Cheap Health Insurance in Australia

Australia is blessed with health options

It can be easy sometimes to wonder whether cheap health insurance in Australia is worth it. After all, we have one of the world’s best public hospital systems and Medicare has looked after most of us for most of our lives. The good news is cheap health insurance in Australia complements the public system, and it isn’t just suitable for families and high-income earners. In Australia, there are more than 30 private health insurers that offer different levels of cover. Depending on what you are looking for, and where you live, there can be more than 200 different kinds of policies to choose from. This can obviously make things a tad confusing.

* The price shown is per week and applies to a {LIFESTAGE} living in VIC with a $500 excess. It excludes LHC loading and includes a Base Tier Government Rebate

We all know our public health system is good, but what is even better is that cheap health insurance in Australia works alongside the public system to make our entire health system great. While treatment in a public hospital can be free, waiting lists can be long. So, while it may be covered by Medicare, having to live with an injury or an illness for a while can take the shine off that.

On the other hand, care in a private hospital can be very expensive without health insurance. Knee surgeries like ACL reconstructions, which are quite common, can cost upwards of $10,000. That's a lot of money if you need to pay for the treatment out of your own pocket.

And while Medicare can be great if you need a test or a consultation, cheap health insurance in Australia can provide benefits for the rest, to help keep your budget on track, even if you have an injury or illness. Treatments like dental, physio, podiatry, optical and alternative therapies can be covered by extras cheap health insurance in Australia.

Cheaper health insurance options

If you don’t have health insurance, you might be surprised to know how affordable cheap health insurance in Australia can be. At Frank, we want to surprise you, and we can do it by offering choice, simplicity and affordability. But be careful. Whether you're signing up for the cheapest or most expensive package available, the cost of health insurance in Australia generally changes each year.

Increasing medical costs and government regulations are usually the two things that affect prices the most. When it comes to prices, another surprising thing about us is that we are a not-for-profit company, meaning we don’t have shareholders and put our members first, rather than profits. When it comes to cheap health insurance in Australia, some funds can offer either basic extras or covers that provide benefits as a private patient in a public hospital.

It is not the same as private cover, though. Some specialists only work in private hospitals, so it doesn't suit everyone all the time. It’s important to understand that public-based private hospital covers won’t allow you to skip public hospital waiting lists. They also won’t give you priority over public patients. Our Basic Hospital and Basic Hospital (Some Private) are good places to start to look for cheap health insurance in Australia.

Extras health insurance covers you for the treatments and services you don’t go to hospital for, like dental, physio, optical, alternative therapies and a heap more. Most health funds offer different levels of extras policies. The more you pay, the more you are covered for. Frank has simplified things even further by offering two extras covers – Some and Lots. Some is our cheapest extras cover and both offer benefits of 50% and 80% back. Claiming back less usually means you pay less on your premiums, but it can be worth checking the details out and weighing them up against annual limits. Annual limits are a cap on how much you can claim for individual treatments in a calendar year.

Other benefits of cheap health insurance in Australia

At Frank, we try and keep excesses as low as we can. While some funds can charge $1000 for excess, our excess is $500 for singles and $500 per person up to a maximum of $1,000 per policy for couples and families. You pay excess with most kinds of insurance. Excess is the bit you pay first, before we pay anything else. It helps us keep premiums as low as we can. The good news is even if you are admitted to hospital more than once in a year you will only pay Frank excess once.

As far as premiums go, there can be ways to keep them low as well. If you are not a high income earner, you can take advantage of government rebates and get lower premiums. These rebates are offered to encourage more people to get private health insurance and rely less on Medicare. They are tiered, based on your income and your age, but they can be quite handy if you are umming and aahring about whether or not you can afford cover. Hospital insurance could also help you minimise tax, by allowing you to avoid the Medicare Levy Surcharge if you have a taxable income above $90,000 per year. And if you take out hospital cover before you turn 31, you can avoid lifetime health cover loading. With many funds competing to get your business, finding cheap health insurance in Australia can also be about finding the best special offer. Some funds will offer you incentives, such as waiving waiting periods or getting a month free. These are all things to throw into the mix, before you make a decision.

Skip 2 & 6 month waits on extras* when you join on combined cover by April 30

*For new members (if you have been a Frank Health Insurance member in the last 12 months, sorry you don’t qualify). 12 month waits, annual and sub limits apply. Offer ends 30 April, 2018.