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Ace3

financial guidance

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so, after seeing our accountant, it has become clear we had crap financial guidance when we arrived and our stupidly expensive private health insurance has no hospital cover on it...

can anyone on a 457 please tell med who and how much you spend a month, I appreciate this will be via private message.

thanks

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For a couple our private health cost us over three grand a year. That is for full cover for most things except pregnancy as think it might be a miracle lol, now it will cost me a couple of grand for just me.

 

What a lot of people do is just take the elcheapo so that they do not have to pay the extra medicare levy.

 

I thought you could use medicare in Victoria anyway on the visa as we have reciprocal health with UK.

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Yes, it's the Medicare surcharge, or hospital cover. My OH hadn't realised it wasn't included in the schedule. Am sitting going through the paperwork and its not easy to spot, am so cross... Oh well mistake learned.

 

another is tax file numbers, we hadn't given them to the bank so we were taxed 46% on our savings account, ouch.

again, no one had told us to do that...

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Hi Ace3. the best way to get private health insurance is to visit www.iselect.com.au that way you will def get everything you want in a private health insurance and they will find you the best deal. As for the medicare levy, this is a penalty the gov hits people with if they do not have PH and is based on your income. Given that you are on a 457 this means you are not covered by ambulance victoria and therefore PH is essential as this is the only way you can get ambulance cover until you are a resident. for single cover the norm is $1300-$1500 pa and for family the norm is $2500-$3000 and this will include hospital cover. To be honest I have never heard of a PH cover not having hospital cover?? Not sure what you mean about being taxed on your savings??

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Hi Ace3. the best way to get private health insurance is to visit www.iselect.com.au that way you will def get everything you want in a private health insurance and they will find you the best deal. As for the medicare levy, this is a penalty the gov hits people with if they do not have PH and is based on your income. Given that you are on a 457 this means you are not covered by ambulance victoria and therefore PH is essential as this is the only way you can get ambulance cover until you are a resident. for single cover the norm is $1300-$1500 pa and for family the norm is $2500-$3000 and this will include hospital cover. To be honest I have never heard of a PH cover not having hospital cover?? Not sure what you mean about being taxed on your savings??

 

We had private health for years without hospital its the extras cover, you still get the tax advantage if that is taken out, well you did then.

 

I got my insurance through I Select and am with Latrobe and when my oh passed away I checked out the policies of others before deciding to keep on with the company and it was still the best deal for me. Easy to deal with although its all by mail as they are in the Latrobe Valley

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Lewis, they only tax if they have no TFN on record...

Have managed to calm down now, it's clearly our mistake. :arghh:Need to research and take out a different cover.

 

thanks everyone

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I guess it all depends on your earnings. If you are single and earning less than 80K, then just pay the levy. I came over from the UK 6 months ago with my girlfriend. We researched and discovered that you get 365 days of free medical cover through the reciprocal medical agreement with the UK. so we just paid for ambulance cover through victoria ambulance themselves. I still find it difficult to work out if we will ever get insurance - the excess payments can be hefty on certain claims with private, and I'm not sure its worth all the effort of managing the process. Other than tax breaks for high earners, what benefit does private health have for a healthy person? Interested in your opinions here.

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You may be healthy one minute, then in trouble the next. I was hit with a stroke followed a few weeks later by prostate problems. I have top health cover so was well looked after. You have to be aware that there are waiting periods for a lot of things with private cover. That is to stop people just joining up when they have a problem develop.

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We have Hospital Basics with Bupa (used to be HBA till about 18mths ago) and pay family rate of about $230 pm and avoid the medicare levy. In honesty we only use it for dental and optical.

When the chips were down and I needed urgent hospital procedures 5yrs ago, and the earlier this year, I was taken into Box Hill Hosp and treated like royalty. I've known people start off in private hospitals and end up in Box Hill anyway because they simply have more facilities than smaller private hospitals around here.

A friend's dad went private when he had a strange allergic reaction that made him dangerously ill but worse were the bills he received after he was discharged.

Local people here are really really quick to go private and knock anything government. All I'm saying is Ive heard good and bad stories from both sides and there's an huge element of snobbery involved that is often misplaced.

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Our accountant put us onto GMHBA as its none profit making and quite cheap.

 

Yes, good choice - its a mutual (Geelong based), and premiums are not so bad.

 

Best regards.

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Health insurance is good when you are older. Years ago it was all we had then we got medicare. In about 2000 the dear liberals made this thing where you have to be in it or pay 2 % extra per year over the age of 31. Bribery and fear so my oh and I at the time said bugger it. We are not being bribed and never took it out. Later on when I needed a knee op I took it out and waited 12 months as wanted the surgeon of my choice. As the doc told me even with the surcharge I actually use the thing now instead of paying for years and years and not using it. So now I keep it in my dotage. We had an account we put the money in that we would spend on health insurance and it was a pot of gold for us or paid for any private small stuff that we needed. Hence I still have my pot of gold. Health insurance is good if you are having a baby and want a special obstetrician. Otherwise the good old public hospital is great and where most of us end up anyway with our without health insurance. Doctors always weight their fees if you go private.

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