Depending on the policy and level of coverage that you choose, private health insurance covers various services, including hospital treatments, dental, optical, and allied health services. In addition, opting for a comprehensive cover ensures that you have access to a wider range of healthcare services, specialists, and treatments that may not be fully covered by Medicare. This can help you address specific health concerns more efficiently and avoid lengthy waiting times for specific procedures. Comprehensive cover also allows you to choose your preferred doctor and hospital, which can contribute to a more personalised healthcare experience.

The cost of private health insurance depends on the level of coverage, your age, and how much income you earn. Here are the financial benefits of getting private health insurance:

• Avoiding Lifetime Health Cover loading: Without a hospital policy by age 31, you’ll face a 2% premium loading (up to 70%) for each year over 30.
• Dodging Medicare Levy Surcharge: Taxpayers earning above a threshold without private hospital cover may face up to a 1.5% surcharge.
• Youth discounts: Some insurers offer 18-29-year-olds a 2% annual discount or up to a 10% maximum, if the policy is obtained before turning 30.
• Government rebates: Depending on your income and age, you may be eligible for the Australian Government’s Private Health Insurance Rebate, which can help lower your premium fees.

Yes, most private health insurance policies include waiting periods for different services, typically spanning from 2 months for general treatments to 12 months for pre-existing conditions. However, under Australia’s portability rules, you can switch health insurance providers without reserving waiting periods for equivalent benefits, as long as you maintain continuous coverage.