1 00:00:00,200 --> 00:00:14,800 Speaker 1: She's on the Money. She's on the Money. Hello, and 2 00:00:15,000 --> 00:00:17,799 Speaker 1: welcome to She's on the Money, the podcast for Millennials 3 00:00:17,800 --> 00:00:21,840 Speaker 1: who want Financial Freedom on April first this year, Like 4 00:00:22,040 --> 00:00:25,840 Speaker 1: every year, health insurance premiums went up and a few 5 00:00:25,960 --> 00:00:29,560 Speaker 1: changes took place that may impact you. So what are 6 00:00:29,600 --> 00:00:33,080 Speaker 1: these changes, what do they mean? And is health insurance 7 00:00:33,200 --> 00:00:37,360 Speaker 1: actually important or can our money be better spent elsewhere? 8 00:00:37,960 --> 00:00:41,240 Speaker 1: My name is Georgia King, and joining me today as 9 00:00:41,280 --> 00:00:46,560 Speaker 1: always is financial advisor Victoria divine Vi. We have spoken 10 00:00:46,600 --> 00:00:49,920 Speaker 1: about health insurance and the private versus the public system 11 00:00:50,040 --> 00:00:53,279 Speaker 1: before on the podcast. Can you explain why we are 12 00:00:53,320 --> 00:00:54,720 Speaker 1: doing another episode on it today? 13 00:00:54,840 --> 00:00:56,560 Speaker 2: Of course I can. I feel like there's been a 14 00:00:56,560 --> 00:00:59,480 Speaker 2: lot of confusion in our community around our intentions when 15 00:00:59,520 --> 00:01:02,320 Speaker 2: it comes to private and public health, and our intentions 16 00:01:02,360 --> 00:01:06,360 Speaker 2: are to be incredibly clear about the differences, not to 17 00:01:06,440 --> 00:01:08,920 Speaker 2: have a judgment sway on either. So you and I 18 00:01:08,959 --> 00:01:11,080 Speaker 2: we don't actually care if you have public or private 19 00:01:11,120 --> 00:01:14,399 Speaker 2: health insurance or whatever way you go. All I want 20 00:01:14,520 --> 00:01:17,480 Speaker 2: is for you to be educated on the decision you're making, 21 00:01:17,800 --> 00:01:20,200 Speaker 2: so that if push comes to shove and something happens 22 00:01:20,240 --> 00:01:23,000 Speaker 2: to you, you're in a position where you go yeah, 23 00:01:23,040 --> 00:01:25,039 Speaker 2: that was the decision I made. I was educated, not 24 00:01:25,080 --> 00:01:26,840 Speaker 2: oh my god, I didn't know, or I should have 25 00:01:26,880 --> 00:01:29,320 Speaker 2: fixed this, or you know, something could have been better. 26 00:01:29,560 --> 00:01:33,040 Speaker 2: But as a base level g our public system is incredible. 27 00:01:33,400 --> 00:01:36,520 Speaker 2: It is something so special, and you know, after the 28 00:01:36,560 --> 00:01:38,679 Speaker 2: federal budget came out and we have so much more 29 00:01:38,720 --> 00:01:41,520 Speaker 2: funding as well, it's only going to get better. I've 30 00:01:41,520 --> 00:01:44,520 Speaker 2: been getting DM after DM on Instagram just about how 31 00:01:44,560 --> 00:01:46,680 Speaker 2: great it is and the feedback from that pod that 32 00:01:46,720 --> 00:01:51,000 Speaker 2: we dropped, and it's honestly so special. Someone else DMed 33 00:01:51,040 --> 00:01:53,200 Speaker 2: me the other day and said, hey, V, in response 34 00:01:53,240 --> 00:01:56,240 Speaker 2: to your federal budget and mental health facilities and increased 35 00:01:56,240 --> 00:01:59,120 Speaker 2: allocation of funds to mental health. If it wasn't for 36 00:01:59,160 --> 00:02:02,680 Speaker 2: this allocation, my current hospital wouldn't have been able to 37 00:02:02,680 --> 00:02:06,880 Speaker 2: start opening up Victoria's first women's only mental health facility. 38 00:02:07,120 --> 00:02:09,800 Speaker 2: I think people forget how much private health systems rely 39 00:02:09,919 --> 00:02:12,560 Speaker 2: on public funding as well. So many people think that 40 00:02:12,600 --> 00:02:15,600 Speaker 2: the Royal Women's Hospital provides mental health services for women, 41 00:02:15,880 --> 00:02:19,200 Speaker 2: but they don't. They only cater for postpartum but the 42 00:02:19,200 --> 00:02:22,560 Speaker 2: Hopetown Women's Hospital in Elsterwick. So that's here in Victoria 43 00:02:22,720 --> 00:02:24,919 Speaker 2: for those of you wondering where that is will be 44 00:02:24,960 --> 00:02:27,880 Speaker 2: a generalized private health care service with a lot of 45 00:02:27,919 --> 00:02:30,600 Speaker 2: federal and state funding to cater to both public and 46 00:02:30,800 --> 00:02:33,560 Speaker 2: private patients. So when this budget came out and the 47 00:02:33,560 --> 00:02:36,000 Speaker 2: mental health budget had a hefty amount, it made the 48 00:02:36,040 --> 00:02:39,880 Speaker 2: public system very very happy, but it equally benefited the private. 49 00:02:40,160 --> 00:02:42,200 Speaker 2: So I think it's really important to remember that these 50 00:02:42,200 --> 00:02:45,760 Speaker 2: things are actually really intertwined, and we are so lucky 51 00:02:45,800 --> 00:02:49,000 Speaker 2: to live in a country that prioritizes one our mental health, 52 00:02:49,000 --> 00:02:52,200 Speaker 2: because mental health still isn't prioritized internationally. In fact, it's 53 00:02:52,200 --> 00:02:56,440 Speaker 2: not even recognized as a health issue internationally yet. And 54 00:02:56,480 --> 00:02:58,560 Speaker 2: in addition to that, knowing that you know, if you 55 00:02:58,680 --> 00:03:01,320 Speaker 2: or I got injured Georgia or in an accident, we 56 00:03:01,360 --> 00:03:04,720 Speaker 2: could walk into emergency and actually get seen and not 57 00:03:04,800 --> 00:03:08,280 Speaker 2: having been financially impacted. After the feedback we got from 58 00:03:08,400 --> 00:03:12,320 Speaker 2: especially our maternity episode, we are not saying that public 59 00:03:12,400 --> 00:03:14,840 Speaker 2: is bad. We just want to highlight why some people 60 00:03:15,040 --> 00:03:18,160 Speaker 2: pick private, and even internally in our She's on the 61 00:03:18,160 --> 00:03:20,919 Speaker 2: Money team, we've had this discussion before. Some of us 62 00:03:20,919 --> 00:03:23,400 Speaker 2: have private healthcare, some of us have public health care, 63 00:03:23,560 --> 00:03:26,640 Speaker 2: and we just don't mind either way. It's what suits 64 00:03:26,639 --> 00:03:29,799 Speaker 2: our values and what suits our needs, and there are 65 00:03:29,880 --> 00:03:32,680 Speaker 2: really valid reasons why some people genuinely feel like they 66 00:03:32,760 --> 00:03:36,400 Speaker 2: need private health insurance. But to have a baby in Australia, 67 00:03:36,480 --> 00:03:39,800 Speaker 2: to do all of the normal stuff, you absolutely don't 68 00:03:39,840 --> 00:03:42,000 Speaker 2: need it. It's just a luxury, and I think that 69 00:03:42,040 --> 00:03:44,920 Speaker 2: we need to see it as that. But in saying that, gee, 70 00:03:44,920 --> 00:03:47,000 Speaker 2: we were talking as well. One there are a number 71 00:03:47,040 --> 00:03:50,000 Speaker 2: of changes which we should get into, and two there 72 00:03:50,000 --> 00:03:52,000 Speaker 2: are a number of benefits as well. If you have 73 00:03:52,040 --> 00:03:54,880 Speaker 2: to pay the Medicare surcharge, because you know, obviously we 74 00:03:54,920 --> 00:03:58,160 Speaker 2: don't want to pay surcharge, and sometimes it's actually financially 75 00:03:58,200 --> 00:04:00,320 Speaker 2: better for us to go and get a base level 76 00:04:00,360 --> 00:04:03,000 Speaker 2: of private health insurance and not have to pay that 77 00:04:03,080 --> 00:04:05,960 Speaker 2: surcharge and actually get something out of it. Right. It's 78 00:04:06,000 --> 00:04:08,120 Speaker 2: not because we say, oh, if you earn more money, 79 00:04:08,160 --> 00:04:11,200 Speaker 2: you absolutely have to have it. It's actually, if you 80 00:04:11,240 --> 00:04:13,560 Speaker 2: earn more money, it kind of makes financial sense to 81 00:04:13,600 --> 00:04:16,120 Speaker 2: get something instead of nothing and paying a surcharge to 82 00:04:16,160 --> 00:04:18,600 Speaker 2: the government come tax time, which is exactly why we're 83 00:04:18,600 --> 00:04:21,920 Speaker 2: having this conversation right now. So you personally have enough 84 00:04:21,960 --> 00:04:23,800 Speaker 2: time to go and do your own research and make 85 00:04:23,839 --> 00:04:25,159 Speaker 2: a decision that is right for you. 86 00:04:25,440 --> 00:04:28,000 Speaker 1: One hundred percent, and it is confusing because there is 87 00:04:28,080 --> 00:04:31,560 Speaker 1: so much information out there. So I guess today's episode 88 00:04:31,680 --> 00:04:34,400 Speaker 1: is really just a non judgmental chat about kind of 89 00:04:34,440 --> 00:04:36,680 Speaker 1: all the options, the difference between the public and the 90 00:04:36,680 --> 00:04:40,120 Speaker 1: private system, why people would choose either option, and yeah, 91 00:04:40,120 --> 00:04:42,320 Speaker 1: we're just going to get into the nitty gritty. 