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Date Published : Thursday, February 07, 2008
The health insurance industry can be confusing for many Australians who find it "bamboozling" and a "nightmare", an industry expert has claimed.
According to the ABC's Peter Lavelle, the health insurance sector in Australia is crowded - with over 40 possible companies, a two-tier federal health system and "a raft of ever-changing government incentives" for consumers to choose from.
Many Australians do not know the basics of healthcare and rely on federal assistance, as well as help from the EMS team, when they are ill.
There are two types of private health insurance cover. Hospital insurance covers costs as an in-patient in a hospital, while ancillary (or extras) cover is for the cost of other health services such as dental, optical, physiotherapy and a range of other treatments.
Hospital cover is designed to cover the costs of a stay in hospital as a private patient. This could be in a public hospital (as a private patient) but is more likely to be in a private hospital.
Private health insurance may also cover all or part of the cost of a huge range of health expenses that are not covered by Medicare - physiotherapists, dental visits, psychologists, speech therapists, ambulance travel, home nursing and spectacles.
However, many Australians feel health insurance is an added expense, not worth spending money on.
AMP financial planner Mark Borg told the Adelaide Advertiser that health insurance provides "some peace of mind and financial security at a time when it's needed most.
"Couples especially need to discuss these 'what if' scenarios, as their needs may differ depending on which one of them is physically affected."
Compare insurance providers and apply for deals online.
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