1. You’re covered
All types of insurance, including health insurance, give you a sense of security in case the unexpected happens. Private Health Insurance helps cover the costs related to keeping yourself healthy through hospital and general treatment. As well as peace of mind of not having to worry about hospital costs when you are ill, with Westfund, you have the choice to choose the policy that is right for you; to suit your needs and your budget.
Australian residents are entitled to Medicare but the biggest disadvantage is WHEN we can have the treatment. The average waiting time for a tonsillectomy in NSW is just over 200 days; imagine having tonsillitis for 200 days before you receive treatment? The average waiting time in QLD for a knee replacement is about 125 and more than double that in NSW. As a member of Private Health Insurance you can receive your treatment quicker.
3. You Choose
When admitted to either a Private Hospital or Public Hospital as a private patient you have the ability to choose your treating Doctor just like you choose your hairdresser, the carrier you fly with, the vet you take your puppy to or the carpenter who builds your new house.
4. Quality Care
Recuperating in hospital can be a lengthy process, so the more rest and quality care you receive the quicker you are likely to return to the comfort of your own home. Private Health Insurance gives you the option of a private room where available and having the comfort of knowing you can rest when you need to as well as your visitors can see you in privacy.
5. Lifetime Health Cover
If you don’t take out Private Hospital cover by the 30th of June following your 31st birthday, you will attract a loading that you’ll have to pay for the next ten years if you join after this. This gives people an incentive to join Private Hospital cover when you are young and hang on to it as you move
through different life stages. This ensures you are paying the best premium and maintaining benefits you may use in the future even if they are not important right now.
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If you earn more than a specific amount and you don’t have private hospital cover, you will have to pay up to 2% extra
of your taxable income as a Medicare Levy Surcharge.
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Some people think their ‘savings for a rainy day’ will cover any hospital costs that they may need in the future but, the reality is, people may not understand the cost of
major procedures like:
- Coronary Bypass – $47,311
- Hip Replacement – $24,236
- Knee Replacement – $21,923
- Caesarean Delivery – $9,594
Data based on Westfund Private Hospital admissions during 2014/15 financial year shows Westfund’s largest single hospital claim during 2015 was a Tracheostomy admission for $146,826. This is usually an emergency procedure to relieve an obstruction to breathing.
Private Health Insurance ‘General Treatment’ policies cover you for services that are rarely covered by Medicare like dental, optical, physio, chiro, podiatry, pharmaceuticals and many other services; you don’t have to be sick to use it!
9. Preventative Health Options
General Treatment cover provides benefits for preventative treatments like going to the gym to treat or help manage a health condition. Also, depending on your level of cover, services like remedial massage, nutrition and exercise physiology receive benefits to make sure you are healthy to live each day to the fullest.
10. Australian Government Rebate
To top off the above 9 advantages of holding Private Health Insurance the Australian Government provides a percentage rebate off all Private Health Insurance policies depending on your age and income. This means you may not need to pay as much for your cover!