Why you need health insurance if you’re healthy

YOU work out three times a week, eat reasonably well and enjoy your eight hours sleep, which, according to every standard health checklist, means you’re fighting fit.

YOU work out three times a week, eat reasonably well and enjoy your eight hours sleep, which, according to every standard health checklist, means you’re fighting fit.

While that might be the case, accidents and illnesses don’t discriminate, which means your balanced diet and lifestyle mean nothing if an unexpected emergency occurs. According to Medibank Chief Customer Officer, David Koczkar, there are many reasons the young and healthy  should consider health insurance, with one in two Australians already making the worthwhile investment.

“Private health insurance is a critical part of Australia’s health system,” David says. “This provides everyone with greater choice in how their healthcare is delivered and reducing demand on the public system.” While this is important, there are many additional benefits of having health insurance, which ensure your mind, body and bank account are all taken care of.

BETTER FOR YOUR BODY

“Being fit and healthy can’t guarantee you won’t get injured, suffer an accident or medical emergency,” David says. “Health insurance protects you financially for all types of situations – from having your tonsils removed, breaking your arm or leg or sports injuries. It also reduces wait times for many types of treatment and offers you the choice of your preferred doctor or surgeon.

“Depending on your policy, health insurance extras cover can pay benefits towards a range of non-hospital treatments such as dental, optical, physio, chiro and remedial massage – so, if you’re fit and healthy, you can stay that way.”

BETTER FOR YOUR BANK

“The government provides incentives to help encourage those who can afford private health insurance to help ease the burden on the public system,” David adds. “One of these is the Medicare Levy Surcharge which is an extra tax of at least one per cent of your income if you earn more than $90,000 a year – for some people this tax could be more than the cost of basic private health cover.

“There is also a Lifetime Health Cover (LHC) loading which is designed to encourage people to get their hospital cover early and keep it up.”

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BETTER FOR YOUR MIND  

Aside from levies and taxes, David believes “peace of mind” and “choice” are two major benefits of health insurance.

“Hospital cover pays towards treatment in a private hospital and you get greater choice over your hospital experience. This means you can choose your doctor, choose your hospital and choose when you’re treated. Also, you’re more likely to get a private room.

“Without private health insurance, you may need to wait longer for your surgery and this can lead to disruptions in your personal life.”

DEBUNKING THOSE MYTHS

While the pros far outweigh the cons, David believes there are many common misconceptions about health insurance.

“Many people believe ambulance cover is included. In fact, it’s not in all policies, so make sure you check the fine print,” David adds. “Also, don’t think that health insurance is set-and-forget. You’ll need to keep checking and updating your policy as circumstances change, such as health needs or having children.

“If your situation changes it’s a good idea to contact your fund to discuss your options.”

Originally published as Why you need health insurance if you’re healthy