Is It Worth Having Private Health Insurance? 4 Pros And Cons

You might have heard this numerous times that your health is very important. There might be circumstances when you need to seek medical services, which might be burning a hole in your pocket. This is where the role of a health insurance policy comes in. Health insurance is a way to cover all the medical expenses that you would otherwise need to pay.

The Australian government offers Medicare services to its residents, which involves making people’s medical needs affordable. Alternative to this public healthcare system, there are reliable companies, such as Fair Health Care, that offer private health insurance. Now, people might confuse about which one to choose: public or private?

Well, this comprehensive guide will explore all the pros and cons of having a private health coverage policy and will help the readers make the right decision about which one they need: a private or a public policy. But before that, it is essential to know what is private health cover and in which circumstances you can claim it.

Understanding Private Health Insurance

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Health covers are one of the most important aspects of financial planning. In case of an unexpected medical emergency, a good policy could significantly benefit you and your family, and you would need to spend thousands of dollars. It is because health covers and manages all the expenses. These policies have especially gained tremendous demand during the post-COVID times. A public healthcare system called Medicare is applicable in Australia and helps offer all the medical services at public hospitals at highly affordable prices to its residents.

As opposed to government hospitals, private hospitals are significantly expensive, which does not allow most people to consider their services. Considering the high unaffordability, several reliable companies have come up with private health insurance. These policies help the clients avail the expensive medical care at minimal or zero cost.

Read below to find out what conditions can be covered under private policies. Though this might vary depending upon the insurance agency, always reach out to a trustworthy agency and the right policy that can entitle you to avail maximum benefits from the medical claim.

Conditions That Can Be Covered Under Private Health Insurances

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A good policy entitles you to avail maximum benefits of health coverage. There are various things that are covered under health insurance and may vary from provider to provider. Further, it also depends on the level of the insurance cover, typically gold, silver, or bronze you picked. Additionally, some providers allow you to choose which conditions to cover depending on your needs. However, some of the basic things that you should look for, whether they are covered, are listed below.

  • Medical tests, MRI scans, or X-rays
  • Consultation with specialists, including virtual appointments
  • Psychological consultations and physiotherapies
  • Surgeries
  • 24 x 7 medical assistance

However, maternity treatments, emergency conditions, dental services, or any severe ailment are generally not covered under such policies. Read below to find out some pros and cons of having a private healthcare policy.

4 Advantages Of A Private Healthcare Cover

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There are numerous advantages of private healthcare policies, such as low waiting periods, easy access to private hospital rooms, selecting the doctor or surgeon as per your choice, and excellent coverage. This article will discuss each of the advantages in detail. Read below to find out.

Low Waiting Periods

Private health policy customers can book their appointments prior and would not need to wait for a long period for consultation or treatment to begin. Meanwhile, government hospitals generally have a long waiting list, due to which you may end up waiting for a long period.

Accessibility To Private Hospital Rooms

The policies also allow you to access the private spaces, and you would not need to be in the same room as the other patients. On the other hand, government hospitals do not provide separate rooms, and you require to recover and get treated in the same room.

Select Your Preferred Doctor Or Surgeon

Yes, you read it right. Private policies allow you to select the surgeon or doctor depending on your choice. Thus, you are offered a variety of choices of surgeons by whom you want to get your treatments or surgery done.

Significant Coverage

Private healthcare insurance covers many medical services that may or may not be offered by Medicare services. Also, the insurance providers let you choose which things to cover under the policy.

4 Disadvantages Of A Private Healthcare Cover

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Every coin has two aspects. Let us now discuss the few disadvantages of getting private healthcare coverage. Read below to find out.

Expensive

The premiums for such policies are extremely high. Further, the premiums of these policies are said to be increasing each year due to inflation in medical expenses. The price varies depending on the provider and the level of policy you choose. Thus, you might need to spend thousands of dollars while paying the monthly premiums.

Some Conditions Are Not Covered

Most chronic diseases, such as diabetes, are not covered under these policies. Even the costliest policies typically do not cover chronic conditions.

Complex To Understand

With the availability of a wide range of healthcare policies and the comprehensiveness of such policies makes it difficult for members to understand. There are different levels, such as bronze, gold, or platinum, that help the buyers to choose the right one.

The Coverage Is Not Guaranteed

In most cases, policy providers do not provide policies to cover certain conditions that require hospital treatments. Thus, it is advisable to go through the properly and then make the right decision depending on your choice.

Final Thoughts

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Health insurances are a key to financial planning. These are especially helpful in emergency medical situations as they help cover the expenses. Both public and private healthcare covers are available in Australia. In the context of privacy policies, these can prove highly beneficial in managing your financial goals and offer numerous other advantages, as mentioned above. Several trustworthy companies offer private medical insurance with great coverage and affordable prices.