| Sound health is an indispensable feature of every | | | | more than $100k will pay an extra 1% Medicare |
| individual's life. No targets and success can be | | | | surcharge in addition to 1.5% Medicare levy most |
| achieved if we are physically unwell. In order to | | | | people pay. But this extra annual expenditure of |
| safeguard this central aspect of our life, health | | | | $500 to $1000 can be avoided by opting for |
| insurance is the need of the hour. | | | | hospital insurance. |
| Health insurance as we all know is the best way | | | | Premium plays a key role in choosing the kind of |
| to secure your health against all expected and | | | | policy you want. Money can be saved on premium |
| unexpected problems. Due to this almost every | | | | in various ways such as purchasing a policy with |
| individual seeks to acquire a health insurance policy. | | | | 'excess' or the money that an individual is required |
| At present there are many companies offering | | | | to pay for stay in a hospital before benefits are |
| health insurance. While going for a health insurance | | | | payable. You can also buy a policy that asks for a |
| policy you will confront a choice between private | | | | co-payment. In case of co-payment if you don't |
| and government insurance. Prior to opting for | | | | go into hospital, the member decides to pay |
| either policy, you should know that with a private | | | | usually a fixed amount of money each time he |
| health insurance you would have an access to | | | | avails the service. Choosing a policy that doesn't |
| luxurious private hospitals, wide range of private | | | | include several treatment facilities is also an option |
| doctors to choose from and mostly immediate | | | | to lower your premium rates. Besides this you |
| treatment. While in a government health insurance | | | | can also buy a policy that only covers you as a |
| scheme the lifetime health cover penalizes people | | | | private patient in a public hospital. However it is |
| who take out health insurance later in life with | | | | better and in the long run beneficial to take a |
| higher premiums. If you take the policy after your | | | | policy that offers a high 'excess' in comparison to |
| 31st birthday you will be required to pay a 2% | | | | those that exclude several treatment conditions. |
| surcharge annually up to 70%. So for instance if | | | | Some commonly barred treatments are- |
| you acquire the policy at the age of 50 you will | | | | cosmetic surgery, cataract surgery, rehabilitation, |
| have to pay 30% more than a person who joined | | | | hip, knee and other joint replacements, obstetrics |
| at the age of 30. | | | | and birth related care, assisted reproduction and |
| Government health insurance policy also comes up | | | | psychiatric care. In case you want coverage for |
| with a Medicare levy surcharge according to which | | | | any of these treatments, prior to purchasing |
| unmarried people earning more than $50k and | | | | make sure your policy includes it. |
| married couples with or without children earning | | | | |