92 00:04:42,680 --> 00:04:45,640 Speaker 2: Yeah. So, as you said up the top of this EPG, 93 00:04:46,040 --> 00:04:48,479 Speaker 2: every year on the first of April, which is also 94 00:04:48,520 --> 00:04:51,000 Speaker 2: April Fool's Day, so sometimes it does feel like a 95 00:04:51,000 --> 00:04:53,080 Speaker 2: bit of a joke with how much they increase. We 96 00:04:53,120 --> 00:04:56,160 Speaker 2: do see an increase in health insurance premiums, and this 97 00:04:56,320 --> 00:05:00,240 Speaker 2: year that increase was two point seventy four percent each 98 00:05:00,360 --> 00:05:02,920 Speaker 2: was the lowest increase in twenty years. And in saying that, 99 00:05:02,960 --> 00:05:04,640 Speaker 2: they did go up in October, but that was actually 100 00:05:04,720 --> 00:05:07,120 Speaker 2: delayed because of COVID, They pushed it out so that 101 00:05:07,160 --> 00:05:10,279 Speaker 2: we didn't have that increase. So yes, that happened semi recently, 102 00:05:10,320 --> 00:05:12,320 Speaker 2: but it was actually pushed out to benefit us. All 103 00:05:12,640 --> 00:05:15,440 Speaker 2: that two point seventy four increase actually means the insurance 104 00:05:15,440 --> 00:05:18,320 Speaker 2: providers on average bumped up their prices by two point 105 00:05:18,360 --> 00:05:21,960 Speaker 2: seven four percent. However, some insurers would have bumped up 106 00:05:22,000 --> 00:05:24,280 Speaker 2: there's a lot more and others a little bit less. 107 00:05:24,320 --> 00:05:27,240 Speaker 1: So why is it two point seven four percent? 108 00:05:27,440 --> 00:05:30,240 Speaker 2: That's an average, right, it's on average. So g every 109 00:05:30,360 --> 00:05:32,920 Speaker 2: year their health insurance companies actually go and consult with 110 00:05:32,960 --> 00:05:35,200 Speaker 2: the Federal Minister for Health to work out what their 111 00:05:35,200 --> 00:05:38,359 Speaker 2: premiums should be moving forward and then make a decision 112 00:05:38,400 --> 00:05:41,440 Speaker 2: in accordance with the increased cost of providing health insurance 113 00:05:41,480 --> 00:05:44,000 Speaker 2: each year. So it's not just a number that they go, oh, 114 00:05:44,040 --> 00:05:46,400 Speaker 2: we should increase it because why not, Like it is 115 00:05:46,440 --> 00:05:49,039 Speaker 2: actually in direct relation to how much it cost to 116 00:05:49,080 --> 00:05:51,760 Speaker 2: provide that care. And then the government reviews all of 117 00:05:51,839 --> 00:05:54,080 Speaker 2: it and then they release what the average rate rise 118 00:05:54,120 --> 00:05:56,239 Speaker 2: will be, which then comes into effect on the first 119 00:05:56,240 --> 00:05:59,200 Speaker 2: of April, i e. April full stay. So that happened, 120 00:05:59,240 --> 00:06:01,960 Speaker 2: But then G this yet another change that is going 121 00:06:02,000 --> 00:06:04,440 Speaker 2: to happen is that Australians are now allowed to stay 122 00:06:04,480 --> 00:06:06,359 Speaker 2: on their private health insurance until they're the age of 123 00:06:06,360 --> 00:06:07,080 Speaker 2: thirty one. 124 00:06:07,000 --> 00:06:09,480 Speaker 1: On their parents yeah, on their parents' health insurance. 125 00:06:09,520 --> 00:06:12,359 Speaker 2: Sorry, whereas previously it was up to the age of 126 00:06:12,400 --> 00:06:15,680 Speaker 2: twenty five, which I'm a little bit bitter about, if 127 00:06:15,680 --> 00:06:18,160 Speaker 2: I'm honest. Why Because I'm about to turn thirty j 128 00:06:18,720 --> 00:06:21,200 Speaker 2: I got kicked off my parents' private health insurance at 129 00:06:21,240 --> 00:06:25,080 Speaker 2: twenty five, and they had really good insurance. So at 130 00:06:25,120 --> 00:06:27,200 Speaker 2: twenty four and like six months, I went and got 131 00:06:27,200 --> 00:06:29,479 Speaker 2: all my teeth done because for a kid on their 132 00:06:29,520 --> 00:06:32,400 Speaker 2: particular health cover, there was no gap s dental. So 133 00:06:32,440 --> 00:06:35,040 Speaker 2: I just got everything done and made sure it was 134 00:06:35,040 --> 00:06:37,400 Speaker 2: all well and good. And for the past five nearly 135 00:06:37,480 --> 00:06:39,680 Speaker 2: five years, I've been paying for my own health insurance, 136 00:06:39,720 --> 00:06:44,280 Speaker 2: which you pause. It is so hard, but also again 137 00:06:44,320 --> 00:06:46,680 Speaker 2: in privilege to be able to afford it, absolutely, but 138 00:06:46,800 --> 00:06:48,440 Speaker 2: you're saying that I could have had it for another 139 00:06:48,520 --> 00:06:51,479 Speaker 2: year coming, what can I go back on my parents' 140 00:06:51,480 --> 00:06:54,600 Speaker 2: cover for another year because they've got that arka cool exactly. 141 00:06:54,640 --> 00:06:57,600 Speaker 2: They've got the krem Dela crop of the insurance, and 142 00:06:57,640 --> 00:07:00,400 Speaker 2: I've just got the like, Okay, what are the base needs? 143 00:07:00,440 --> 00:07:03,320 Speaker 2: What is the cheapest I actually get with the best outcome, 144 00:07:03,480 --> 00:07:05,120 Speaker 2: Whereas Mom and Dad they're like, oh no, no, no, 145 00:07:05,160 --> 00:07:07,880 Speaker 2: We've got everything. We've got the bells, we've got the whistles. 146 00:07:08,880 --> 00:07:11,920 Speaker 2: So jealous. Anyway. The other thing that happened on April 147 00:07:11,920 --> 00:07:14,800 Speaker 2: Falls Day this year g was that the Department of 148 00:07:14,840 --> 00:07:18,040 Speaker 2: Health used the average premium increase amount of that two 149 00:07:18,080 --> 00:07:21,920 Speaker 2: point seventy four percent, as well as Australia's inflation rate 150 00:07:21,960 --> 00:07:26,320 Speaker 2: to update their rebate adjustment factor fancy terminology. But that 151 00:07:26,400 --> 00:07:28,880 Speaker 2: just determines how much you'll receive back from the government 152 00:07:28,920 --> 00:07:29,960 Speaker 2: for your health insurance. 153 00:07:30,120 --> 00:07:32,120 Speaker 1: So you get a little bit of cash back to you. 154 00:07:31,920 --> 00:07:34,040 Speaker 2: Get a little bit cash back for having private health 155 00:07:34,040 --> 00:07:38,200 Speaker 2: insurance you do. Indeed, so why does this happen every ye? 156 00:07:38,600 --> 00:07:41,160 Speaker 2: Why do the insurance premiums rise? Because would be so 157 00:07:41,240 --> 00:07:43,680 Speaker 2: nice if they just stayed the same forever. I'd like 158 00:07:43,720 --> 00:07:47,160 Speaker 2: to pay the nineteen eighty rates. Actually would be really good. 159 00:07:47,440 --> 00:07:50,600 Speaker 2: But as we mentioned before, it's because the cost of 160 00:07:50,760 --> 00:07:54,640 Speaker 2: providing that care increases each and every single year. And surprisingly, 161 00:07:54,800 --> 00:07:57,520 Speaker 2: g insurance providers don't actually do it to annoy us 162 00:07:57,560 --> 00:08:00,640 Speaker 2: or upset us. In fact, I'm pretty sure even they 163 00:08:00,680 --> 00:08:03,280 Speaker 2: work in the health insurance space, they actually want the 164 00:08:03,320 --> 00:08:06,040 Speaker 2: best for us. So they're probably like, oh, we have 165 00:08:06,160 --> 00:08:08,440 Speaker 2: to what's the lowest, Like we're trying to look after 166 00:08:08,480 --> 00:08:10,120 Speaker 2: these guys, but they also need to pay for the 167 00:08:10,120 --> 00:08:13,120 Speaker 2: cover that we're providing, otherwise they're gonna go out of business. 