Is Health Insurance Worth it.

Some people might say that health insurance is not worth the money. However, if you consider all of the benefits that come with having health insurance, it is easy to see why it is such an important investment.

Some people might say that health insurance is not worth the money. However, if you consider all of the benefits that come with having health insurance, it is easy to see why it is such an important investment.

One of the main benefits of having health insurance is that it gives you access to quality healthcare. With rising healthcare costs, this benefit alone can be worth the price of your premiums. Insurance also gives you peace of mind in knowing that you will be covered in case of an unexpected illness or accident.

Another benefit of having health insurance is that it can help you save money in the long run. By being covered by a good insurance plan, you are less likely to experience financial hardship if you do need medical care. In addition, many insurance plans offer preventive care benefits that can help you avoid costly medical procedures down the road.

Overall, health insurance is a wise investment for anyone who values their health and wellbeing. 

However, the Lifetime Health Cover Loading from the Australian Government means that if you don’t take out private health cover once you’re 30, premiums for you will skyrocket every year.  So there’s no better time than now to find the insurance plan for your needs so get your favorite beverage and settle in as we’re doing it now.

Get The Plan That’s Right For You

You must first be aware of your needs, or else you might not take full  advantage of the things that are essential for you—there’s no point investing in something that doesn’t fit with your lifestyle.  

So if you’re someone who likes to be active, then a private health insurance policy can give you peace of mind. Because these types of policies allow you to select your own doctor or healthcare providers first when needed.  

Private health insurance can be a good choice for giving you the top care, safety and comfort of your partner during their pregnancy. You may even choose to stay over in a private room if needed to get some sleep!   

Understand Your Plan 

Not all health insurance plans are the same. In Australia, there are four levels of hospital cover: basic, bronze, silver and gold. As you go up from one level to another, your out-of-pocket expenses change (but also your cover changes; for better or for worse). You always need to check that the plan covers what you want covered when it comes to major health events like elective surgery and having a baby – every time something happens personally in your life that affects mobility or pregnancy needs can change quite radically. Also as needs in life evolve over time so too will insurance requirements.

Different plans will have different out of pocket expenses and coverage, so the most important check is to make sure that it meets your needs, check out the different tiers and what they included or don’t.

Most importantly, is understanding Health Insurance is comprised of two products, Hospital Cover, and Extras (or General Treatments).  Hospital Cover you for treatments in hospital provided your policy covers the service that is being treated in hospital.  Extras covers dental, optical, physiotherapy and other services not covered by Medicare. Most insurers will have limits on how much you can claim per service and per year. 

Do the Math!

Most policies have an annual limit of extras that they will payout. Do some calculations to see if that figure is worth it for the number of times you use that service and the premiums you pay. A little work in the short run will save you money in the long run. Some health insurance providers will even do these calculations for you, to help you choose between plans. 

Introducing ExtrasJar

With ExtrasJar, you can create a plan to suit your lifestyle, budget, and health needs. Switch your extras premium to your own fund to pay for general treatments using your digital Mastercard. And with extras your way, there’s no more restrictive limits.

Want to spend it all on dental? You can! It’s your choice. You can also lower the cost of hospital cover with the Co-Pay deposit feature. Now, the best bit – your funds are invested when you’re not using them –Which means any unused funds rollover each year.


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