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Compare Health Insurance and Help the Economy

June 1st, 2012 1 comment

Are you interested in buying private health insurance in Australia? If so, you know that you are doing something that will help your finances. That being said, you may be overlooking one other very important factor: you are also helping the economy.

In today’s world, regardless of where you live, there is a good chance you or people you know have been faced with tough economic times. Anything you can do to better your situation while also helping your country is something you should consider.

Don’t Put the Burden on Others

Let’s face it: when you don’t have health insurance you are putting a burden of responsibility on others. This includes the government, health care facilities, and other taxpayers. Do you really want to add to their burden if you don’t have to?

This is just one more good reason to compare health insurance. If you find and buy a policy that suits your needs and budget, then you know your health will be looked after and at the same time you’ll be helping the economy.

What Should I be Looking for?

This is a common question with a simple answer: find a policy that you can afford, as well as one that offers the right level of coverage for your health care requirements. Don’t skimp on the cover you need, and equally, try to avoid paying for coverage you won’t use.

Incentives to Buy Private Hospital Insurance

The Australian government offers many incentives that are meant to encourage consumers to buy private hospital insurance. Some of these incentives include:

  • Lifetime health cover. If a consumer has not purchased private hospital insurance by the 31st of July following their 31st birthday, then when they do buy insurance, they are hit with an extra 2% fee for each year they were without coverage.
  • Medical levy surcharge. Is your taxable income greater than $70,000 as an individual or $140,000 for a couple? If so and you don’t have the proper hospital coverage, you are required to pay a 1 percent surcharge in addition to the 1.5 percent Medicare levy.
  • Private health insurance rebate. The Australian government subsidises private health fund premiums by 30 percent, 35 percent, or 40 percent based on the policyholder’s age.

Although it may take time to compare your many health insurance options, this is something that will benefit your health, your budget, and the betterment of the economy.

Economies all over the world are struggling. One of the reasons for this is that every economy has its own issues when it comes to health care systems. Although you may not be able to change the system, you can do your part in improving the economy by comparing health insurance policies. This is a process that will only take a small amount of your time, but may have a lasting effect on your quality of life.

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