168 00:08:13,360 --> 00:08:15,160 Speaker 2: But it is really because they need to keep up 169 00:08:15,200 --> 00:08:16,880 Speaker 2: with the rising price of health care and make sure 170 00:08:16,880 --> 00:08:19,000 Speaker 2: that they're keeping up with inflation and the increase of 171 00:08:19,000 --> 00:08:22,440 Speaker 2: people using hospitals because obviously our population is increasing and 172 00:08:22,480 --> 00:08:25,920 Speaker 2: the expensive advanced medical equipment and the fact that everybody 173 00:08:25,960 --> 00:08:28,960 Speaker 2: now is just living longer, so it makes sense that 174 00:08:29,040 --> 00:08:32,360 Speaker 2: it increases or be it quite frustrating when you get 175 00:08:32,360 --> 00:08:35,679 Speaker 2: an insurance premium increase because you're like, man, that is 176 00:08:35,720 --> 00:08:37,400 Speaker 2: getting really expensive. 177 00:08:38,800 --> 00:08:43,600 Speaker 1: Moving along heavy, what does private health insurance actually get you? 178 00:08:43,960 --> 00:08:46,760 Speaker 2: So the best way to answer this is actually to 179 00:08:46,800 --> 00:08:49,160 Speaker 2: do a bit of a comparison between the two. The 180 00:08:49,200 --> 00:08:51,560 Speaker 2: Australian government actually has a really clear outline of this 181 00:08:51,720 --> 00:08:54,440 Speaker 2: which I'm going to go on and overview here, just 182 00:08:54,480 --> 00:08:57,880 Speaker 2: because it's better to say it this way than to say, oh, 183 00:08:57,880 --> 00:09:00,160 Speaker 2: one's better than the other. They're not. It's just you're 184 00:09:00,200 --> 00:09:02,360 Speaker 2: comparing apples with oranges. They're different offerings. 185 00:09:02,440 --> 00:09:02,600 Speaker 1: Yep. 186 00:09:02,800 --> 00:09:05,320 Speaker 2: Obviously, when you have private health insurance, you're actually going 187 00:09:05,400 --> 00:09:07,240 Speaker 2: to benefit from all the things you had with the 188 00:09:07,240 --> 00:09:09,560 Speaker 2: public health insurance. You're not picking one or the other. 189 00:09:10,000 --> 00:09:12,000 Speaker 2: Private health insurance is kind of like the cream on 190 00:09:12,000 --> 00:09:13,520 Speaker 2: the top. Do you want that you don't have to 191 00:09:13,559 --> 00:09:15,440 Speaker 2: have it? Some people don't like cream in their coffee, 192 00:09:15,480 --> 00:09:19,040 Speaker 2: That's cool. You're still getting the coffee, right, and arguably 193 00:09:19,120 --> 00:09:21,480 Speaker 2: you're still getting a good coffee because it's the same one. 194 00:09:21,720 --> 00:09:21,800 Speaker 1: Ye. 195 00:09:22,080 --> 00:09:25,000 Speaker 2: So, private health insurance, if you have insurance that includes 196 00:09:25,040 --> 00:09:27,319 Speaker 2: hospital cover, then you can choose to be treated as 197 00:09:27,320 --> 00:09:30,840 Speaker 2: a private patient in a public or private hospital. You 198 00:09:30,920 --> 00:09:33,319 Speaker 2: might be able to choose your own doctor, you might 199 00:09:33,360 --> 00:09:36,280 Speaker 2: be able to choose as to when you're admitted to hospital, 200 00:09:36,520 --> 00:09:40,480 Speaker 2: whereas with public health insurance you don't usually have that option. 201 00:09:40,920 --> 00:09:43,199 Speaker 2: If you are a private patient in a public hospital, 202 00:09:43,320 --> 00:09:46,640 Speaker 2: public hospital waitless still apply. And if you choose to 203 00:09:46,640 --> 00:09:49,600 Speaker 2: be a patient in either a private or a public hospital, 204 00:09:49,640 --> 00:09:52,160 Speaker 2: Medicare will cover you for seventy five percent of the 205 00:09:52,240 --> 00:09:56,120 Speaker 2: Medicare Benefits schedule fee for associated medical costs, so the 206 00:09:56,160 --> 00:09:58,440 Speaker 2: remaining will be charged to you, and depending on the 207 00:09:58,480 --> 00:10:01,960 Speaker 2: policy you have, insurer might cover some or all of that. 208 00:10:02,040 --> 00:10:05,160 Speaker 2: So we call that the gap. So what happens is 209 00:10:05,240 --> 00:10:08,440 Speaker 2: you might, you know, have this elective surgery that you 210 00:10:08,480 --> 00:10:11,160 Speaker 2: go and do and let's call it like four thousand dollars, 211 00:10:11,160 --> 00:10:14,080 Speaker 2: and then Medicare comes back and says, gee, we're going 212 00:10:14,160 --> 00:10:16,080 Speaker 2: to cover three thousand dollars of that and then the 213 00:10:16,160 --> 00:10:20,000 Speaker 2: gap is one thousand dollars. So with your private health insurance, 214 00:10:20,120 --> 00:10:22,520 Speaker 2: sometimes all of that would be covered, so you're out 215 00:10:22,520 --> 00:10:26,400 Speaker 2: of pocket zero dollars. But then sometimes your private health 216 00:10:26,400 --> 00:10:29,000 Speaker 2: insurance might say, okay, ge, but we only cover sixty 217 00:10:29,040 --> 00:10:31,720 Speaker 2: percent of that fee, so they'll pay for six hundred 218 00:10:31,760 --> 00:10:33,840 Speaker 2: dollars and you're still out of pocket four hundred dollars. 219 00:10:33,920 --> 00:10:34,840 Speaker 1: It depends on your policy. 220 00:10:34,880 --> 00:10:37,000 Speaker 2: So it completely depends on your policy. Some are one 221 00:10:37,080 --> 00:10:39,640 Speaker 2: hundred percent cover, somemer seventy percent cover, some of forty 222 00:10:39,640 --> 00:10:41,560 Speaker 2: percent cover. You really need to look into what that 223 00:10:41,679 --> 00:10:44,960 Speaker 2: actually means for you. Then, in comparison with a public system, 224 00:10:45,000 --> 00:10:46,760 Speaker 2: you can be treated as a public patient in a 225 00:10:46,760 --> 00:10:49,840 Speaker 2: public hospital by a doctor appointed by that hospital. You 226 00:10:49,840 --> 00:10:51,599 Speaker 2: can't choose your doctor, and you might not have a 227 00:10:51,679 --> 00:10:53,959 Speaker 2: choice about when you'll be admitted to hospital, but again 228 00:10:54,040 --> 00:10:56,280 Speaker 2: you're still going to be admitted to hospital and you're 229 00:10:56,320 --> 00:10:58,960 Speaker 2: still going to have a good doctor. So with the 230 00:10:58,960 --> 00:11:01,600 Speaker 2: public system, so able to choose to be treated as 231 00:11:01,600 --> 00:11:04,000 Speaker 2: a public patient, even if you're privately insured as well, 232 00:11:04,280 --> 00:11:07,640 Speaker 2: there's a little bit more flexibility and as a public patient, 233 00:11:07,720 --> 00:11:10,160 Speaker 2: you don't need to pay anything and the only things 234 00:11:10,240 --> 00:11:14,679 Speaker 2: Medicare doesn't cover a private patient hospital cost like accommodation 235 00:11:15,040 --> 00:11:18,960 Speaker 2: or theater fees, and medical and hospital costs sincred overseas 236 00:11:19,000 --> 00:11:22,280 Speaker 2: if you don't have travel insurance, and unnecessary procedures like 237 00:11:22,280 --> 00:11:25,880 Speaker 2: cosmetic surgery or emergency department admin or facility fees. 238 00:11:26,040 --> 00:11:28,320 Speaker 1: So this is all within the hospital space, just to 239 00:11:28,320 --> 00:11:29,160 Speaker 1: be really just. 240 00:11:29,080 --> 00:11:32,400 Speaker 2: Within the hospital face, just within the hospital space. That's 241 00:11:32,440 --> 00:11:34,920 Speaker 2: not talking about specialists or anything like that. It's just 242 00:11:34,920 --> 00:11:37,679 Speaker 2: if you are going to go into hospital, h yeah, okay. 243 00:11:37,720 --> 00:11:40,640 Speaker 2: And then when it comes to pharmaceutical so the drugs 244 00:11:40,679 --> 00:11:43,439 Speaker 2: that we get, we are so lucky because in America 245 00:11:43,480 --> 00:11:46,959 Speaker 2: they don't have anything like this. But under the PBS, 246 00:11:46,960 --> 00:11:49,680 Speaker 2: so this is a pharmaceutical benefits