7 Simple and Smart Ways to Save Money on Health Insurance
Medicare throughout Australia is free. Unfortunately, Medicare alone is not enough to cover many medical needs. This is precisely why many people purchase private health insurance. Combining Medicare coverage with private health insurance is the best way to ensure your health and longevity, though private health insurance can be expensive. Thankfully, there are some simple and smart ways to save money when it comes to purchasing the right private insurance policy.
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- Take advantage of the government private health care rebate program. Everyone can benefit from this program including people who are over the age of 70. Rebates range from 8% to 34% depending on age and income. You can gain these rebates through your fund, through your tax return, or by contacting your local Medicare office.
- Pick and choose your plan carefully. Consider the kind of coverage you need (dental, ambulance), and think of the coverage that you may not ever need (cosmetic surgery, for example). Don’t pay a full private health care package price when you only need a few different types of coverage.
- Read fine print carefully. One plan may look much better than another at first glance. But if the plan you choose doesn’t cover all aspects of a procedure or other item, this plan could wind up cost you a lot of extra money.
- Consider different payment options. Some funds will automatically discount your rates if you choose to pay through direct withdrawal. If you find that you can save 4% by having your payments taken out of your bank account, this type of payment option is well worth looking into.
- Know your policy inside and out. When you know what you can claim, you can claim more items on a regular basis. As a result, you will save more money by making additional claims. Seemingly simple, this way of saving money is a decidedly brilliant one.
- Look for network options. Some funds offer rebates for visiting with certain doctors, dentists, and therapists. If your policy comes with a list of professionals, select someone from this list in order to take advantage of any rebate.
- Skip surcharges. Couples who have a combined income of more than $180,000 will be hit with up to 1.5% tax called the “Medicare Levy Surcharge” You can avoid this surcharge by signing up for hospital coverage with an excess that does not exceed $1000.
Take the time to read through all of the materials listed on a provider’s website. You’ll quickly discover that many providers offer incentives and rebates for a variety of reasons. Knowing what these loopholes are will help you to save money in the long run. You can also call a customer representative in order to find out how you can save additional money.
It’s wise to look over your private health care plan on a yearly basis. This way, you can determine which aspects of a plan are working in your favor. Some plans are full of discounts and rebates, while other plans may not offer any rebates or discounts at all. Adjusting your plan regularly is the best way to ensure that you’re still getting a great deal.
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