If you turned 31 this year, you have until 1 July to avoid a fee loading on private health cover, but experts say there’s no need to panic-buy
Private health insurance in Australia is kind of an oxymoron. “Every Australian already has health insurance: Medicare,” says Uta Mihm of consumer advocacy group Choice.
So why does it exist here at all? Well, that’s the million dollar question. Firstly, it’s important to note that “health insurance” in Australia actually refers to two different types of cover: private hospital cover and extras cover. The former will pay for you to receive treatment in private hospitals, where you’ll stay in comfortable rooms and get shorter wait times for elective surgery. Extras cover is meant to reduce the cost of things like dental, optical and massage.
Continue reading...