scheme. You only pay 247 00:11:49,760 --> 00:11:52,720 Speaker 2: part of the cost for most prescription medications. The rest 248 00:11:52,800 --> 00:11:54,720 Speaker 2: is covered by the PDS and you need to show 249 00:11:54,720 --> 00:11:57,199 Speaker 2: your Medicare card to get that discount, which is fine, 250 00:11:57,320 --> 00:12:00,240 Speaker 2: very easy. When it comes to private health insurance though, 251 00:12:00,240 --> 00:12:03,439 Speaker 2: if something isn't actually listed on the PBS, often you're 252 00:12:03,480 --> 00:12:06,280 Speaker 2: able to talk to your private health insurant and get 253 00:12:06,320 --> 00:12:09,160 Speaker 2: that covered, which is actually really nice, and then most 254 00:12:09,200 --> 00:12:11,640 Speaker 2: insurers will be able to add that to your policy, 255 00:12:11,679 --> 00:12:13,720 Speaker 2: and then they'll probably require you to make a co 256 00:12:13,840 --> 00:12:15,679 Speaker 2: payment and have some limits on how much you can 257 00:12:15,720 --> 00:12:19,480 Speaker 2: actually claim. And keep in mind some prescription medications aren't 258 00:12:19,480 --> 00:12:21,280 Speaker 2: on the PBS, so you will actually have to pay 259 00:12:21,280 --> 00:12:24,560 Speaker 2: full price for those, So it's worth understanding that. But 260 00:12:24,600 --> 00:12:27,440 Speaker 2: it's actually really hard to understand what you might need 261 00:12:27,600 --> 00:12:29,559 Speaker 2: if you do get sick or not. And that's one 262 00:12:29,559 --> 00:12:31,320 Speaker 2: of the things I'm really passionate about. So I'm talking 263 00:12:31,320 --> 00:12:35,040 Speaker 2: about health care insurance today. We are not talking about 264 00:12:35,080 --> 00:12:38,520 Speaker 2: trauma insurance TPD. We're not talking about life insurance, which 265 00:12:38,559 --> 00:12:41,320 Speaker 2: I think you should all be absolutely considering and making 266 00:12:41,360 --> 00:12:44,839 Speaker 2: sure you're appropriately covered, because if something serious happens, like 267 00:12:44,960 --> 00:12:48,280 Speaker 2: you get cancer and you have to go and do 268 00:12:48,360 --> 00:12:50,839 Speaker 2: all these really expensive treatments, and then there's a new 269 00:12:50,880 --> 00:12:53,960 Speaker 2: trial drug that you really want to engage with in 270 00:12:54,000 --> 00:12:56,320 Speaker 2: your doctors saying hey, this has been working really well, 271 00:12:56,360 --> 00:12:57,640 Speaker 2: we want to try it, but it's not on the 272 00:12:57,679 --> 00:13:00,640 Speaker 2: PBS yet. That could cost you like thirty or forty 273 00:13:00,720 --> 00:13:03,280 Speaker 2: thousand dollars just to do that. I've heard of situations 274 00:13:03,280 --> 00:13:05,880 Speaker 2: where it's even more than that, and that's where private 275 00:13:05,920 --> 00:13:08,120 Speaker 2: health insurance might come up. But no one can predict 276 00:13:08,120 --> 00:13:10,319 Speaker 2: if they're going to get cancer. Yeah. So I think 277 00:13:10,360 --> 00:13:13,000 Speaker 2: it's all about understanding your own risk and what is 278 00:13:13,040 --> 00:13:15,600 Speaker 2: going to happen. And I guess that comes back to 279 00:13:16,040 --> 00:13:19,520 Speaker 2: your personal values and what is actually a value to you. Well, 280 00:13:19,559 --> 00:13:20,560 Speaker 2: I used to have it. 281 00:13:20,600 --> 00:13:22,040 Speaker 1: I think I had it for two years and I 282 00:13:22,080 --> 00:13:23,920 Speaker 1: was like, this isn't financially worth it for me because 283 00:13:23,920 --> 00:13:26,320 Speaker 1: I haven't touched it once. I don't need it, so 284 00:13:26,360 --> 00:13:26,920 Speaker 1: it's a going. 285 00:13:26,760 --> 00:13:28,959 Speaker 2: To give it away. Yeah, exactly. It's totally about making 286 00:13:28,960 --> 00:13:32,360 Speaker 2: a decision that is best for you and your financial situation, 287 00:13:32,760 --> 00:13:36,040 Speaker 2: not going oh well, Victoria, she's on the podcast. She 288 00:13:36,120 --> 00:13:38,760 Speaker 2: has private health insurance, must mean we need it. Yeah, 289 00:13:38,760 --> 00:13:41,640 Speaker 2: that's absolutely not the case, because at a base level, 290 00:13:41,720 --> 00:13:45,200 Speaker 2: our public system is incredible. It's just because I have 291 00:13:45,280 --> 00:13:47,400 Speaker 2: all these bells and whistle treatments that I have to 292 00:13:47,400 --> 00:13:49,880 Speaker 2: go and get that. I go, yep, cool, I'm going 293 00:13:49,920 --> 00:13:51,960 Speaker 2: to pay that. Yeah. My private health insurance I think 294 00:13:52,000 --> 00:13:53,959 Speaker 2: cost me one hundred and sixty dollars a month at 295 00:13:53,960 --> 00:13:56,839 Speaker 2: this point, and it is paying for itself because every 296 00:13:57,080 --> 00:13:59,000 Speaker 2: two or three months I have a three hundred dollars 297 00:13:59,080 --> 00:14:02,280 Speaker 2: appointment that then medications that I need to purchase in association, 298 00:14:02,679 --> 00:14:05,520 Speaker 2: so for me it works out. But I think the 299 00:14:05,559 --> 00:14:09,199 Speaker 2: really important thing here is that it's different for everybody. 300 00:14:09,800 --> 00:14:13,440 Speaker 2: All Right, let's talk about ambulances. Yes, I said the word, right, 301 00:14:13,960 --> 00:14:14,880 Speaker 2: how do you What do you mean? 302 00:14:15,440 --> 00:14:16,520 Speaker 1: Is this a word you can't say? 303 00:14:16,679 --> 00:14:18,240 Speaker 2: Yeah? I really struggle with that word. I'm not going 304 00:14:18,280 --> 00:14:20,000 Speaker 2: to say it again one more time. Please, No, I'm 305 00:14:20,040 --> 00:14:20,720 Speaker 2: not going to say it again. 306 00:14:20,840 --> 00:14:21,400 Speaker 1: Ambulance. 307 00:14:21,600 --> 00:14:26,960 Speaker 2: Yeah, I usually stumble over the brilliance part. Yeah, I suck, 308 00:14:27,040 --> 00:14:30,520 Speaker 2: but now I'm actually really excited. But I'm also disappointed 309 00:14:30,520 --> 00:14:33,120 Speaker 2: that I got excited about it, because I know Tony's 310 00:14:33,120 --> 00:14:35,440 Speaker 2: not going to cut it out in the editing anyway. 311 00:14:35,560 --> 00:14:41,000 Speaker 2: All Right, So paramedic cover varies from state to state, 312 00:14:41,080 --> 00:14:45,040 Speaker 2: and in Queensland and Tasmania emergency services are actually provided 313 00:14:45,040 --> 00:14:47,800 Speaker 2: for free, which is really cool. Another reason why Tassy 314 00:14:47,920 --> 00:14:51,040 Speaker 2: is crem Dela crem. In New South Wales and Act 315 00:14:51,280 --> 00:14:53,920 Speaker 2: they do have the same, but only for pensioners and 316 00:14:54,040 --> 00:14:57,960 Speaker 2: then concession card holders. Right in Northern Territory, certain healthcare 317 00:14:58,000 --> 00:15:00,760 Speaker 2: card holders and or concession card hold don't have to 318 00:15:00,800 --> 00:15:03,800 Speaker 2: pay fees. And then in Victoria, pension and concession card 319 00:15:03,800 --> 00:15:08,760 Speaker 2: holders are covered for critically necessary transport, but Commonwealth Seniors 320 00:15:08,840 --> 00:15:12,160 Speaker 2: Healthcare card holders aren't covered. Sucked in, Yeah, I know 321 00:15:12,480 --> 00:15:15,520 Speaker 2: what I do. See Anyway, in South Australia and Western 322 00:15:15,520 --> 00:15:17,920 Speaker 2: Australia you do have to pay fees as well. But 323 00:15:18,000 --> 00:15:20,360 Speaker 2: in Western Australia I believe if you're over the age 324 00:15:20,400 --> 00:15:22,520 Speaker 2: of sixty five and you're on the pension, you'll get 325 00:15:22,560 --> 00:15:25,200 Speaker 2: free trips as well. If you don't fall into any 326 00:15:25,240 --> 00:15:27,800 Speaker 2: of these categories covering the fees, then you can get 327 00:15:27,840 --> 00:15:30,920 Speaker 2: covered either directly from the ambulance authority in your state 328 00:15:31,040 --> 00:15:33,320 Speaker 2: or viral health insurer. It is really important to note 329 00:15:33,360 --> 00:15:37,480 Speaker 2: here that Medicare does not cover any of your ambulance 330 00:15:37,600 --> 00:15:42,800 Speaker 2: transport fees in Alton, Thank you, mum. Bad? Hey, how bad? 331 00:15:42,920 --> 00:15:45,400 Speaker 1: Okay, So that's interesting because I would have thought that 332 00:15:45,960 --> 00:15:49,280 Speaker 1: the Amban Ambulance. I would have thought that would have 333 00:15:49,280 --> 00:15:53,560 Speaker 1: been a free service, like the good people in Queensland 334 00:15:53,600 --> 00:15:56,840 Speaker 1: and tas Man. Your offer, because surely you wouldn't want 335 00:15:56,880 --> 00:15:58,960 Speaker 1: people not to call because I don't want to pay 336 00:15:59,120 --> 00:15:59,640 Speaker 1: like it's. 337 00:15:59,480 --> 00:16:01,040 Speaker 2: A bit Yeah, I think there might be a lot 338 00:16:01,040 --> 00:16:02,480 Speaker 2: of underlying politics that we. 339 00:16:02,440 --> 00:16:05,120 Speaker 1: Have research that's true, well enough. 