Health insurance is critical in modern times, providing financial security and access to quality healthcare when you need it the most. Yet, myths and misconceptions often abound amidst the complex web of policies, premiums and coverage platforms. As a result, it can lead you to make ill-informed decisions and leave you vulnerable to unexpected medical expenses and inadequate healthcare coverage.
But when armed with accurate information, you will be better equipped to compare health insurance plans and options and make informed decisions. So, let’s debunk these common myths to safeguard your well-being and financial stability!
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Myth 1 – “I’m young and healthy; I don’t need health insurance!”
One prevailing myth is that health insurance is only necessary for older individuals or those with pre-existing medical conditions. However, as much as we hope and try not to think about the reality, unfortunate accidents and unexpected illnesses can strike anyone at any age. The Australian Institute of Health and Welfare reported that young adults aged 20 to 34 years old accounted for a significant portion of hospital visits and stays in recent years.
Therefore, having health insurance can protect you from unforeseen medical expenses and provide timely access to medical services in an emergency. And young ones particularly want to get back on their feet and out enjoying all life has to offer ASAP!
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Myth 2 – “All health insurance policies are the same…”
Health insurance policies share the goal of providing coverage for medical expenses. However, they can vary greatly regarding premiums, benefits and restrictions. And this is why you absolutely must take the time to carefully compare health insurance plans to find the one that suits your requirements.
Consider and compare factors such as hospital coverage, extras cover, waiting periods and limits on specific treatments or services.
So, don’t assume that all the policies offer the same level of coverage. Research and review them properly to save yourself from surprises and regrets down the line.
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Myth 3 – “Health insurance is too expensive!”
You might believe that health insurance is a costly financial burden. But that’s actually not accurate! With a wide range of policies available on the market, you can find an option that fits your budget. The Australian Government provides the Private Health Insurance Rebate. As a result, it can significantly reduce your premiums based on your income and age. Alternatively, you can lower your premiums if you opt for a higher excess (the amount you pay before insurance coverage kicks in).
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Myth 4 – “I have Medicare; I don’t need health insurance.”
Medicare does provide vital healthcare coverage for Australians. However, it does not cover all medical expenses. Not by a long shot.
Medicare only covers public hospital services and a limited range of treatments and medications. On the other hand, with private health insurance, you get access to a wider network of hospitals, services, shorter waiting times and elective procedures. Consequently, you get greater control over your healthcare choices.
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Myth 5 – “I’ll be covered for pre-existing conditions.”
Pre-existing health conditions are health conditions that existed before you took out health insurance. So, contrary to popular belief, health insurance policies may impose waiting periods before covering treatments for those pre-existing medical conditions. Depending on the condition, these waiting periods will be 12 months.
Hence, it is crucial to thoroughly check the policy details to be aware and prepared for the waiting periods and exclusions related to pre-existing conditions.
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Myth 6 – “I can’t switch health insurance providers.”
You might believe that once you choose a health insurance provider, you are stuck with them indefinitely. However, it’s far from the truth. Australian law allows individuals to switch health insurance providers without losing any waiting period already served. For this purpose, you must compare health insurance options regularly to identify better coverage or more affordable premium options as per your changing needs. Don’t settle! Compare and get the maximum benefits for your current needs, always looking ahead to the future.
We hope you’re feeling a bit more aware of the benefits of getting health insurance after busting a bunch of outdated myths, and will think seriously about either getting health insurance or switching to a better plan.
