Which Companies Offer the Best Medical Insurance in NSW?
There are several options for medical insurance in NSW and there are also many health funds you may not know about which could be giving you a better deal on health insurance. Choosing the best option for you and your family requires careful assessment of both financial and health needs. Medicare is a system provided to every Australian. To fund this free system, Australian Tax payers pay a compulsory Medicare Levy. This is taken out of individuals income tax. Further income taxes are applicable to high income earners, however Private Hospital Health Insurance can help avoid this tax.
The government offers a subsidy program, the Private Health Insurance Rebate, which helps you save money on private health insurance in NSW by offering rebates/subsidies depending on your income and age; this can significantly reduce your premiums.
Private health insurance allows you and your family greater control and better access to care. Choosing cover can be tricky and if you have a service in mind that you want to be covered for such as pregnancy cover, you are going to want a cover that does not restrict obstetrics. Depending on your level of cover, some funds will also contribute to healthy lifestyle programs approved by your doctor.
Now it becomes a simple matter of comparing for-profit and not-for-profit health insurance companies. For-profit funds must maintain enough in the fund to cover the cost of benefits, but additional funds are then passed on to stakeholders as profits. With not-for-profit funds, all income is reinvested to provide the maximum benefits to policy holders. In NSW you also have local funds such as Phoenix Health Fund who are a mutual, not-for-profit fund providing good value health insurance at an affordable price to its members.