Private health insurance customers have been hit by a double whammy.
From July many Australians will be paying more for private health insurance cover following the imposition of a means test on the government’s 30 per cent rebate. On top of that insurers have been granted approval of a 5 per cent rise in premiums from April.
The rebate cuts out for individuals earning $129,000 a year and for families with a combined income over $258,000.
So think carefully whether you need private cover;
. research all options because there are 1200 policies to choose from.
. take a policy which only covers what you need for your stage of life.
. rather than the top cover, pick one a few levels down.
. look at a higher excess
. use annual policy entitlements to the maximum.
( 4 Votes )
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My health insurance is going to rise from just about $198 a month to over $206 a month, which doesn't seem like much in the 'grand scheme of things' but when every dollar counts it's just more money we need to find.I am seriously beginning to wonder if the money my husband and I have spent on health insurance over the last 6 years would not have benefited me more by me just putting it into a savings account and calling it health fund. that way when I need the money it is there and I get the FULL value of my money - not just a return of half (or sometimes less than a quarter) of the money I have paid out. The amounts I have paid each month for my insurance compared to the rebates I have received do not balance by any means. My husband and I have numerous other insurances which I would be hesitant to cancel.My sister and her husband don't have private health insurance and it doesn't seem to impact on their tax at all. What are your thoughts?
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