Since June 30th is the last day of the financial year, I thought it might be interesting to get a little more educated about health insurance. Don’t forget, you have to pay lifetime loading if you don’t have hospital cover by the 1st of July after your 31st birthday.
There has been a lot of talk recently about the changes being made in the rebate system for private
health insurance. The government claims it is being rolled out to help those in more impoverished
situations and hindering the amount of help given to those earning over higher thresholds. But are
the changes really representative the needs and situations of all involved?
A lot of people, married people and families in particular, will not see any effect on their rebate
which will remain at 30% of their total household income is under $168,000 per year, adding $1.500
for each dependent child.
If you a single earner, your threshold is up to $84,000 per year before you see a decrease to 20%
rebate and up to $97,000 before you see a decrease down to just 10% and those earning over
$130,000 will not see any health insurance rebate at all.
With this, it seems that a lot of people are seeing health insurance as a luxury they can no longer
afford, especially if they are just on the wrong side of a threshold. It doesn’t help that the health
insurance industry makes it hard for people to understand exactly what they are signing up for and
how to understand the difference between different policies.
Online companies such as Choosi can make the process a lot simpler and you may find you don’t
have to give up your insurance entirely. It has been shown that up to $1500 could be saved if you
compare health insurance online. By simply having more information on your options, down grading
your policy couldn’t be easier. Cutting down on the premium insurance policies and getting right
down to the bones of health insurance along with choosing a much cheaper company can see your
health insurance bills plummet.
Don’t make the mistake that many people do by renewing with your current company; there
could be so many better deals out there. You should shop around every year to make sure you are
not losing out on money, this is even more important if you are losing out on government rebate
funds. Up to 80% of people would rather renew with their company than shop around, this goes
for everything, from life insurance to car insurance, but can you really afford to be as idle with the
added costs this year?
Review what the extras are that you think you might not need, look at your age and your status in
life, consider your life style and your family history and skim down your policy wherever possible. If
you don’t have private insurance the surcharge for Medicare has now gone up by 0.5% so holding on
to an insurance policy, no matter how skimmed down looks like the best thing to do.
*This post was written and sponsored by Choosi
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