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Compare Private Health Insurance
There are two different systems for healthcare in Australia: Public health insurance through Medicare and Private health insurance through various private health funds. Both of these are usually interactive to each other.
Public health insurance has limited coverage hence there are various other costs that a person has to incur on his own. Whereas private health insurances covers all additional costs.
Medicare: Public Health Insurance in Australia
Medicare provides free treatment from specialists at public hospitals which are basic and necessary. The schedule of Medicare benefits provides the coverage details. It is also known as MBS (Medicare Benefits Schedule). The benefits provided herein are government funded and comprises of the tax contributions of all Australians. Also extra Medicare is obligatory for people earning high income.
The treatments included here from specialists or general practitioners are usually free or are at a minimum cost depending on the nature of health care received. Some specified services for specific ailments like dentistry and others are included under MBS, while the cost of other general treatments has to paid by the patient. The Medicare’s Pharmaceutical Benefits Scheme has subsidized medication costs and its main purpose is to make medicines more accessible to low income people.
Who Can Use Medicare
A citizen or resident of Australia can use the public health insurance provided:
· He is a legal citizen
· He has a permanent visa for Australia
· He has applied for a permanent visa for Australia (Conditions may apply here)
Overseas visitors to Australia who are non-residents may be treated under Medicare if they have a shared health care agreement with Australia.
Private Health Insurance in Australia
As other option private health insurance can be taken through various health funds in Australia. Private funds provide broader coverage than that provided by public health insurance.
Private health funds can be considered in any one of the following categories in Australia:
• Profit: These provide health insurance and make funds simultaneously. Eg: MBF Health Fund
• Non-profit: These do not make any funds from the services provided, and any revenue earned is digged back into the services. Eg: HCF health insurance
• Regional: These cater only to a specific region of Australia and not the overall country. Eg: HBF for Western Australia.
The medical insurance comparison must consider the government initiative which affects the long term costs of private health care and not only funds, premiums and coverage. Residents of Australia who own a private health insurance may have a Private Health Insurance Rebate so that they can manage with the costs of private health care. The private health fund is encouraged by charging an additional loading fee to those who take the coverage after the age of 30, under the Lifetime Health cover scheme.
Community-Rated Health Insurance
There also exists community rated private health insurance in Australia. Here the premiums do not rely on the medical history of the person, his current health or his lifestyle. Here there will be only one premium for one level of health insurance, which may be different for the same health cover for two different states. Here no private health fund may deny to a person’s health policy depending on his medical conditions, race, gender, occupation or any varied characteristics.
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life insurance in australia
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