Is health insurance worth it?
The meaning of 'worth' is different for everyone but it's good to consider what it means to you when it comes to your health. Health insurance generally consists of hospital cover and general treatment cover, also known as extras cover.
What is Hospital Cover?
Hospital cover can pay towards services you receive when you're admitted to hospital and treated as a private patient. With hospital cover you can choose whether you want to be treated as a private patient at either a private or public hospital (provided the service is included under your cover) and can generally choose your treating doctor.
What is Extras Cover?
Extras cover helps with the costs of going to the dentist, getting glasses, regular trips to the physio and more. These services are designed to help keep you on top of your health even when you're feeling healthy.
But are extras worth it?
More information: Is Extras Cover worth it?
Do I need private health insurance for tax purposes?
The Australian government introduced the Medicare Levy Surcharge and the Australian Government Rebate on private health insurance, which may affect you at tax time, depending on your situation. For example, the Medicare levy surcharge is levied on Australian taxpayers who do not have an appropriate level of private hospital cover and earn above a certain income.
More information: Health insurance and tax
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What are the common hospital procedures for someone like you?
Our interactive tool reveals the common procedures, what you might pay out-of-pocket and how health insurance could help manage the costs.
Useful resources
What are the common hospital procedures for someone like you?
Our interactive tool reveals the common procedures, what you might pay out-of-pocket and how health insurance could help manage the costs.
How much extra tax could you pay without hospital cover?
Use the Medicare Levy Surcharge Calculator to find out if you're eligible, or discover how much extra tax you may be paying by not having Hospital cover for a full tax year.#
Understanding Health Insurance
Health insurance can be tricky to understand. To help, we have put some handy guides together to get you started.
Things you need to know
# 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. Where annual income for Medicare Levy Surcharge purposes is over $93,000 as a single (or $186,000 as a couple/family).