Simple trick to getting the most out of your 20s

You finish your degree, move out of home, and get your first job. Life is going well. Then you have an accident and find yourself staring down the barrel of a very long wait and thousands of dollars in medical and rehabilitation fees.

HCI

You finish your degree, move out of home, and get your first job. Life is going well. Then you have an accident and find yourself staring down the barrel of a very long wait and thousands of dollars in medical and rehabilitation fees.

It’s easy to think you’re invincible when you’re young, healthy and fit, but the truth is accidents can happen to anyone at any time and you never know when you’ll need to access medical help, which is why private health insurance can be really beneficial to people aged 18-30.

It’s not just about having your own room at hospital and saving money on things like glasses or the occasional remedial massage. It can also help you move up surgery waiting lists much faster and have more say as to which medical professionals look after you when you’re admitted.

Moving out of home

Take Florian Birouste, for example. He first tore the anterior cruciate ligament in his left knee while playing a game of soccer when he was 24 years old.

Fortunately for him, he was still covered by his parents’ private health insurance. He was able to find a surgeon who could fit him in quite quickly, so his knee was operated on about three weeks after the injury.

The second time, he wasn’t so lucky.

“I was 27, which was last year, and I did not have any private health coverage, which meant that I have had to get on the waiting list for a surgeon to operate whenever they have a spot, which is usually about 12 months’ waiting time. It also meant that physio wasn’t covered until I got [my own] health insurance about a month and a half later,” he tells The Mercury.

He says he initially chose not to take out private health insurance because of the cost, but that the lengthy wait times in the public system and cost of allied health services changed his mind.

“The rehab for the first injury went really, really well and I thought I’d save myself a little bit of money. I’m otherwise a pretty healthy type of person, so I haven’t needed any private health coverage,” he says.

However, he has since taken out insurance to secure an earlier surgery date and help manage the ongoing costs of rehabilitation he will need going forward.

It’s not just accidents, either

Pregnancy is another key health event that affects people in their 20s, whether it’s planned or not. Australia’s private health system is robust and will absorb the cost of caring for mothers and babies who suffer serious complications and need to be admitted to hospital.

However, Dr Alex Polyakov, a Melbourne-based consultant in obstetrics, gynaecology and reproductive biology, estimates that without private health insurance, the average cost of delivering a baby and recovering in hospital still ranges from about $5000-8000.

Cost aside, he tells The Mercury the other key difference is that one person will look after you throughout your whole pregnancy and help you with all the various appointments and scans you’ll need.

“They arrange all the investigations like ultrasounds and blood tests. They are a consultant, so the most senior doctor possible, and they are usually present for the delivery. Also, after the delivery you stay in hospital longer and you have ongoing support from midwives and consultants.”

To contrast it to the public health system, he says, you get no say over who delivers your baby and new mothers might be sent home much more quickly.

However, he says it’s important to read the fine print of your policy, especially when it comes to waiting periods, and to shop around for an obstetrician and check how much they charge.