Surprising Ways to Save Money on Health Insurance

Wouldn’t you like to learn how to save money on your private health cover? Private health insurance gives you access to private health care facilitates, hospitals, clinics and treatment not currently covered under the Medicare system. And if you’re like most people, you are looking for ways to dramatically cut costs while at the same time getting a terrific value.

The quickest way to make your private health cover surprisingly affordable is to take advantage of Government rebates (http://www.health.gov.au/privatehealth). A person who is eligible for Medicare benefits can receive a 30 percent rebate or more thanks to the Federal Government 30 percent rebate on private health insurance. This rebate is available until July 1, 2012.

If you are under 65, the Government pays $30 for every $100 spent. The Government will pay $35 for every $100 premium if you are aged 65 to 69. If you are 70 or over, the Government will pay $40 for every $100 in premium. After July 1, 2012, the health insurance rebate will be means-tested and based on your yearly income.

The next thing you can do to save money, reduce your tax and avoid paying the Medicare Levy Surcharge is to take out private hospital cover. The Medicare Levy Surcharge is an additional 1 percent surcharge of taxable income added to the normal 1.5 percent Medicare Levy.

With hospital insurance, a great deal of the costs of hospital treatment is covered. This includes physician charges and hospital stays. This insurance is applied whenever you are admitted to a day hospital facility or admitted to a private hospital.

When you choose hospital cover, you will likely have several cost reduction options such as co-payment, excess and per night capping as well as premium packages that cover most if not all hospital costs. You can get tremendous savings by taking out hospital cover no later than July 1, immediately following your 31st birthday. You’ll avoid having to pay the Lifetime Health Cover load.

Another way to save a few dollars on your private health insurance cost is to choose direct debit. You might be surprised at the number of health insurance funds offering special discounts on health insurance premiums.

As stated earlier, a smart way to decrease the amount of your premium without lowering your level of cover is paying an excess. Excess is only paid when you are admitted to the hospital overnight. It is only paid once per calendar year, per adult member and a maximum of two times per family policy.

What this means for you: if you never have to stay overnight in the hospital, you won’t be required to pay the excess. By the same token, if you are admitted to the hospital several times in one calendar you, you are only required to pay the excess one time. There is no excess to be paid for any dependent children covered on your policy.

Now, if you really want to get the most out of your health insurance cover, simply claim more. Also, you get more for your dollar when you use your fully covered scale and clean every year from a participating provider.

If you have a couples policy, see if the fund treats you as an individual and pays individual limits. This could save you even more money. Furthermore, you can cut out-of-pocket expenses to a minimum in the hospital by making sure your medical practitioner has a fully covered arrangement with your private health cover fund.

You see, there are many ways to reduce the costs of private health cover.  From taking advantage of rebates and paying excess, you can enjoy an extra savings with inexpensive health insurance. No doubt, having a good health insurance policy makes life a little easier. Go ahead and follow these money-saving tips and give your family the cover they need.

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