Health Insurance.

Rich

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Yep. I just wanted to send BUPA a message.
Hi Pushka,
How did you go in the end getting any premiums back from Bupa when you switched funds? If you remember, I know it's been a while.
The reason I ask is because we are looking at dumping Bupa (QANTAS looking good) but having paid up to April I want to switch sooner.
When we did switch to Bupa a few years ago I am pretty sure Medibank sent a refund automatically.
 

Pushka

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Hi Pushka,
How did you go in the end getting any premiums back from Bupa when you switched funds? If you remember, I know it's been a while.
The reason I ask is because we are looking at dumping Bupa (QANTAS looking good) but having paid up to April I want to switch sooner.
When we did switch to Bupa a few years ago I am pretty sure Medibank sent a refund automatically.
We didn't receive anything back but I didn't care. Maybe time it for closer to premium end? Insurance companies always quote the fine print but maybe you might get lucky?
 
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RooFlyer

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I probably should have posted this in this thread. Fund is Medibank Private.

 

PLANT

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How much does health insurance give back for Dentures. Found Medibank Top Cover gives less than 10% back.... That normal?
 

RAM

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Most people probably already do this but...

It is well worth getting a statement of your 'extras' claims each year & compare that total to the annual cost for extras.

Most health funds realise the figures are not in their favour & so when they send through the annual renewal - they don't split out the extras from the hospital premium.

Unless you are an active user of every cent of your extras 'benefits' then most are better off self-insuring vs paying for the extras.

The health funds alos know this & quite often will suggest you go online to do this vs them mailing ("No, we don't email such information so if you want it quickly...."). Not that finding it on most web sites is that obvious.

Persevere & ask for it to be mailed out & file it away to compare the decreases in amounts paid each year.
 

serfty

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After 30 years of private cover we bailed from in mid 2017, hospital and extras. The premiums, even when qualified for the full government rebate at the time had increased by 70% over the previous 5 years (even with the over 60 additional rebate).

Premiums we would otherwise have paid have been banked. That account now has over $20k in it despite a couple of thousand spent on medical/dental/optical in the last two years.
 

Quickstatus

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Entering being a burden on society Phase of life ...
Some get there early.
One 30yr old patient I heard of has HI, and has racked up $2M in last 2 years in HI claims. Not sure about previous years. (Won’t talk about why for certain reasons)

Spoken like a rich cough.
Oh dear/ cough can mean various things.
Suggest a checkup. :)
 
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Quickstatus

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The one thing about HI is that there is no agreed limits on claims. They are essentially unlimited except that eventually everyone dies. :)

The mortality rate of the human race remain stubbornly at 100% :( (or maybe that’s good :))
 

RAM

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The catch 22 with the hospital side of HI is the fear factor - what if something goes terribly wrong?

But is the fear warranted?

In many cases the cause of hospital need is an accident of some sort. If the accident is life threatening then you're most likely taken to a public hospital NOT a private hospital.

Sad fact: many (not all) private hospitals do not have doctors on-site at night. Eg: St Vincent's Private in Sydney relies on calling in a doctor from St Vincents Public (next door) if something goes wrong after hours. Trouble is that it takes an alarmingly long time to unlock & lock all the security doors between the two.

Generally, private hospitals do not have the same degree of medical tech (across the board) compared with their public alternative. This is even more the case outside of the capital cities where the option of a private hospital is even lower as is having a choice of doctors.

Yet the 'fear' factor comes into play just like with any other type of insurance. For example with contents insurance - the probability of being broken into x the value of goods lost & damage done vs the costs normally are priced at a fraction of the expected payout. Playing on 'the sleep at night' value people place on it. Where you live matters.

Where this is put in stark reality is in Cairns where the annual premium for home insurance for a typical unit was reported last week as around $22,000 a year.

Are you a gambler/stock market investor, perhaps like punting on penny dreadfuls? Will you risk your home being burnt down vs not paying the annual premiums vs just foregoing contents insurance?

Similarly, your family health history can matter. But if something does go terribly wrong - where would you be treated?

The pros/cons for 'Extras' are much easier to deal with.
 

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