seen other friends and so forth without cover too and get no better or worse treatment or waiting times, it's a complete waist of money imo, and i've seen this been happening for years.
My mum has been wheelchair bound for easily 5 years now with a ongoing unremovable tumor ( they said she should of died 2 years ago ) and realy bad MS to top it off. My oldman dropped the private cover over 2 years ago now and they haven't been any worse off , still get all the treatments she needs etc etc.

[Rodp]

Originally Posted by InTrail

If your salary means you are losing the whole 30% rebate then your taxable income >$240k.(for family).
Without hospital cover, you'll pay an extra $3600 in medicare surcharge anyway (if as Hally says it is increasing to 1.5%).

Personally I'd rather pay the marginal difference of ~ $500 and actually get the increased coverage.

That's the thing.. if I don't have it with my income then I'm going to get stung with an increased Medicare levy. May as well pay for it and hopefully benefit from the increased coverage if the need dictates.

[LTDHO]

I don't go to the doc's often enough for it.
Very frequently I would see the chiropractor (at least monthly) and over a 2 year period I was finacially worse off with health insurance.

[4Vman]

If you play any kind of sport or plan on having a family its a must IMO... try and get an urgent knee reco or decent maternal care without it.

[Pinch]

Unfortunately a mate is going through a similar thing now to what I did in 2004, but no insurance. Cars have been sold, was renting but now has had to move his wife and 2 kids back to his parents. Been in and out of public hospitals for the past 2 years, is not well and only working every now and again.

Again, the balance of probabilities of it happening are low, but the stakes if it does happen are very high. Just the same as you can risk driving without third party property damage if you rate yourself as a good driver, but make one slip up and cause an accident with something hugely expensive, like a B-double loaded with Plasma's and there goes any assets and your income garnished for the rest of your live.

A few mates of mine don't have huge incomes but the priorities are accommodation, food, clothing, health insurance and then dropping to family transport. In that order. Before any luxury's like TV's, beer, toys etc.

Its like 4Vman rightly says, play any kind of sport or have a family and the risks and liabilities increase dramatically and you end up gambling on some pretty serious stakes.

It does require some serious thinking, not just about what you pay in and get back each individual year, but what would you do if something catastrophic happened.

[BLUEYBA]

well with having young kids I want them to get treated straight away should they get sick in any way. I don't want them to be waiting aroung for treatment, it doesn't matter if its life threating or not

[Scott]

I have top shelf HC but it was not by choice, work provides it for me and my family which is lovely but I hadn't been to a doctor in close to a decade so just didn't see the need. Now we are trying to start a family (I try my best ) I can see some value in it.

I would happily pay for a better public health system (much as I am a fan of what we already have) but I don't think the Government on either side of the fence can deliver it.

We need to simplify our lives not complicate them. Having to worry about which hospital to go to or whether we can afford to fix a broken jaw immediately should not be issues that face Australians.

[Sam_Boss260]

Bottom line, if you have kids or are planning to have kids, it is worth getting. Just knowing that if anything goes wrong, your kids can be in the best care, with your choisce of doctor is well worth it. Expensive yes, do I feel ripped off, yes. Will I keep this for my kids, yes.

[SB076]

Originally Posted by 4Vman

If you play any kind of sport or plan on having a family its a must IMO... try and get an urgent knee reco or decent maternal care without it.

Agreed about the reco - I had three and was covered by private health insurance - not sure about maternal care (wife is currently pregnant and we know people that will be going through the public system so will be interesting to compare when its all said and done)

I will be looking to see if i can reduce the cost however by either increasing our excess, or dropping off some of the benefits.

[MITCHAY]

From what I could understand the increased the levy so it wouldn't be as tempting for people to drop their private cover as the difference in price was going to be small.

Strategically it makes some sense but of course it isn't going to make the higher earners happy.

[tpintas]

I guess insurance (of any kind) is a personal choice. It has it's pros and cons.

Health insurance and car (comprehensive) insurance are oposites.

If you have a serious car accident, you will get the best health care available immediately, whether insured or not. Third Party Personal insurance (with your rego) pays. Car insurance pays out, and you have a replacement car.


If your car is an older model and needs work, or has rust etc. You pay to fix it. No insurance cover here.
If you (or your spouse) have been around the block a couple of times, and you have pain and need an operation to repair your wearing out body, health insurance enables you to have it now. No insurance - you find the money by selling your car; or you wait, in pain, on the waiting list.