340 00:16:04,920 --> 00:16:06,760 Speaker 2: To have this debate on the podcast. 341 00:16:07,040 --> 00:16:09,760 Speaker 1: Okay, well that said, then let's move on to medical 342 00:16:09,800 --> 00:16:11,080 Speaker 1: services and general saying. 343 00:16:10,840 --> 00:16:14,080 Speaker 2: That if somebody in our community does have an answer 344 00:16:14,080 --> 00:16:17,440 Speaker 2: to that, please side into our dm are. 345 00:16:18,160 --> 00:16:20,440 Speaker 1: That's the case paramedics in our community. 346 00:16:20,520 --> 00:16:24,760 Speaker 2: Yeah, absolutely, how special, how special? Incredible? Anyway, when it 347 00:16:24,760 --> 00:16:28,840 Speaker 2: comes to medical services and generalized treatments, if you visit 348 00:16:28,880 --> 00:16:32,200 Speaker 2: a doctor outside of the hospital, Medicare will reimburse you 349 00:16:32,280 --> 00:16:35,200 Speaker 2: one hundred percent of the MBS fee for a GP 350 00:16:35,440 --> 00:16:39,000 Speaker 2: and eighty five percent of the MBS fee for a specialist, 351 00:16:39,320 --> 00:16:41,600 Speaker 2: the same deal, no matter if you do or don't 352 00:16:41,600 --> 00:16:44,360 Speaker 2: have private health insurance, which is great, and if your 353 00:16:44,360 --> 00:16:46,440 Speaker 2: doctor bog bills, you won't need to pay a cent. 354 00:16:46,680 --> 00:16:48,400 Speaker 2: In saying that, I know a lot of people in 355 00:16:48,440 --> 00:16:50,400 Speaker 2: our community are like, what do you mean bog bills? 356 00:16:50,400 --> 00:16:53,200 Speaker 2: I can't find a doctor that bog bills. They do exist, 357 00:16:53,320 --> 00:16:56,760 Speaker 2: my friend, But in saying that, they are often harder 358 00:16:56,800 --> 00:16:59,840 Speaker 2: to get into because I know that some doctors can 359 00:17:00,000 --> 00:17:02,880 Speaker 2: actually be flexible as well, like it's up to the 360 00:17:02,960 --> 00:17:07,240 Speaker 2: doctor to choose to charge that gap, because at this point, 361 00:17:07,600 --> 00:17:10,280 Speaker 2: Medicare actually rebate the doctor the same no matter what 362 00:17:10,359 --> 00:17:12,840 Speaker 2: they charge the patient. They don't get more for charging 363 00:17:12,880 --> 00:17:15,639 Speaker 2: you more, which like it's good and it's bad. It 364 00:17:15,760 --> 00:17:18,280 Speaker 2: just means that you know they're running a business and 365 00:17:18,440 --> 00:17:20,520 Speaker 2: they're setting their own fees and that's not bad. And 366 00:17:20,560 --> 00:17:22,480 Speaker 2: if you don't like those fees, don't go to that doctor. 367 00:17:22,640 --> 00:17:25,080 Speaker 1: Yeap to make sense, jump in here V and say 368 00:17:25,080 --> 00:17:28,840 Speaker 1: that I do know a very good bulk billing clinic 369 00:17:28,880 --> 00:17:32,280 Speaker 1: who does let you book in appointments. So I don't 370 00:17:32,280 --> 00:17:34,080 Speaker 1: know what I will do with that information. 371 00:17:34,240 --> 00:17:34,560 Speaker 2: DM me. 372 00:17:34,640 --> 00:17:36,840 Speaker 1: If you're interested and you live in Melbourne. 373 00:17:36,600 --> 00:17:42,400 Speaker 2: Great, give doctor referrals now aha, fabulous? All right, Well, 374 00:17:42,440 --> 00:17:47,000 Speaker 2: Medicare doesn't provide benefits while Gking does. But Medicare doesn't 375 00:17:47,000 --> 00:17:49,720 Speaker 2: provide benefits for most things that we often hear as 376 00:17:49,800 --> 00:17:53,760 Speaker 2: quote extras. So this is a majority of dental, physio, 377 00:17:54,400 --> 00:17:58,960 Speaker 2: occupational therapy, speech therapy, cairo, pedietary, et cetera. Lots of 378 00:17:58,960 --> 00:18:01,680 Speaker 2: people arrange their private health care insurance. So it does 379 00:18:01,760 --> 00:18:04,400 Speaker 2: cover those extras though, but if you don't use them, again, 380 00:18:04,520 --> 00:18:06,520 Speaker 2: review your cover and make sure you're only cover for 381 00:18:06,560 --> 00:18:09,600 Speaker 2: the things that actually matter. And something that I think 382 00:18:09,720 --> 00:18:13,560 Speaker 2: is worth noting, right is that you can actually remove 383 00:18:13,640 --> 00:18:17,040 Speaker 2: things or add things from your cover. So, for example, 384 00:18:17,240 --> 00:18:21,160 Speaker 2: I was negotiating I'm with Booper and I was negotiating 385 00:18:21,160 --> 00:18:24,080 Speaker 2: with them for my private health insurance about a year ago, 386 00:18:24,480 --> 00:18:27,199 Speaker 2: and I called them up because I, honestly, even I 387 00:18:27,359 --> 00:18:29,359 Speaker 2: was a bit confused about the levels of cover and 388 00:18:29,400 --> 00:18:32,080 Speaker 2: what that actually meant and what's gold, silver or bronze 389 00:18:32,119 --> 00:18:35,000 Speaker 2: and all of that other fun stuff. So I called 390 00:18:35,000 --> 00:18:36,679 Speaker 2: them up and had to chat with the girl on 391 00:18:36,720 --> 00:18:38,159 Speaker 2: the phone and she was like, well, what do you 392 00:18:38,160 --> 00:18:39,320 Speaker 2: want to be covered for? Do you want to be 393 00:18:39,359 --> 00:18:41,000 Speaker 2: covered for maternity care? And I was like, well no, 394 00:18:41,080 --> 00:18:43,280 Speaker 2: because I'm not planning on having a baby anytime soon. 395 00:18:43,600 --> 00:18:45,240 Speaker 2: And she was like, oh, okay, well why don't we 396 00:18:45,240 --> 00:18:47,240 Speaker 2: remove that? And I was like great, removed it and 397 00:18:47,280 --> 00:18:50,840 Speaker 2: it decreased my premium significantly. So if there are things 398 00:18:50,880 --> 00:18:52,760 Speaker 2: on your cover that you know you don't need or 399 00:18:52,800 --> 00:18:55,679 Speaker 2: won't use, call and get them removed so you're not 400 00:18:55,760 --> 00:18:58,480 Speaker 2: paying for a service you're never going to use. Just 401 00:18:58,560 --> 00:19:00,520 Speaker 2: makes sense. And the girls on the phone were really, 402 00:19:00,600 --> 00:19:03,320 Speaker 2: really lovely. It's so easy to work with. Back to 403 00:19:03,359 --> 00:19:06,560 Speaker 2: what Medicare does provide benefits for in this space, so 404 00:19:06,640 --> 00:19:09,440 Speaker 2: they would provide benefits for things like consultation, fees for 405 00:19:09,520 --> 00:19:13,320 Speaker 2: doctors and specialists, tests and exams by doctors needed to 406 00:19:13,359 --> 00:19:16,320 Speaker 2: treat illnesses like X rayse and pathology tests so like 407 00:19:16,440 --> 00:19:19,960 Speaker 2: blood work and eye tests, and most surgical and therapeutic 408 00:19:20,040 --> 00:19:23,280 Speaker 2: procedures that happen in a public hospital, and some procedures 409 00:19:23,280 --> 00:19:26,000 Speaker 2: by approved dentists, and specific items for the Allied Health 410 00:19:26,040 --> 00:19:28,560 Speaker 2: Services as a part of the Chronic Disease Plan, which 411 00:19:28,600 --> 00:19:30,640 Speaker 2: is kind of cool. I think that, you know, that's 412 00:19:30,680 --> 00:19:34,360 Speaker 2: actually quite comprehensive. It's not like only emergency that is covered, 413 00:19:34,680 --> 00:19:37,600 Speaker 2: which I know is probably confusing coming from me, but 414 00:19:37,720 --> 00:19:39,119 Speaker 2: going into it, I was like, well, what does it 415 00:19:39,160 --> 00:19:42,000 Speaker 2: actually include because so many people think that medicare only 416 00:19:42,040 --> 00:19:45,120 Speaker 2: covers emergency services, which is not the case at all. 417 00:19:45,240 --> 00:19:47,880 Speaker 2: They benefit you in a very wide array of ways. 418 00:19:48,440 --> 00:19:50,879 Speaker 2: So that is basically everything in terms of the comparison 419 00:19:50,960 --> 00:19:54,240 Speaker 2: between public and private. But the policy you tubes will 420 00:19:54,240 --> 00:19:57,520 Speaker 2: actually determine exactly what you're covered for, so again, understand 421 00:19:57,600 --> 00:20:00,160 Speaker 2: it deeply. And something I really promote is peak picking 422 00:20:00,240 --> 00:20:02,280 Speaker 2: up the phone. I know most of us are millennials 423 00:20:02,280 --> 00:20:04,520 Speaker 2: and we somehow are allergic to picking up the phone 424 00:20:04,560 --> 00:20:07,800 Speaker 2: and asking questions and we avoid it at all costs, 425 00:20:08,160 --> 00:20:10,040 Speaker 2: but it is going to be one of the easiest 426 00:20:10,040 --> 00:20:12,719 Speaker 2: ways to actually determine is this right for me? And 427 00:20:12,760 --> 00:20:15,560 Speaker 2: you can queiz the person. They are actually unable to 428 00:20:15,600 --> 00:20:18,760 Speaker 2: provide advice to you. They're only able to say yes 429 00:20:18,880 --> 00:20:21,440 Speaker 2: or no, or this is covered or this isn't covered 430 00:20:21,480 --> 00:20:24,320 Speaker 2: and explain things deeply. Unfortunately, you won't be able to 431 00:20:24,359 --> 00:20:26,040 Speaker 2: call them and be like, hey, which one should I 432 00:20:26,080 --> 00:20:29,719 Speaker 2: get because that's illegal. But you can call them and say, well, 433 00:20:29,720 --> 00:20:32,360 Speaker 2: what does it include? What doesn't it include? And you know, well, 434 00:20:32,359 --> 00:20:34,560 Speaker 2: what would I use that for? How does this work? 435 00:20:34,560 --> 00:20:37,480 Speaker 2: And I think that that really empowers you. So next year, 436 00:20:37,520 --> 00:20:41,440 Speaker 2: when April first comes and the insurances increase again, you 437 00:20:41,480 --> 00:20:43,720 Speaker 2: can understand deeply why you already have it and then 438 00:20:43,760 --> 00:20:46,440 Speaker 2: reevaluate whether it's worth keeping it still. So if you 439 00:20:46,480 --> 00:20:48,520 Speaker 2: do want to find out more information, I really encourage 440 00:20:48,560 --> 00:20:50,200 Speaker 2: you to take a look at the government website which 441 00:20:50,240 --> 00:20:51,320 Speaker 2: we have linked in our show notes. 442 00:20:51,400 --> 00:20:54,280 Speaker 1: Yes, I certainly have there. I think it's time for 443 00:20:54,320 --> 00:20:55,280 Speaker 1: a little breaky. 444 00:20:55,040 --> 00:20:56,920 Speaker 2: Breaks, a little breaky break. 445 00:20:56,920 --> 00:21:00,720 Speaker 1: Water and drink some tea. But when we return we 446 00:21:00,800 --> 00:21:03,639 Speaker 1: will be talking about the Medicare levy surcharge, which we 447 00:21:03,760 --> 00:21:06,680 Speaker 1: touched on above, and we will of course be outlining 448 00:21:06,720 --> 00:21:08,760 Speaker 1: ways you can save on your insurance. If you are 449 00:21:08,960 --> 00:21:11,159 Speaker 1: looking at getting it, don't go anywhere. 450 00:21:11,200 --> 00:21:11,760 Speaker 2: Friends see you. 451 00:21:11,760 --> 00:21:22,680 Speaker 1: On the flip side, we are back friends and fam 452 00:21:22,960 --> 00:21:26,520 Speaker 1: e fam. How annoying is it when people say, hey, fam? 453 00:21:26,600 --> 00:21:27,880 Speaker 1: Does that annoy anyone else? 454 00:21:28,040 --> 00:21:28,240 Speaker 2: Just me? 455 00:21:28,359 --> 00:21:31,720 Speaker 1: Anyway? You are my fam. Victoria's looking at a phone 456 00:21:31,760 --> 00:21:33,879 Speaker 1: and not at me, So I just feel slightly awkward, 457 00:21:33,880 --> 00:21:36,639 Speaker 1: as is probably coming through the microphone right now. The 458 00:21:36,680 --> 00:21:38,840 Speaker 1: point that I'm trying to make here is that if 459 00:21:38,880 --> 00:21:42,280 Speaker 1: you love We Are Family, Georgia King, if you love 460 00:21:42,359 --> 00:21:46,240 Speaker 1: the show, then please join us on Facebook, the instagrams, 461 00:21:46,320 --> 00:21:47,840 Speaker 1: the YouTube's, the tiktoks. 462 00:21:47,960 --> 00:21:50,120 Speaker 2: You are like an old person trapped in a young 463 00:21:50,160 --> 00:21:51,440 Speaker 2: person's body, Georgia King. 464 00:21:51,880 --> 00:21:54,000 Speaker 1: Do you think I'm going to need to get TikTok? 465 00:21:54,040 --> 00:21:55,720 Speaker 1: I was having this little moment the other day and 466 00:21:55,760 --> 00:21:56,240 Speaker 1: I was like. 467 00:21:56,320 --> 00:21:59,320 Speaker 2: George gonna need it. But I mean it would probably work. 468 00:21:59,680 --> 00:22:02,120 Speaker 1: But I mean, as a person who wants to work 469 00:22:02,119 --> 00:22:05,720 Speaker 1: in the media, who I guess does work in the media. 470 00:22:05,200 --> 00:22:08,360 Speaker 2: It actually makes me laugh so hard. Sidestep personal conversation 471 00:22:08,400 --> 00:22:10,560 Speaker 2: about Georgia King on the Pod today. Fast forward last 472 00:22:11,600 --> 00:22:16,119 Speaker 2: not interested, But Georgia actually works in a relatively high 473 00:22:16,119 --> 00:22:20,320 Speaker 2: profile business doing social media, which makes me laugh so hard. 474 00:22:20,520 --> 00:22:23,280 Speaker 2: I'm not going to tell them, but it makes me 475 00:22:23,359 --> 00:22:26,000 Speaker 2: laugh because her social media is dire. 476 00:22:26,280 --> 00:22:28,680 Speaker 1: Like the last post I did was when we won 477 00:22:28,760 --> 00:22:31,760 Speaker 1: that award, shout out to us ago. 478 00:22:31,840 --> 00:22:34,800 Speaker 2: It was like November or something you pick up today? 479 00:22:34,840 --> 00:22:35,560 Speaker 1: How does that sound? 480 00:22:35,600 --> 00:22:37,840 Speaker 2: Thank you Georgia, But it does make me laugh. For 481 00:22:37,880 --> 00:22:40,919 Speaker 2: someone who is so good at social media, they just 482 00:22:40,920 --> 00:22:44,800 Speaker 2: aren't on social media at all. In fact, you've got Instagram, 483 00:22:45,520 --> 00:22:48,760 Speaker 2: actually works in the digital marketing space and as you know, 484 00:22:49,000 --> 00:22:51,960 Speaker 2: is quite similar to you in terms of he doesn't 485 00:22:51,960 --> 00:22:56,800 Speaker 2: even have Instagram and seldom ever uses faceress. So sometimes 486 00:22:56,840 --> 00:22:59,119 Speaker 2: you just never know what people are good at based 487 00:22:59,160 --> 00:23:01,760 Speaker 2: on their Instagram because they might not even have them. 488 00:23:01,760 --> 00:23:04,800 Speaker 1: Moving on from stories about George, so a lot of 489 00:23:04,840 --> 00:23:07,679 Speaker 1: people have been asking in our group about the tax 490 00:23:07,800 --> 00:23:10,520 Speaker 1: implications involved when it comes to health insurance. A lot 491 00:23:10,560 --> 00:23:12,920 Speaker 1: of people have been asking if they should just get 492 00:23:12,960 --> 00:23:15,679 Speaker 1: it because it will be more financially than official for 493 00:23:15,720 --> 00:23:17,200 Speaker 1: them than not to talk us through that. 494 00:23:17,160 --> 00:23:19,199 Speaker 2: Absolutely, and I think that's a really good place to 495 00:23:19,240 --> 00:23:23,000 Speaker 2: start this conversation, which is, well, what makes most financial 496 00:23:23,040 --> 00:23:26,119 Speaker 2: sense to you. And I've said this before. If it 497 00:23:26,240 --> 00:23:28,879 Speaker 2: is financially beneficial to have it, why would you not 498 00:23:29,160 --> 00:23:32,399 Speaker 2: want to have a private health insurance policy then not 499 00:23:32,480 --> 00:23:34,760 Speaker 2: be covered and just pay another surcharge to the government, 500 00:23:34,960 --> 00:23:38,520 Speaker 2: which I get and the searcharge exists because people pay it. 501 00:23:38,960 --> 00:23:40,800 Speaker 2: But I think that you know, if you could find 502 00:23:40,840 --> 00:23:44,280 Speaker 2: a policy that financially works for you and it makes sense, 503 00:23:44,440 --> 00:23:46,080 Speaker 2: I would prefer you to have the cover than not. 504 00:23:46,320 --> 00:23:49,120 Speaker 2: It absolutely makes sense in that aspect. But I think 505 00:23:49,119 --> 00:23:51,440 Speaker 2: a lot of people are just dragging their feet on it. 506 00:23:51,520 --> 00:23:53,200 Speaker 2: They can't be bothered, or they just don't know where 507 00:23:53,240 --> 00:23:54,840 Speaker 2: to start, or they don't know how to do it. 508 00:23:55,080 --> 00:23:57,240 Speaker 2: And that's where the shees on the money community can 509 00:23:57,240 --> 00:23:59,480 Speaker 2: come to the rescue. And I reckon this week we 510 00:23:59,600 --> 00:24:02,879 Speaker 2: might have a thread in the Facebook group Georgia just 511 00:24:02,960 --> 00:24:06,240 Speaker 2: talking about Okay, like, if you're in this situation, what 512 00:24:06,400 --> 00:24:10,480 Speaker 2: did you prioritize? You don't need it, but you don't 513 00:24:10,480 --> 00:24:12,760 Speaker 2: see a value in having it, but you want it 514 00:24:12,800 --> 00:24:15,320 Speaker 2: because of the financial benefits. So what's the best policy 515 00:24:15,440 --> 00:24:17,160 Speaker 2: or what you know? What are you guys doing Because 516 00:24:17,200 --> 00:24:20,120 Speaker 2: obviously we don't want to provide the advice, but sometimes 517 00:24:20,240 --> 00:24:24,520 Speaker 2: learning from other people's experiences is really powerful because reviewing 518 00:24:24,520 --> 00:24:26,560 Speaker 2: everybody's websites is hard and dry. 519 00:24:27,240 --> 00:24:30,040 Speaker 1: It is hard and dry. And also I think the 520 00:24:30,040 --> 00:24:35,320 Speaker 1: comparison websites are slightly biased, rian like if you're paying more, 521 00:24:35,359 --> 00:24:35,680 Speaker 1: then you. 522 00:24:35,680 --> 00:24:37,720 Speaker 2: Might get a bah to total and I've said that 523 00:24:37,760 --> 00:24:41,560 Speaker 2: a million times. Please avoid the comparison websites, especially the 524 00:24:41,560 --> 00:24:45,359 Speaker 2: biggest ones, because when they make commission from you signing up, 525 00:24:45,400 --> 00:24:47,720 Speaker 2: and we're not saying that commission is bad, it just 526 00:24:47,840 --> 00:24:51,639 Speaker 2: means that they're actually not authentically promoting the product that 527 00:24:51,880 --> 00:24:54,520 Speaker 2: is best for you, but potentially promoting the product that 528 00:24:54,560 --> 00:24:56,080 Speaker 2: paid the most to come up at the top of 529 00:24:56,119 --> 00:24:58,919 Speaker 2: the list, which is really sad. And I think that 530 00:24:59,040 --> 00:25:03,199 Speaker 2: they give com a not so shiny name, Whereas when 531 00:25:03,240 --> 00:25:05,440 Speaker 2: we talk about like mortgage brokers, they get a commission, 532 00:25:05,560 --> 00:25:08,520 Speaker 2: but they work in a completely separate, non bias way, 533 00:25:08,800 --> 00:25:11,359 Speaker 2: which means I want mortgage brokers to get paid a 534 00:25:11,359 --> 00:25:13,920 Speaker 2: commission because it means that I, as a consumer, don't 535 00:25:13,960 --> 00:25:16,879 Speaker 2: have to pay more to engage one of their services. 536 00:25:17,080 --> 00:25:20,000 Speaker 2: But when it comes to health insurances and comparison websites, 537 00:25:20,000 --> 00:25:22,359 Speaker 2: they're actually marketing tools, and I think we need to 538 00:25:22,400 --> 00:25:25,439 Speaker 2: see those differences because some people hear this podcast and 539 00:25:25,440 --> 00:25:28,800 Speaker 2: they'll hear commissions bad, got it, Victoria, no problems, and 540 00:25:28,840 --> 00:25:32,800 Speaker 2: then they hear broker gets commissions bad. No, absolutely not 541 00:25:32,880 --> 00:25:35,480 Speaker 2: the case. So it's different horses for different courses, and 542 00:25:35,520 --> 00:25:37,800 Speaker 2: we just need to understand it. But to take a 543 00:25:37,920 --> 00:25:40,679 Speaker 2: quick step back, Georgia, let's actually talk about what the 544 00:25:40,720 --> 00:25:44,000 Speaker 2: Medicare leve surcharge actually is, because for those of you 545 00:25:44,000 --> 00:25:46,600 Speaker 2: who might not know or might not have even considered 546 00:25:46,640 --> 00:25:49,439 Speaker 2: it yet, it's really important to understand. So if you 547 00:25:49,520 --> 00:25:53,119 Speaker 2: earn over ninety thousand dollars and don't have private health insurance, 548 00:25:53,440 --> 00:25:56,240 Speaker 2: you're going to have to pay the Medicare levee surcharge, 549 00:25:56,359 --> 00:25:57,879 Speaker 2: and you'll have to pay it if you and your 550 00:25:57,920 --> 00:26:00,920 Speaker 2: partner have a combined income of one hundred and eighty 551 00:26:01,000 --> 00:26:03,320 Speaker 2: thousand dollars or more as well, So it's ninety thousand 552 00:26:03,320 --> 00:26:06,560 Speaker 2: dollars for individuals or one eighty for couples, and then 553 00:26:06,640 --> 00:26:08,880 Speaker 2: depending on what you earn, you might have to pay 554 00:26:08,880 --> 00:26:11,800 Speaker 2: an extra one point five percent of your annual earnings 555 00:26:11,800 --> 00:26:15,040 Speaker 2: to the ATO every year for not being covered. And 556 00:26:15,080 --> 00:26:17,520 Speaker 2: that is why for some people it's just more financially 557 00:26:17,560 --> 00:26:21,679 Speaker 2: sensible to have private health insurance to actually negate that charge, 558 00:26:21,800 --> 00:26:24,240 Speaker 2: because if you think about it, if you earned one 559 00:26:24,320 --> 00:26:27,600 Speaker 2: hundred and eighty thousand dollars, like one percent of your incomes, 560 00:26:27,640 --> 00:26:31,040 Speaker 2: like eighteen hundred dollars, so that makes sense because you 561 00:26:31,080 --> 00:26:33,160 Speaker 2: might only be paying twelve hundred dollars for private health 562 00:26:33,160 --> 00:26:35,280 Speaker 2: insurance in one year. It's kind of like, well, I'd 563 00:26:35,320 --> 00:26:37,520 Speaker 2: prefer that option and to have some level of cover 564 00:26:37,600 --> 00:26:40,840 Speaker 2: then have nothing and be paying more. But again, Georgia, 565 00:26:40,920 --> 00:26:43,200 Speaker 2: this isn't just something that's been created by the government 566 00:26:43,240 --> 00:26:45,000 Speaker 2: to annoy us, because so many people just think that 567 00:26:45,040 --> 00:26:48,600 Speaker 2: they exist to solely pester us. This is actually designed 568 00:26:48,680 --> 00:26:51,520 Speaker 2: to help us, and it's designed to encourage high income 569 00:26:51,520 --> 00:26:54,400 Speaker 2: earners to invest in private health cover and to use 570 00:26:54,440 --> 00:26:56,960 Speaker 2: the private hospital system to take the pressure off the 571 00:26:57,000 --> 00:27:00,160 Speaker 2: public system for those of us who genuinely can't afford 572 00:27:00,160 --> 00:27:03,200 Speaker 2: to have private health intruance. So it makes sense when 573 00:27:03,200 --> 00:27:04,880 Speaker 2: you get into the crux of it and you're like, well, 574 00:27:05,000 --> 00:27:06,960 Speaker 2: if you earn more than ninety thousand dollars a year, 575 00:27:07,160 --> 00:27:10,359 Speaker 2: like as an individual, you probably can afford it, in 576 00:27:10,400 --> 00:27:13,119 Speaker 2: which case, let's see you paying for it so that 577 00:27:13,160 --> 00:27:15,359 Speaker 2: there's not so much pressure when things happen in the 578 00:27:15,359 --> 00:27:18,320 Speaker 2: public system because it just is all fair in love 579 00:27:18,320 --> 00:27:21,200 Speaker 2: and more right. Yeah, yeah, So people need to pay 580 00:27:21,200 --> 00:27:24,439 Speaker 2: this on top of the Medicare levee, So that's in 581 00:27:24,560 --> 00:27:27,520 Speaker 2: addition as well, not just on its own or one 582 00:27:27,600 --> 00:27:30,280 Speaker 2: or the other, which is the extra two percent tax 583 00:27:30,320 --> 00:27:33,119 Speaker 2: that they have to pay to access the incredible Medicare system. 