Posted by Michael Wonder on 29 Jan 2017
Check your health insurance because extras cover may not be worth it, say experts
29 January 2017 - Private health insurance members with extras cover should be doing a simple maths equation to work out if having it is worth the cost.
About half the population has private health hospital cover, which for many has enticing tax benefits, but finance experts say it remains questionable whether extras cover makes sense.
The latest Australian Prudential and Regulation Authority statistics found in the September quarter 13.4 million Australians have some form of “general treatment” or extras cover which includes dental, optical and physiotherapy.
But with significant hikes to insurance premiums every year on April 1, consumer group Choice’s spokesman Tom Godfrey said it pays to sit down and work out whether you’re paying too much for the financial benefit you receive.
