What are the benefits of having private health care cover for my family?

It’s there for you

So what’s the point of having cheap health insurance? It’s a fair question. Given Medicare and our health system is one of the best going around, it is easy to start thinking about whether or not cheap health insurance is of any use. But if you take a closer look, you may be surprised. Health insurance works alongside Medicare and can offer benefits the public system cannot.

* 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

You may be surprised how much private hospital cover and extras cover can help your family, and, at Frank, how simple and flexible it can be. We know you want to do the best for your family, so spending a little bit of time to find out what’s in cheap health insurance for you should be time well spent. The first thing to remember is not to be scared by health cover. It is there to help you. At Frank, we take that to the next level. Not only do we want to make things easy and flexible, but we are a not-for-profit company, so you and your family is all we focus on. Convinced yet? Read on, because the positives of cheap health insurance don’t end here.

Hospital benefits

Private hospital cover does exactly what it sounds like it does – it helps cover you for when you are admitted to hospital. It helps with costs for things like the treatment itself, accommodation and nursing care. There is usually an excess payable whenever you want to claim with your private hospital cover, just like any insurance. Perhaps the biggest benefit of private hospital cover is choice.

To show you what we mean, check out Frank’s  hospital cover options. All our hospital covers include cover as a private patient public hospital if you want, and others offer you both public and private options. That sort of flexibility can be important when you have a family. It means you and your children can stay close to home if they need to be admitted to hospital, which can take a bit of stress out of the situation, especially for children. Hospital cover can also give you the choice of having a shared or private room in participating hospitals, which can be a real benefit for families.

Going to hospital can be hard enough as it is for kids, without having to be around strangers. But if that doesn’t bother you or your kids, then you can choose a shared room, an option that may help bring down your premium. Speaking of choice, private hospital cover means you can choose your doctor if you want and, for elective surgery, you can steer clear of the public hospital waiting lists and be treated when you want to be. Cheap health insurance covers thousands of treatments at hospitals, with more surgeries performed in private hospitals than public in Australia. 

No one wants to ever have to use their private hospital cover, and it’s not something that is often used, but it is good to know that if you are sick or injured, it is there, to help you start getting better straight away.

Extras benefits

While private hospital cover can help you when you are in hospital, extras cover offers you benefits for the health treatments and services you usually don’t have to go to hospital for. These are treatments that you and your family will probably use quite regularly. When it comes to kids, it’s treatments like dental, optical and podiatry. For mum and dad, extras cover can provide benefits for services like physio, chiro and alternative therapies. Most of these treatments are not covered by Medicare, and without cheap health insurance that includes extras, you will probably have to pay full price. If you have seen how much a dentist can charge, having extras cover can come in very handy. At Frank, our extras covers are simple and still give you choice. Lots and Some extras packages give you benefits option of either 80% or 50% back on treatments, up to an annual limit. If you choose the 50% option, your premiums are likely to be lower, even though the annual limits remain the same. That means even though you can claim less back on treatments, it will take longer to reach your annual limit. Once again – simplicity and choice.  

Other benefits

It’s not just choice, flexibility and peace of mind that should convince you cheap health insurance is worth it. There is another very compelling reason it may help you avoid government rebates and surcharges. The Federal Government really, really wants people to take out private hospital cover and extras insurance. The more people that do, the more pressure comes off the public system. So, they have created a few incentives to make it financially attractive. The first carrot is the Private Health Insurance rebate, which offers a rebate on your health insurance, depending on your income. In short, if your family has a taxable income of less than $180,000, and you are aged under 65, you get almost 27% deducted from your premiums.

You may also be able to claim it as a rebate when you do your taxes. The rebate is tiered, so check out the full benefits before filling in the forms. That was the carrot, now for the sticks. Lifetime Health Cover loading is designed to urge you to take out private hospital cover as soon as you can. In a nutshell, it penalises you 2% for every year you don’t have health cover, over the age of 30. So, a 40 year old who buys health cover today will pay 20% more than a 30 year old. You can stop paying it after 10 years. The second stick is the Medicare Levy Surcharge, which is a tax on those who have an annual taxable income over $90,000 as a single or $180,000 as a couple and don’t have private hospital cover. The MLS is also tiered based on your taxable income.

Get 1 month free + skip 2 & 6 month waits on extras* when you join on combined cover by March 31.

*For new members (if you have been a Frank Health Insurance member in the last 12 months, sorry you don’t qualify). Must pay first month to receive second month free. 12 month waits, annual and sub limits apply. Offer ends 31 March, 2018.