I suppose this is why the government wants you to start paying for health insurance before you are 30 (it gets more expensive each year if you don't) even though you may not need it until you are 50, or more.

If you don't get the 30% rebate because you earn at least twice the average income, that might be because you are more easily able to afford it.

In the end, it comes down to how you prioritise the things that matter in your life.

[merlin]

Personally I am going to keep paying it - although my wife and I are young (28 and 26) she has had to go to hospital 3 times out of the blue for a rare condition (she's OK now). As we had insurance she didn't have to wait and got a private room in a very modern private hospital - how can you place a cost on that?

In contrast a couple of close family friends have had medical issues and had to go public. Whilst the medical staff is still top notch the accomodation/equipment/overall condition of the hospitals were not that great. Having to share a room with 10 other very sick people is not something I want to experience (like I witnessed these people have to do).

I am very angry at Krudd at the moment and the axing of the rebate - its a strategy of lets punish the hard workers to pay for the cash handouts to win votes (Robin Hood). The strategy will not work.

[Scott]

Scary times ahead:

[MITCHAY]

Originally Posted by GTP006

Scary times ahead:

What is meant to be representing? I see negative values and know what GDP is but that's about all I can understand here :

[Scott]

Originally Posted by MITCHAY

What is meant to be representing? I see negative values and know what GDP is but that's about all I can understand here :

: lol, posted in the wrong thread!

But if you're interested, here is the doc it is from:
http://ato.gov.au/budget/2009-10/con...nitiatives.htm

[BIGJB]

Originally Posted by Sam_Boss260

Bottom line, if you have kids or are planning to have kids, it is worth getting. Just knowing that if anything goes wrong, your kids can be in the best care, with your choisce of doctor is well worth it. Expensive yes, do I feel ripped off, yes. Will I keep this for my kids, yes.

Took the words right out of my mouth.

[FTE217]

Originally Posted by merlin

Personally I am going to keep paying it - although my wife and I are young (28 and 26) she has had to go to hospital 3 times out of the blue for a rare condition (she's OK now). As we had insurance she didn't have to wait and got a private room in a very modern private hospital - how can you place a cost on that?

In contrast a couple of close family friends have had medical issues and had to go public. Whilst the medical staff is still top notch the accomodation/equipment/overall condition of the hospitals were not that great. Having to share a room with 10 other very sick people is not something I want to experience (like I witnessed these people have to do).

I am very angry at Krudd at the moment and the axing of the rebate - its a strategy of lets punish the hard workers to pay for the cash handouts to win votes (Robin Hood). The strategy will not work.

Spot on above.....except I have no time to worry about Ruddrless.
You bet ya I'm staying with it, the moment my wife was pregnant with our 1st child we joined and won't look back. 2more kids since and I visit my wife in comfortable up to date hospitals, hospital staff not stressed out and service at hand. 1 or 2 kids may need braces heck be nice getting some back.
Next as 4VMan mentioned if you play sport its well worth it, I'm an old man still playing and have suffered ruptured achilles tendon, disloctated shoulder and countless physio visits etc, then my 2 boys play sport its worth it believe me !!
I hate to think what the public system will be like 10-20yrs time.
All good when your young healthy and single but lookout when the pussy sucks you in it costs you far more than you can imagine ROFL !!!

[FRDGAL]

Originally Posted by Bluedriver

You bet ya I'm staying with it, the moment my wife was pregnant with our 1st child we joined and won't look back. 2more kids since and I visit my wife in comfortable up to date hospitals, hospital staff not stressed out and service at hand.

At Werribee Mercy, I had a very comfortable private room with double bed and ensuite, hospital staff unstressed on call to help me with anything I needed 24 hrs a day, seen only by my own OB/GYN and a fridge kept filled with food day & night for us and I was there twice as a public patient. For me, staying at Werribee Mercy as a private patient would have been a waste of time considering how well you're treated as a public patient so I never once even considered Private Health Cover when I fell pregnant. What for?

[Hally]

The Government missed a big oppurtunity with the changes. In my opinion, what they should have done is yaken the Rebate away from the Ancillary/Dental component of health insurance, and made this totally user pays, and left the Rebate on Hospital only. It would have made it much fairer,