Health Insurance
OASIS INSURANCe - life insurance specialists
TOP 6 BENEFITS OF PRIVATE HEALTH INSURANCE IN AUSTRALIA
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What is Health Insurance?
Private health insurance can help you pay hospital and medical costs not covered by Medicare. In some cases, you can receive treatment sooner by electing to be treated as a private patient.
We deal with AIA Health who created cover to help ensure you’re protected, with features including up to 70% back on extras. AIA Health also comes with access to AIA Vitality, the health and wellbeing program that rewards you for learning about your health and taking steps to improve it. When you join AIA Health, you’ll receive:
- 5% discount on your AIA Health premium when you first join and for as long as you maintain AIA Vitality Silver Status or above.
- 5% discount on your eligible AIA Priority Protection policy
Choose Hospital only cover or choose Hospital and Extras cover across a range of benefit levels. It’s your cover after all – so you decide.
- Private hospital cover, Australia-wide.
- No Gap Dental for selected preventative treatments at smile.com.au dentists.
- Up to 70% back on extras
- 100% refund on your hospital excess for eligible hospital admissions
- 30-day cooling off period where you’ll get a full refund on any premiums paid (provided you haven’t made any claims).
- Access to AIA Vitality, the health and wellbeing program that rewards you for knowing more about your health and taking steps to improve it.
- AIA Vitality Boost with an additional 10% back on your non-dental Extras (up to annual limits) once you reach and maintain AIA Vitality Silver Status.
Hospital cover
Extras cover
Extras cover is for out-of-hospital medical treatments. This can include services such as physiotherapy, optical and dental. Generally the more services the policy covers, the more expensive it is.
Combined health insurance covers you for both hospital and extras under the one policy.
Medicare levy and surcharge
Most Australians pay the Medicare levy of 2% of their taxable income as part of their tax. If you don’t have private health insurance and earn more than the threshold, you may pay an extra surcharge. This can be up to 1.5% of your taxable income.
If you’re on a high income, it may be cheaper to buy the insurance than pay the surcharge. See the Australian Taxation Office (ATO) website for more information on the Medicare levy surcharge.
Lifetime Health Cover (LHC) loading
The LHC loading is a government initiative to encourage Australians to get health insurance before they turn 30. For every year after you turn 30 that you haven’t been insured you’ll pay a 2% loading on top of your premium.
You only need basic hospital cover to avoid LHC loading. For more detail on how the LHC works, see PrivateHealth.gov.au.
Protect Your Health and Finances with Private Health Insurance
Invest in private health insurance to not only cover hospital and medical costs not covered by Medicare but also potentially receive treatment sooner as a private patient, avoid the Medicare levy surcharge, and prevent the LHC loading that increases premiums.
Frequently Asked Questions
Why should I take out Hospital cover?
Hospital cover helps to cover the costs of being treated in hospital. Having Hospital cover means you can be treated in a private hospital and avoid public hospital waiting lists. You get more control over where you're treated, and who treats you.
What is Extras cover - and should I take this out too?
Extras cover is for treatments that do not take place in a hospital, like visits to the dentist, physiotherapy or optical services. The types of services you can claim under your Extras cover will depend on the level of cover you take out, but essentially this type of cover is to help with services and treatments received out-of-hospital, that aren't covered by Medicare.
What is combined cover?
Combined cover is when you take out both Hospital and Extras cover. That's why you'll hear the term 'Hospital and Extras' thrown around so much when it comes to health insurance - it's a popular choice.
How do I get the rebate on private health insurance?
Most Australians with private health insurance currently receive a rebate from the Australian Government to help cover the cost of their premiums, either as:
• A reduction of your Health Insurance premium; or
• A lump sum payment when lodging your tax return.
The level of your rebate depends on your income and your age. To find out more and to find out how much you could get back head to the Private Health Insurance Rebate Calculator on the Australian Taxation Office website.
Speak with an AIA Health Expert Today
Make an informed decision about your health insurance by speaking with an AIA Health Expert, who can help you choose the right level of cover for your needs and budget, and provide a free quote. Request a call back now to get started.
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* By providing your name and contact details, you consent to your personal information being provided to AIA Financial Services and being contacted to discuss health insurance provided by AIA Health Insurance and other products distributed by AIA Financial Services. Once provided to AIA Financial Services, your information will be handled in accordance with the AIA Australia Group Privacy Policy which can be found at aia.com.au along with the AIA Financial Services contact details. Where you obtain health insurance as a result of these discussions, Oasis Insurance may be eligible to receive a referral fee from AIA Health Insurance.
