Private Health Insurance Benefits: 5 Reasons Why You Should Buy

Deciding whether to rely on the public healthcare system or opt for a private health insurance benefits and policy is a difficult choice for any individual out there.

Deciding whether to rely on the public healthcare system or opt for a private health insurance policy is a difficult choice for any individual out there. However, you can make this decision a whole lot easier for yourself by being aware of what private health insurance is and the health insurance benefits it offers.

Private Health Insurance Benefits

Private insurance aims to cover the medical expenses and treatments that are not covered under the public healthcare system or those that are available publically.

For example, when you require a medical treatment, which is only partially covered under the public most affordable life insurance and healthcare system or not covered at all. You can end up with a big dent in your wallet unless you have private health insurance system.

Here are five reasons why it is a worthy investment

Private insurance is also a lifesaver when a particular treatment is available under the public healthcare system, but it involves long waiting times. If you are confused about whether you should buy private health insurance beneficial or not.

1. Greater Choice

Private health insurance gives you far greater choice and control in terms of your medical treatments.  Unlike the public healthcare system, you get to choose your preferred hospital, doctor, and the time you wish to get your treatment done.

Knowing that you have a say in your healthcare plan can play a significant role in making your treatment as comfortable and stress-free as possible.

2. No Waiting Time

Many people only realize the importance of having health private coverage when they need an elective procedure. It is any surgery that is planned in advance and not considered an emergency.

For such treatments that are not considered an urgent need of the patient, the waiting time under the public health insurance system could potentially be months, depending on where you live.

For instance, it is common practice for those requiring knee surgery to have to wait for a year on the public hospital list before they can get it done, which can be very hard on the patient. If you have private insurance, on the other hand, you do not have to suffer in pain and can get the procedure performed at a private hospital whenever you are ready for it.

3. The Comfort of Private Rooms

If you want to get private health insurance benefits, you have the choice of being treated in a private room, subject to availability. It is not the case if you are being treated at a public hospital, where you are very likely to end up in a room with five to six other patients during your stay.

Private rooms tend to be so much more comfortable with some offering a range of facilities such as  TVs and private bathrooms. You can also have a family member stay with you and take care of things, giving you complete peace of mind.

4. Extra Medical Cover

Many private insurance policies include coverage for ‘extras’ such as dental check-ups, optical requirements such as contact lenses or prescription glasses, and other health services outside the hospital. These are also significant expenses for any individual that regularly requires these services and get the health insurance benefits.

Depending on the terms on your chosen extras policy, you can claim money back on a range of dental, optical, and physio expenses up to a set limit, which is not covered under public healthcare.

5. Availability of Rebates and Discounts

Depending on where you live, the government may give you a rebate (i.e., make a contribution) towards the cost of your private health insurance policy and health care benefits. The amount of rebate is based on your income and age group.

Those whose annual income is less than a limit set by the government may qualify for a rebate. This rebate is often easy to claim – you either get your premium reduced or earn a deduction against your taxes. In some places, you can also get an additional discount if you choose to take out a private health insurance policy before you reach a certain age of health insurance options after retirement.

The Bottom Line

Considering the various health insurance benefits, private health insurance is an investment that is sure to pay off in the long run.

While it may seem a little tricky to evaluate the different health insurance benefits and find the most suitable one for your needs, you can always ask around for advice and recommendations before you make up your mind. Rest assured, once you have the right health coverage in hand, you will definitely look back on it as a wise decision.

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