Hi there, thanks for watching.😊 I wanted to clarify a point from the video at 04:27 where I mentioned, "the older you get, the higher your base premium becomes." Unlike other insurance products, health insurance in Australia is community-rated. This means your individual risk factors and likelihood of making a claim won’t impact your base premium. If someone in their 50s has the same level of cover as someone in their 30s, they will both pay the same base premium for that policy. However, factors like age-based discounts, Lifetime Health Cover (LHC) loading, and eligibility for the government rebate can increase the total amount paid as they age.
Thank you for sharing your experience! It's great to hear that your approach has worked well for you. Everyone's situation is different, and it's important to find what works best for your individual needs and financial goals. 😊
Can you clarify if the LHC loading apply for people with income after taxes of less $90k/year. I don't pay private insurance because despite of a major illness they never cover 100% of the cost. Even extras got same issue so no point.
Hi there, thanks for your question. LHC loading applies regardless of income, so if you are over 31 and decide to take up private hospital cover, even if you earn less than $90k, it still applies. However, with this level of income, you might be able to get the maximum government rebate, which is 24.608% for a single person (under 65). Hope this helps. 😊
Hi Rui Shi.. That's great content from you . Thank you. Would you please advise any course either tafe/private/ structured webinars to learn about financial management for individual learning apart from my ful time job. I am completely not sure about australia finance management / wealth management strategies and taxation stuff. I feel I am not wisely growing my income. Looking for structured training
Hi there, thank you for your comment! I'm glad you're enjoying the content. There are definitely some gaps in the market when it comes to structured courses for personal finance, and it's an area I'm passionate about contributing to in the future. In the meantime, there are some great books on personal finance specifically for Australians, such as "The Barefoot Investor," "She's on the Money," and "Sort Your Money Out." These can give you a solid foundation. Remember, getting better at managing money is a process, and the fact that you're watching these videos and asking questions means you're probably further ahead than you think. Be patient, keep learning, and enjoy the journey! 😊
LHC loading/medicare levy surcharge is crap. it doesnt help ease the public hospital loads as many will just take the bare minimum, avoid the and still flock the public hosp to avoid paying the gap. the insurance companies will always hv a carrot stick for these group of people to take money but never dish out any services...
Thank you for sharing your thoughts. I understand your frustration with the system. It's true that some people take the bare minimum cover to avoid surcharges, and gaps can be significant in basic covers. The intention behind LHC loading and the Medicare levy surcharge is to encourage more people to take up private health insurance, but there are certainly areas where the system can be improved. Your feedback is valuable and highlights important points for consideration.
Australia has a world-class class public health system? Really? Then why the hell did I have to wait 5 hrs outside and Emergency before a doctor could see my baby?
Hi there, thank you for sharing your experience. I'm sorry to hear about the long wait time you faced. While Australia's public health system generally provides high-quality care, I understand that there can be frustrating delays, especially in emergency situations.
![Private or Public Health Insurance in Germany [Which One To Choose?]](http://i.ytimg.com/vi/M4WyXxSoe1I/mqdefault.jpg)
![Private or Public Health Insurance in Germany [Which One To Choose?]](/img/tr.png)
Hi there, thanks for watching.😊 I wanted to clarify a point from the video at 04:27 where I mentioned, "the older you get, the higher your base premium becomes."
Unlike other insurance products, health insurance in Australia is community-rated. This means your individual risk factors and likelihood of making a claim won’t impact your base premium. If someone in their 50s has the same level of cover as someone in their 30s, they will both pay the same base premium for that policy. However, factors like age-based discounts, Lifetime Health Cover (LHC) loading, and eligibility for the government rebate can increase the total amount paid as they age.
I refused to take private health over 27 years ago, I have never needed it, paid my own way a few times, and my net wealth has never been higher.
Thank you for sharing your experience! It's great to hear that your approach has worked well for you. Everyone's situation is different, and it's important to find what works best for your individual needs and financial goals. 😊
New subscriber here. Very informative
Thank you for subscribing! I'm glad you found the content informative. Welcome to the channel! 😊
Can you clarify if the LHC loading apply for people with income after taxes of less $90k/year.
I don't pay private insurance because despite of a major illness they never cover 100% of the cost.
Even extras got same issue so no point.
Hi there, thanks for your question. LHC loading applies regardless of income, so if you are over 31 and decide to take up private hospital cover, even if you earn less than $90k, it still applies. However, with this level of income, you might be able to get the maximum government rebate, which is 24.608% for a single person (under 65). Hope this helps. 😊
Hi Rui Shi.. That's great content from you . Thank you. Would you please advise any course either tafe/private/ structured webinars to learn about financial management for individual learning apart from my ful time job. I am completely not sure about australia finance management / wealth management strategies and taxation stuff. I feel I am not wisely growing my income.
Looking for structured training
Hi there, thank you for your comment! I'm glad you're enjoying the content. There are definitely some gaps in the market when it comes to structured courses for personal finance, and it's an area I'm passionate about contributing to in the future.
In the meantime, there are some great books on personal finance specifically for Australians, such as "The Barefoot Investor," "She's on the Money," and "Sort Your Money Out." These can give you a solid foundation.
Remember, getting better at managing money is a process, and the fact that you're watching these videos and asking questions means you're probably further ahead than you think. Be patient, keep learning, and enjoy the journey! 😊
@OZRuiShi ❤ Thank you..
That would be great news to hear, Definitely I'm gonna join your course if you start one..
Your video explains the topic quite well.
Thank you! I'm glad you found the video helpful and informative. 😊
LHC loading/medicare levy surcharge is crap. it doesnt help ease the public hospital loads as many will just take the bare minimum, avoid the and still flock the public hosp to avoid paying the gap. the insurance companies will always hv a carrot stick for these group of people to take money but never dish out any services...
Thank you for sharing your thoughts. I understand your frustration with the system. It's true that some people take the bare minimum cover to avoid surcharges, and gaps can be significant in basic covers. The intention behind LHC loading and the Medicare levy surcharge is to encourage more people to take up private health insurance, but there are certainly areas where the system can be improved. Your feedback is valuable and highlights important points for consideration.
Australia has a world-class class public health system? Really? Then why the hell did I have to wait 5 hrs outside and Emergency before a doctor could see my baby?
Cause
A) thats not normal
B) its free
C) A huge swathe of countries are far worse off
Hi there, thank you for sharing your experience. I'm sorry to hear about the long wait time you faced. While Australia's public health system generally provides high-quality care, I understand that there can be frustrating delays, especially in emergency situations.