From better medical care to potentially saving you money on taxes – here’s a rundown of why to invest in private health insurance.
There are many benefits to private health insurance. It allows you to choose from a wider selection of hospitals, treatment options and specialists. Private health care also offers decreased wait times and peace of mind by helping to pay for treatments in the event of unexpected health issues.
Countless Australians don't concern themselves with private health insurance until they wish they had it. That may be because most believe that Medicare and the public system covers them for ambulance and emergency services as well as specialist care, according to a recent Pureprofile study.
Do you understand the Medicare Levy Surcharge (MLS)? In order for the health insurance industry to stay viable and for premiums to remain affordable for all Australians, the Howard Coalition government introduced the MLS in the early 2000s. It was a way of encouraging higher income earners who didn't have private health insurance (PHI) to participate in PHI, otherwise they would have to pay a penalty. That's according to Private Health Australia.
If you have used your private health insurance (PHI), you'll understand how valuable it is. In fact, CEO of Private Healthcare Australia Dr Rachel David states that 84 per cent of people with PHI want to keep it, even though the average income of someone with a policy is under $50,000.