Talk with a Medibank cover specialist.
There’s no doubt about it – health cover can be confusing. We’re here to help you make sense of the system, so you can make the best decision for your health.
If you want more choice about which doctors treat you, and in which hospitals you’re treated, private health insurance is a great choice. It covers some of the costs of becoming a private patient, reduces waiting times for elective surgery, and reimburses you for many health services not covered by Medicare.
An excess is an amount you will pay towards the cost of your treatment. Basically, the higher the excess on your cover, the lower your premium. There are excess options available. You can choose to reduce the hospital excess and pay an additional amount. An excess applies per person for each calendar year and doesn't apply to children on your membership. It's important to note that you may have other out-of-pocket expenses.
Benefits are subject to annual and maximum benefit limits. An annual limit is the maximum amount we'll pay for items or services in a calendar year. The benefit we pay for a particular item or service may be less than your annual limit and less than your provider's charge which means you may have out-of-pocket expenses to pay. Benefits will be subject to the maximum price a Members' Choice provider is permitted to charge or the maximum benefit payable set by Medibank at a Non Members' Choice provider.
A Benefit Replacement Period is a period of time you need to wait after purchasing an item covered by us before you can receive further benefits to replace the item. For example, if you received benefits for an insulin delivery pen, purchased on 1 July 2011, you can only receive benefits for another one purchased on or after 1 July 2013. Call 1800 RIO RIO (1800 746 746) to see what your replacement periods are.
We are required to provide our members with an annual Private health insurance (PHI) statement by 15 July each year. The format of the statements is specified by the Australian Taxation Office.
One of the main purposes of the statement is to draw the member's attention to the value they are receiving from the Australian Government rebate.
Statements must be issued to all memberships for which a premium has been paid during any part of the financial year (except non-resident memberships).
The surcharge is an additional tax for Australian residents who earn over a certain amount and don't have an appropriate level of hospital cover. By joining Medibank under the Rio Tinto Better Health Cover, you’ll be exempt from paying the Medicare Levy Surcharge – whether you choose Essentials Silver Plus Hospital or Premium Gold Hospital cover.
See what the Medicare Levy Surcharge could add to your tax bill
Depending on your age and earnings, the Government may pay a certain amount of your health cover premium. This rebate reduces your health insurance bill. Remember that Essentials Silver Plus Hospital cover with a $500 excess (assumes no Lifetime Health Cover loading) is fully funded by Rio Tinto so you will only be paying a premium if you upgrade to Top Hospital or add an extras cover.
See what your Australian Government Rebate on Private Health Insurance will be
This is a Federal Government initiative where a loading can be applied to your premium if you take out hospital cover later in life. It’s aimed at encouraging people to take out hospital cover earlier in life and maintain it.
By taking out either Essentials Silver Plus Hospital or Gold Top Hospital through Rio Tinto Better Health Cover by July 1 following your 31st birthday, you may avoid paying this loading.
What to ask when comparing health insurance
Read Medibank’s Fund Rules
Copyright © 2018 Medibank Private Limited. All rights reserved. Medibank Private Limited ABN 47 080 890 259.