Understanding health insurance
Health insurance can be tricky to understand. We've put together some guides to help get you started.
I’m turning 25
I’m earning over $90,000
How much extra tax could you pay without health insurance?
Use the Medicare Levy Surcharge Calculator to find out if you're eligible, or discover how much you may be paying in extra tax by not having Hospital cover for a full tax year#.
Is private health insurance better for you?
When it comes to health, ‘better’ is different for everyone. Work out if health insurance is better for you. Use our ‘People Like You’ tool to get an idea of common hospital procedures for people like you.
Extras cover gives you money back for non-hospital services such as dental, physio, optical and more.
The amount of money you can claim back depends on the level of cover you have.
Generally speaking, the higher the level of cover, the higher your annual limit and higher the percentage you can claim back.
All health funds have waiting periods. In short, a waiting period is a period of time you need to wait after taking out your cover before you can receive benefits for services or items covered.
You’re not able to receive benefits for any items or services you might have obtained while you’re serving a waiting period or before you joined Medibank.
A cover that helps with the cost of a member's hospital stay as a private patient including:
- hospital accommodation on the ward,
- in-patient medical treatment; and
- associated appliances provided during the admission e.g. approved internal prostheses
The Australian government provides the Australian Government Rebate on private health insurance to encourage people to take out private health insurance. Find out more about the Australian Government Rebate.
Things you should know
*- For new members on new memberships who join and start eligible combined hospital and extras cover during the promo period (from April 15, while stocks last). Must quote promo code SPECSAVERS and set up direct debit when joining. Excludes Accident Cover, Ambulance Cover, Visitors Health Insurance, Working Visa Health Insurance, OSHC, ahm covers, some Corporate covers and other selected covers. Not available with any other offer. Gift card terms: Must maintain eligible cover and direct debit for 40 consecutive days after the cover start date. Gift card could take up to 8 weeks from the cover start date to arrive by post. Singles and single parents will receive a $200 Specsavers gift card, and families and couples will receive a $400 Specsavers gift card. Gift card can be redeemed at Specsavers stores, is not transferrable and is valid for 12 months from date of issue. Card must be activated within 6 months of issue. For full terms and conditions on activating and using your card see www.activatemycard.com.au/ specsavers. 2 & 6 waiver terms: 2 and 6 month waiting periods on extras waived. Other waiting periods apply. If you’ve reached your limits from a previous fund you may not be able to claim straight away.
# - This calculation is a guide only. For a more detailed quote of what you might pay we recommend speaking to a financial advisor who will be able to take into account your income and personal situation.