Tag Archives: health insurance

Your health cover – seven reasons why it shouldn’t be set and forget …

All too often people take out health cover at one life stage and forget to update it as their needs, and the needs of their family, change over time. Peta Gane, from rt’s member services team, shares some expert tips to getting the right kind of cover for your needs – and why your health cover should have an occasional health check!

‘We’ve all heard about people caught without the right level of health cover. It’s really distressing for the person and for us when we find someone is on the wrong cover for their needs. That’s why it’s so important to give your health cover a health check from time to time,’ she says.

Peta says she and the team at rt find people who might be on the wrong type of cover by looking at their age and the level of cover they have, and by comparing it with data that tells them the types of medical treatments people in those age groups are most likely to use.

Taking a proactive approach and reviewing your health cover by talking to a representative will make sure your needs are met. Peta explains saying: ‘It’s important to encourage people to give their health cover a regular check. And, there are a number of life events and stages when checking your level of cover may be especially important.’ These include:

01 You’re turning 31, thinking of dropping your hospital cover or if you’re new to Australia

You may be at risk of getting stuck with a Lifetime Health Cover (LHC) loading if:

  • you don’t have private hospital insurance before 1 July following your 31st birthday
  • you’re over the age of 31 and have had hospital cover, but let it lapse
  • you’ve moved to Australia and are eligible to receive full Medicare entitlements.

‘The LHC loading is a government penalty designed to encourage people to take out
private hospital cover and to keep it. Once you have an LHC loading, you’ll have to
pay it for ten continuous years, so avoiding it or minimising it as early as possible is
important – the team at rt can show you how,’ says Peta.

02 You’re planning a trip

Australian private health insurance only covers you for treatment you receive in Australia and for products and services you buy in the country. So, if you’re heading overseas for 28 days or more, suspend your cover.

03 You get a pay rise

‘If you’re earning over a certain amount and you don’t have private hospital cover, you’ll be charged an additional tax called the Medicare Levy Surcharge (MLS). Single people earning over $90,000 a year and couples/families earning over $180,000 are affected. If this applies to you, you’re better off having hospital cover than paying the extra tax – you’ll avoid the surcharge and gain all the benefits of private cover. The income tiers are set by the tax office; the current tiers are in place until 30 June 2018,’ explains Peta.

04 You’re planning a family

‘Having a baby is an exciting time and one of your most important considerations will be where you plan to have your baby and who you want to see you through your pregnancy.’ Peta urges you to check that the hospital cover you have includes pregnancy in a private hospital and remember that waiting periods may apply before you’re covered if you are new to a fund or if you upgrade to a cover that includes pregnancy. ‘If you have a single membership with rt, for example, you’ll need to upgrade to a family or sole-parent family membership at least two months before the baby’s due date. If you don’t upgrade, and your baby needs hospital care following birth, your baby won’t be covered. If you already have a couple, family or sole-parent family membership your baby will be covered if hospital care is needed. Planning ahead enables you to put your mind at ease so you can enjoy a healthy pregnancy and beyond, our team can guide you,’ she explains.

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05 The kids are growing

Got kids who might need orthodontic treatment soon? Get the right kind of extras cover to help during this important (and expensive) time. ‘When your kids reach about 12, think about checking or upgrading your extras to make sure they are covered if they need orthodontic treatment,’ says Dr Lincoln Law, dentist at Healthy Teeth. ‘There’s a waiting period of 12 months before you can claim orthodontics if you’re not already covered, so as with everything that’s important in life, plan ahead!’ adds Peta.

06 You’re celebrating a graduation

With rt, your children can be covered by your family or sole-parent family membership until their 21st birthday. After that, they can stay on your membership until they’re 25 if they’re studying full-time at an approved Australian school, college or university, and aren’t married or living in a de facto relationship. If they aren’t studying, you can keep the kids covered under your membership for an additional contribution that’s a fraction of what they’d pay for their own cover. ‘It’s called ‘family extension and it’s available with rt’s Premium Hospital cover,’ Peta explains.

If you join or are with rt health, your kids are eligible to join, and provided they transfer to their own membership with an equivalent level of cover within two months of leaving yours, they’ll have no waiting periods to serve.

07 There’s a significant birthday on the horizon

Celebrating important milestones in the family is one of life’s greatest joys. But with different ages and stages, come different health needs. As you get older, you’re more likely to need certain types of medical treatment for knees, hips, hearts and more.

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‘No matter what your life stage, think about whether your health cover is working for you right now. And, will it meet your upcoming needs? We’re committed to providing our existing and new members with the best advice possible and matching them with the right cover for their changing needs!’ ends Peta.

Call us on 1300 56 46 46 to join rt health and get the rt health check your health deserves!

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Peta Gane, member services team

 

 

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Don’t get slugged with an extra penalty!

Did you know that almost three-quarters of Australians without private hospital insurance don’t know that they could be slapped with a 10-year Lifetime Health Cover loading*?  The statistics are even higher for young Australians (18-31) without private hospital insurance – a massive 80% are unaware of LHC*. Thankfully LHC can be avoided or minimised so read on to find out how!

