This is a topic I try and stay updated on as 95 % of our clients use private health insurance to offset their physiotherapy expenses. This week, in my inbox, I received a solid piece of advice on the topic from Barefoot Investor Scott Pape. You can read the full article here and my summary below.
Here's how you can ensure you're getting the most out of your private health insurance, especially when it comes to covering physiotherapy:
Understand the Game: Private health insurance can be intentionally confusing, with a myriad of policies and exclusions designed to maximise profits for insurers. Recognise that the system isn't always working in your favour.
Assess Your Needs: Evaluate whether private health insurance is truly necessary for you. While the government may incentivise enrollment through tax penalties, it's essential to weigh the costs against the benefits, particularly if you primarily seek coverage for services like physiotherapy.
Consider Downgrading: If you're looking to save money on premiums, consider downgrading your coverage to a more affordable policy. Look for options that still provide adequate coverage for essential services while excluding extras you may not need.
Shop Smart: Avoid comparison sites that may prioritise policies that offer them kickbacks (eg. Compare the Market and Iselect). Instead, utilise resources like Privatehealth.gov.au, which allow you to compare all policies on the market, ensuring you find the best fit for your needs and budget.
Stay Informed: Keep abreast of changes in the private health insurance landscape, including government regulations and industry practices. Being informed empowers you to make better decisions regarding your coverage, and I will endeavour to pass on the best tips as I become aware of them.
Be aware of Medicare Options for Subsidised Physiotherapy - Ask your GP or practice Nurse at your next visit if you qualify for any medicare funded physiotherapy cover to assist with managing your complex/chronic health condition. These sessions ( up to 5 per year ) can be used towards remedial massage, pilates, exercise physiology or physiotherapy at our practice.
Remember, your health and financial well-being are paramount. By educating yourself on the intricacies of private health insurance and taking proactive steps to optimise your coverage, you can navigate the system more effectively and ensure you're getting the care you need, including physiotherapy, without breaking the bank.
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