Private hospital coverage comes with great benefits like tax penalties and shorter wait times.
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Depending on your situation, having private hospital insurance offers a host of benefits that you might not otherwise get by using Medicare, Australia’s national health care provider. From government incentives and tax penalties, to freedom of choice and reduced wait times, we take a look at five good reasons why you should consider investing in private hospital insurance.
1. Peace of mind
A hospital visit is stressful enough without the added worries and inconveniences of being on a waiting list or staying in a shared public hospital. With private hospital coverage in place, it’s reassuring to know that you and your family will have the best choice of care possible – less stress.
Whether you use your private hospital coverage for a sudden emergency visit or a pre-planned hospital stay, depending on your policy, you may be able to choose your own health practitioners, have the choice of staying in a hospital. public or private hospital and, optionally, recover in the privacy of your room.
2. Comfort and convenience
Public hospitals are very busy places and although your status as an Australian citizen guarantees you access to healthcare and a bed if you need it, visitation may be limited.
Public patients are assigned to shared rooms and facilities in public hospitals, so you will no doubt be aware of the hustle and bustle and activity throughout the day and night, potentially rendering sleep and elusive comfort. Private hospital coverage can give you access to private hospitals, which offer more amenities like private rooms and facilities, more flexible visiting hours, and even better catering.
3. A tax boon
There are also financial advantages to having private hospital coverage. Although you have to shell out for your policy, depending on how much you earn, you may be eligible for reimbursement from private health insurance.
This is the amount that the Australian government contributes towards your premium and can be refunded directly to your insurer to reduce the cost of your premiums throughout the year, or as a lump sum when you file your return. income with the Australian Taxation Office.
Additionally, if you have a higher income, private hospital coverage may also reduce the amount the government will charge you. The Medicare Levy Supplement (MLS) is a tax penalty for high-income Australians who do not have private hospital coverage but earn more than a certain taxable income. The highest MLS income amount you will pay each year at tax time depends on your income, which is calculated on two income thresholds – single and family – and increases over four income levels.
ISelect comparison service spokeswoman Jessie Petterd said avoiding additional taxes shouldn’t be the main point of purchasing private health insurance, but rather an added bonus.
4. Reduced waiting times
Public patients can expect to “queue” for surgery and elective treatments, and their order in the queue is determined by the urgency of their condition and are treated in the same order in which they are. added to the waiting list.
Wait times will vary widely depending on the emergency in your condition as well as your public hospital and its available resources.
Patients with private hospital coverage, on the other hand, can choose their own specialist, and if surgery is recommended, they will only be limited by their surgeon’s schedule. This will inevitably reduce wait times and ensure you get the care you need in a smoother time.
“Hospital coverage gives the possibility of having shorter wait times for elective surgery,” Ms. Petterd said. “You also have more choice about when and where you will be treated, including choice of hospital and doctor. “
5. Increased choice
While public patients can expect good service and care from Medicare, there are some limitations to this. You are assigned health care practitioners and the availability of individual health care practitioners, as well as appointment times and hospital accommodation options, are limited and will depend on the availability of public resources at a time. given.
In comparison, patients in private hospitals are generally able to choose their own healthcare providers and hospital accommodation options, which can ensure comfort, convenience and consistency of care.
You also have a wide choice of private health insurance policies. Private coverage is available in four levels – Basic, Bronze, Silver, and Gold. If you need more comprehensive private health coverage for yourself or your family – offering more options, less wait times, and an increased choice of services and accommodation, you may consider upgrading to a level – and even adding extra covers – which in the long run can also offer increased convenience and save you money.
The additional coverage helps cover the cost of a range of other health services such as dental, physiotherapy and optics and even some approved preventive lifestyle and health benefits such as health care subscriptions. gymnasium, ”Ms. Petard said.