What you need to know …

Lifetime Health Cover is a government initiative that’s designed to encourage Australians to take out private hospital cover early in life and to keep it. If you don’t have private hospital insurance before 1 July following your 31st birthday, the LHC meter starts running. And, from that point on, hospital cover will cost you an additional 2 per cent on top of the usual price every year you delay, up to a maximum loading of 70 per cent! And, the loading stays with you until you have paid it for ten continuous years.

Not yet 31?

If you take out hospital cover by the time you are 31 (and keep it) you’ll pay the lowest rate offered by the health fund you join. And, you’ll have the peace of mind that comes with knowing that if the unexpected happens, you have choice, security and control.

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Already over 31?

The longer you delay, the more you’ll pay. This can mean that hospital cover ends up costing you thousands of dollars more than you needed to pay. So, for example, if you were to put off taking out hospital cover until you were 40, you’d be paying 20% more than someone who took out the same hospital cover at age 30. This loading could add up to thousands of dollars over a ten-year period! The bottom line is that if you want to avoid getting tripped up by the LHC loading, you have to take out hospital cover sooner rather than later (and keep it)!

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Dropped your private hospital cover?

If you’re over 31 and have held private hospital cover without an LHC loading but you’ve let your cover lapse, you may be subject to a loading when you choose to re-join a health fund later on. Our team can explain the details and why getting hospital cover and sticking with it is so worthwhile.

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New to Australia?

If you’re a new Australian and you hold either a green or blue Medicare card, the LHC loading can be avoided by taking out private hospital cover by 1 July following your 31st birthday. Over 31? Take out hospital cover before the first anniversary of the day you registered for full Medicare benefits. Otherwise, you’ll be charged a 2% loading for every year you are over 31!

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If you want to avoid the LHC loading or minimise it – talk to us today! We can explain the details to you in plain English and you won’t be rushed off the phone. Give our team of experts a call on 1300 56 46 46.

For further information about Lifetime Health Cover see the Australian Government’s Private Health Insurance Ombudsman website.

Daniel Walshaw
Daniel Walshaw – Marketing Communications Content Specialist at rt health fund

 

Disclaimer: This information is brought to you by rt health fund – the health fund for transport and energy industry people. You are welcome to reproduce this article with mention of rt health fund as the source. With all tax-related issues, we strongly recommend you speak with your accountant, financial planner or tax adviser. The information provided here is intended to be for information only and should be carefully evaluated for its source, accuracy, completeness and relevance for your purposes.

*Ipsos/iSelect, June 2015

 

 

 

 

 

Young, fit and out for fun?

You may need health cover more than you think!

Since you’re young, health insurance probably isn’t on your radar. And, although it’s true that chronic (long-term) conditions such as diabetes are more likely to affect older people, did you know that more young people are admitted to hospital for accidents and injuries than people at any other life stage? Health insurance really can protect your health …

More young people are admitted to hospital for accidents and injuries than people at any other life stage.

Your health, your way

It’s natural to want to make your own decisions about your life, your way. And, health cover can do this by giving you the peace of mind that comes with knowing that if the unexpected happens, you have choice, security and control.

First Start Hospital cover has been developed as a great start to health insurance by providing cover for the kinds of things young people are more likely to need. And, it doesn’t cost as much as you might think. For around only $16.22* a week, about the same as four coffees or a weekly membership at your gym, you could be covered if something were to happen to you.

Need convincing? Here’s how health insurance can protect your health!

Last Friday night …

Hands up who’s familiar with this scenario?

‘My cousin was walking down some nightclub stairs late one night wearing super-high stilettos. She tripped, fell and tore the ligaments in her leg and ended up needing surgery and physiotherapy for months after.’

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Need help paying for those extra services?

Young people are the highest users of services covered under extras (ancillary) cover such as dental, optical, physio and chiro.

But apart from a very small number of services, there’s no Medicare coverage for these things. So, if you’d like some assistance with these types of health care costs, private health insurance is the only way to go.

Dancing into trouble

This young dancer trains four to five times a week. And the workouts are pretty intensive.

‘Even though I haven’t had an injury, I do have to see my physio regularly. Plus, I need to have remedial massages to ensure that I take care of my body. If I didn’t have health cover I might put it off – which wouldn’t do my health much good.

I love that I can use HICAPS for on-the-spot claiming – I never thought about health insurance before joining rt health fund, which is when I started paying attention to what I could claim. And extras by itself isn’t that expensive. You never know what you might actually need!’

The trouble with teeth

‘My friends and I were mucking around on a jet ski when my mate went head-over-heels and chipped both his front teeth. He had to walk around with broken front teeth for weeks while he scraped together the money to get them fixed.’

With extras cover from as little as $4.80 a week**, why wouldn’t you get covered?

Mix, match ‘n’ save!

One of the easiest ways to save money on your health insurance is to mix and match your hospital and extras cover based on your individual needs.

rt health fund offers a range of covers. First Start Hospital and Value Extras are a great choice for young people who are taking out health cover for the first time and who don’t have any specific health issues or concerns.

Give our team a call on 1300 56 46 46 to talk through your options, the costs and how it all works or join online here.

Jenna Kazokas_edited
Jenna Kazokas – Marketing Communications Digital Producer at rt health fund

*Prices are indicative, based on a single, NSW-based membership, receiving a 26.791% rebate with no Lifetime Health Cover loading and $500 excess.

**Prices are indicative, based on a single, NSW-based membership on Value Extras cover, receiving a 26.791% rebate.