The past year has seen a significant increase in the Insurance Revenue of many insurance providers even as there is a significant drop in the number of people who have health insurance states www.markets.businessinsider.com. Here we dive deep into the advantages and benefits you gain by taking out a health insurance policy for yourself and family members. This article will talk about private health insurance in specific. But before we detail the benefits of health insurance let’s take a look as to what does a private health insurance consist of. The first part is called hospital cover that takes care of complete or partial costs that occur due to the treatment and services provided by hospitals. This may include: Specialists services Pathology and Radiology services Operating theatre fees Intensive care services Accommodation Pharmaceuticals Doctors service The more your hospital cover is, the more are the services that are provided under it. A hospital cover gives you the freedom to make your own choices when it comes to picking the doctor when you want to get treated, which hospital you want, and getting access to private room depending on availability. If you choose a public hospital, one even has the option to take treatment under Medicare instead of private health insurance.
The second part of private health insurance is called extra cover, and it includes expenses that may occur in the hospital or out of it like any therapy that is needed at a later on stage.
Now that there is a clear picture of health insurance in mind we move on to the reasons you need it. The most vital reason is that it covers a lot of services that are not present in Medicare. From taking care of a visit to any of these doctors: Dentist Optician Chiropractor Physiotherapist Podiatrist Massage Therapist To covering charges that accumulate due to everyday services like use of an ambulance. If you are in need or will be in need of these services, then it is advised you take a health insurance with extra cover.
Private insurance of health also gives you control over the treatment you receive. For people who are very specific about who should treat them or operate upon them than private health insurance is a god send an answer. One can choose their preferred doctor from the participating hospitals. It also gives you access to treatment faster than those insured by the public system. This means when it comes to elective surgery you have smaller wait period as compared to others.
When you take a health insurance, you also save on taxes. As per the new slab, one has to pay 1% tax extra if you earn more than ninety thousand dollars a year. This amount is increased to $180,000 for families and single parents and couples. Called levy surcharge, it increases in cost as your earning increases. For example, for a couple who earns $280,000 per year the surcharge is 1.5%.