The Future of Private Health Insurance

[Bellcose]

I
wonder how you did that: I had prime cover around 15 y ago, and had a serious hand accident, nearly cutting it off, multiple stay at hospital, graft, redirecting nerves, the lot; 2 night in hospital, none in critical...
Still had to pay 2k still out of pocket 15y ago..so imagine now
But good on you and I hope this is now true

I was referring only to hospital cover. And it depends on the contract arrangements between the particular private hospital group and the health fund.

Medical out-of-pocket costs are a different ballgame though. If I remember they were about $4k after the Medicare rebate and the health fund rebate.

 

[qldfrog]

I was referring only to hospital cover. And it depends on the contract arrangements between the particular private hospital group and the health fund.

Medical out-of-pocket costs are a different ballgame though. If I remember they were about $4k after the Medicare rebate and the health fund rebate.

Ok, thanks for the precision.
So yes, we still need a medical cash buffer even with private insurance

 

[Country Lad]

A couple of years ago I had an nine day admission and quite a few hours on the operating table. The hospital accommodation charges, theatre, three days in ICU, etc total just over $24k. The cost to me was the $250 excess.

I posted previously about having the stents in both arteries. The 2 ops on separate occasions were carried out in a Bupa partnered private hospital. All costs covered by Bupa and all I paid was the $250 hospital excess.

. I reckon having private health insurance is worth it, particularity as you age.

Being of the elderly variety and likely among f the oldest here, I fully agree with that. We are still on the same benefit scale we were on 40 years ago. Far better benefits than you can buy now for the price. Too many people we know who now decide to start with a private health scheme are paying huge amounts because of existing ailments some of which will be covered but at high cost. We have looked at changing ours on occasions but the answer is always the same - stick with what you have, there is nothing better and the same would be at least twice the price. We have recouped the last 10 years subscriptions over the last 2-3 years.

 

[Bellcose]

Ok, thanks for the precision.
So yes, we still need a medical cash buffer even with private insurance

I'm afraid so @qldfrog. Unfortunately for me, I have either observed or been involved in aspect health care for a lot of my life and so have had the opportunity to see various issues and protect myself from going down the tubes financially. Sadly, a lot of people are too busy trying to makes ends meet, or have other issues like family to deal with, they simply don't have much time left to consider various factors. That was the situation years ago and it's really no different now.

And the pressure has increased because of the greater number in the 65+ age bracket who require intervention for health issues as well as advances in medical techniques which are more expensive although more effective. It's complex.

 

[Bellcose]

People are a strange lot.

I know a few that refuse to take out private cover, expecting the public health system to take care of everything. When a health issue pops up that is not life threatening and requires a wait of one or more years, they scream blue murder and abuse governments and the medical system. They don't think about the cost to the tax system and the workers, but they'll go on that holiday to Bali or Europe without a second thought.

I could build you a 500 bed public acute-care teaching hospital at approximately $1m to $1.5m per bed but I wouldn't be able to staff it. 70% or more of the cost of operating a hospital is the people. Medical, nursing, administrative, maintenance, cleaning and the person who wheels you into theatre. Put these issues in front of a person who is whinging to you and they will walk away while give you a look of disdain.

 

[farmerge]

I posted previously about having the stents in both arteries. The 2 ops on separate occasions were carried out in a Bupa partnered private hospital. All costs covered by Bupa and all I paid was the $250 hospital excess.


Being of the elderly variety and likely among f the oldest here, I fully agree with that. We are still on the same benefit scale we were on 40 years ago. Far better benefits than you can buy now for the price. Too many people we know who now decide to start with a private health scheme are paying huge amounts because of existing ailments some of which will be covered but at high cost. We have looked at changing ours on occasions but the answer is always the same - stick with what you have, there is nothing better and the same would be at least twice the price. We have recouped the last 10 years subscriptions over the last 2-3 years.

Same for us also. We have both been in private health funds since the day we started work, all those eons ago.

 

[dyna]

If you are getting nothing out of the private health insurance rebate , you're ....rich .
You 've got to have your own cover or else cop the extra medicare tax / levy .
If you think you're likely to remain poor all your working life and can rely on the public hospitals , think again , because old mate John Howard brought in a Lifetime health cover loading to apply for 10 years on top of your premiums if you let it go past age 30 . That loading can be mighty fierce , too . Up to 70 % . Good one , John .

 

[mullokintyre]

the war of words between the private hospitals and private health insurers is hotting up.
The lobby group of Insurance may have a point about the foreign ownership of the Hospitals, but conveniently fails to mention the foreign ownership of the insurers.
If as Dr David has suggested it ends being a Kamikaze move by the Canadian Parent Company, yhe end result will be Healthscope and its hospitals being on the market at a fire sale.
Bupa or one of the other insurers could buy it and show how cheap the hospitals can really be run ( assuming its allowed, had a quick look through the 28 billion references to laws around hospitals/health providers without finding a definitive answer).
Perhaps they already know how much it costs to run hospitals, otherwise they would already be in that space.
Mick