2. Reduced waiting times for medical care
One of the biggest benefits of private health insurance is the reduced waiting times for medical care. In a public healthcare system, patients often have to wait for months or even years to receive non-urgent medical treatment. This can be extremely frustrating for patients who are in pain or need medical attention urgently. However, with private health insurance, you can access medical care much quicker, without having to worry about long waiting times.
Private hospitals and clinics usually have shorter waiting times for medical procedures, as well as a wider range of treatment options and facilities. This means that you can get the care you need faster and without having to go through lengthy waiting lists.
Additionally, private health insurance often provides access to exclusive medical facilities and specialists, which might not be available through public healthcare systems. This means that you can receive the best possible care for your health needs, without having to wait for months or years to get it.
Reduced waiting times can be crucial for individuals who need medical care urgently, or for those who want to have a better control over their healthcare. With private health insurance, you can get the medical attention you need when you need it, and without having to worry about long waiting times or delays. This is one of the key reasons why private health insurance is becoming increasingly popular among individuals who want to take charge of their own health and wellbeing.
3. Access to a wider range of specialists and treatments
One of the most significant benefits of private health insurance is the access it provides to a wider range of specialists and treatments that may not be available under a public healthcare system.
With private health insurance, you have the freedom to choose a specialist or a consultant who can provide you with a second opinion or alternative treatment options for your medical condition. This can be particularly useful if you have a rare or complex condition that requires specialist attention.
In addition, private health insurance also covers a range of treatments and procedures that may not be available under a public healthcare system. For example, experimental treatments, elective surgeries, and alternative therapies like acupuncture and chiropractic care may not be covered by public health insurance.
Having access to a wider range of specialists and treatments means that you have more control over your healthcare decisions and can choose the best possible treatment options for your specific needs. This can result in better health outcomes, faster recovery times, and a higher quality of life. Therefore, if you value your health and well-being, private health insurance is definitely worth considering.
4. Avoiding the Medicare Levy Surcharge
One of the main reasons why you should consider private health insurance is to avoid the Medicare Levy Surcharge. The Medicare Levy Surcharge is an additional tax that the Australian Government charges to those who do not have private health insurance and earn over a certain threshold.
The threshold for singles in the 2020-2021 financial year is $90,000, and for families, it’s $180,000. If you earn over these amounts and do not have private health insurance, you will be charged a levy of up to 2% of your income.
By taking out private health insurance, you can avoid this additional tax and potentially save yourself thousands of dollars each year. It’s important to note that the Medicare Levy Surcharge is not a one-off payment but is instead charged annually as part of your income tax assessment.
Additionally, taking out private health insurance can also provide you with peace of mind knowing that you are covered for a range of medical services and treatments. This can include things like dental services, physiotherapy, and optical services, which are not covered by Medicare. So, not only can you save money, but you’ll also have access to a comprehensive range of healthcare services that can help you stay healthy and well.