584 00:27:33,280 --> 00:27:35,560 Speaker 1: Yeah, so Medicare is not just free. We're all paying. 585 00:27:35,600 --> 00:27:38,679 Speaker 2: No, we're all paying for it with our taxes. But 586 00:27:38,760 --> 00:27:39,520 Speaker 2: how lucky are we? 587 00:27:39,880 --> 00:27:43,240 Speaker 1: I know, it's a great exacting well done Australia. 588 00:27:43,359 --> 00:27:46,080 Speaker 2: Thank you. I'm saying thank you on behalf of the country. 589 00:27:46,320 --> 00:27:48,760 Speaker 1: Tell me about lifetime healthcare loading. 590 00:27:48,920 --> 00:27:49,920 Speaker 2: Where'd you hear this term? 591 00:27:50,480 --> 00:27:52,840 Speaker 1: I googled it, Yeah, it was on the gov website. 592 00:27:52,920 --> 00:27:55,760 Speaker 2: It was. So this is a government initiative that encourages 593 00:27:55,800 --> 00:27:58,680 Speaker 2: you to choose private health insurance early on in life 594 00:27:58,720 --> 00:28:02,000 Speaker 2: because the earlier insured usually the cheaper it is for life. 595 00:28:02,359 --> 00:28:04,879 Speaker 2: And if you haven't got private hospital cover from the 596 00:28:05,000 --> 00:28:07,760 Speaker 2: year that you turned thirty one, which ge you and 597 00:28:07,800 --> 00:28:10,159 Speaker 2: I have heaps at times, you will be made to 598 00:28:10,200 --> 00:28:13,440 Speaker 2: make a two percent LHC loading on top of your 599 00:28:13,440 --> 00:28:16,520 Speaker 2: premium for every year you're aged over thirty. If you 600 00:28:16,560 --> 00:28:18,919 Speaker 2: do decide to invest in health insurance down the line, 601 00:28:19,000 --> 00:28:19,640 Speaker 2: that's speno. 602 00:28:19,960 --> 00:28:20,920 Speaker 1: That is speno. 603 00:28:21,160 --> 00:28:25,040 Speaker 2: Yeah, expensive as get out, which I don't love, but 604 00:28:25,119 --> 00:28:26,639 Speaker 2: you know what it is, what it is. We're all 605 00:28:26,680 --> 00:28:29,359 Speaker 2: about education here, so let's understand. Yes, it's going to 606 00:28:29,359 --> 00:28:32,119 Speaker 2: impact us negatively, we can avoid it. An example of 607 00:28:32,160 --> 00:28:34,600 Speaker 2: this would be if you took out private hospital cover 608 00:28:34,680 --> 00:28:36,959 Speaker 2: when you were forty, you'd actually have to pay an 609 00:28:37,000 --> 00:28:40,320 Speaker 2: extra twenty percent on the cost of this cover per 610 00:28:40,440 --> 00:28:43,920 Speaker 2: year for ten years. That's a lot and then the 611 00:28:43,960 --> 00:28:46,960 Speaker 2: maximum loading does cap out how generous, but it keeps 612 00:28:47,000 --> 00:28:49,680 Speaker 2: out at seventy percent. It's a lot of dollar rus 613 00:28:50,560 --> 00:28:52,520 Speaker 2: So once you paid the loading for ten years of 614 00:28:52,600 --> 00:28:55,160 Speaker 2: consistent cover, that loading wraps up and you drop back 615 00:28:55,200 --> 00:28:57,680 Speaker 2: down to paying the normal fees that everybody else was paying. 616 00:28:57,720 --> 00:28:59,960 Speaker 2: But to avoid it, you've got to get private hospital 617 00:29:00,080 --> 00:29:03,280 Speaker 2: cover before you turn thirty one and then you won't 618 00:29:03,280 --> 00:29:05,440 Speaker 2: have to pay that loading. And if you're new to 619 00:29:05,440 --> 00:29:08,080 Speaker 2: Australia by the way, and you're over thirty one and 620 00:29:08,120 --> 00:29:10,720 Speaker 2: purchase hospital cover within the first twelve months of actually 621 00:29:10,760 --> 00:29:13,560 Speaker 2: registering for Medicare benefits, the loading is only going to 622 00:29:13,560 --> 00:29:16,520 Speaker 2: apply to hospital insurance rather than the general extras cover, 623 00:29:16,720 --> 00:29:19,520 Speaker 2: so they obviously have some level of flexibility there. But 624 00:29:19,640 --> 00:29:22,800 Speaker 2: for Australians who've lived here all our lives, they're like, no, 625 00:29:22,960 --> 00:29:23,600 Speaker 2: you had time. 626 00:29:24,560 --> 00:29:27,680 Speaker 1: Yeah, golly gosh, there's. 627 00:29:27,440 --> 00:29:29,960 Speaker 2: Been a lot of much pressure. 628 00:29:30,360 --> 00:29:34,080 Speaker 1: Yeah, there's a lot, a lot to consider on that 629 00:29:34,200 --> 00:29:37,040 Speaker 1: ve Tho, how do we figure out if we actually 630 00:29:37,080 --> 00:29:39,880 Speaker 1: need it and if it is financially worth it for us? 631 00:29:39,960 --> 00:29:42,800 Speaker 2: Yeah, Look, I told you about my situation before, which 632 00:29:42,800 --> 00:29:46,160 Speaker 2: I'm really open about, and it is semi expensive. So 633 00:29:46,280 --> 00:29:48,640 Speaker 2: for me, like back to the example of those physio visits, 634 00:29:48,680 --> 00:29:50,400 Speaker 2: Let's say it's four hundred dollars a year or maybe 635 00:29:50,400 --> 00:29:52,680 Speaker 2: then I spend another four hundred dollars at the dentist. 636 00:29:53,160 --> 00:29:55,360 Speaker 2: Then I'd add that amount up and I'd add it 637 00:29:55,360 --> 00:29:58,040 Speaker 2: to the lifetime healthcare loading and then the Medicare levee 638 00:29:58,080 --> 00:29:59,720 Speaker 2: so charged that you have to pay. And if the 639 00:29:59,760 --> 00:30:01,800 Speaker 2: total here is less than what you would pay for 640 00:30:01,880 --> 00:30:04,360 Speaker 2: health insurance, then it's probably going to be a worthwhile 641 00:30:04,400 --> 00:30:07,200 Speaker 2: expense for you to go and look into private healthcare insurance. 642 00:30:07,440 --> 00:30:10,320 Speaker 2: If it's not, maybe it's not. But again I know 643 00:30:10,400 --> 00:30:12,800 Speaker 2: so many people who have it just for the security 644 00:30:12,840 --> 00:30:16,400 Speaker 2: blanket it provides so financially, we are a finance podcast, 645 00:30:16,440 --> 00:30:18,160 Speaker 2: we are talking to you about the options and how 646 00:30:18,160 --> 00:30:20,600 Speaker 2: it's going to financially impact you. You need to make 647 00:30:20,640 --> 00:30:23,840 Speaker 2: the right decision for you, and unfortunately, Georgia Keena, we 648 00:30:23,920 --> 00:30:24,800 Speaker 2: can't do that for you. 649 00:30:25,200 --> 00:30:29,960 Speaker 1: Definitely, I definitely can't. Yeah, the lots of people in 650 00:30:30,000 --> 00:30:33,560 Speaker 1: our community lately have been asking if they could perhaps 651 00:30:33,640 --> 00:30:36,760 Speaker 1: just create like an emergency fund for medical expenses, like 652 00:30:36,800 --> 00:30:40,880 Speaker 1: a medical expenses hub that they could draw from if required. 653 00:30:40,960 --> 00:30:41,920 Speaker 1: Is that a good idea? 654 00:30:42,160 --> 00:30:44,880 Speaker 2: Look, it's a smart idea, but again it comes into 655 00:30:44,960 --> 00:30:48,040 Speaker 2: whether it is financially viable for you. And obviously with 656 00:30:48,120 --> 00:30:50,280 Speaker 2: the additional charges you'd get if you earn over a 657 00:30:50,280 --> 00:30:52,880 Speaker 2: certain amount, maybe it isn't viable and it's actually better 658 00:30:52,920 --> 00:30:55,160 Speaker 2: for you to just get private health insurance because otherwise 659 00:30:55,160 --> 00:30:58,480 Speaker 2: you're paying the Medicare levee surcharge in addition to having 660 00:30:58,520 --> 00:31:01,720 Speaker 2: this savings account that you've got. It's not actually feasible 661 00:31:01,720 --> 00:31:04,280 Speaker 2: if that's the case. But then in addition to that, 662 00:31:04,600 --> 00:31:06,680 Speaker 2: how do you know how much your medical expenses are 663 00:31:06,680 --> 00:31:09,040 Speaker 2: going to be? Like if you go, oh, one thousand 664 00:31:09,080 --> 00:31:11,200 Speaker 2: dollars is enough? And then you're actually out of pocket 665 00:31:11,200 --> 00:31:14,040 Speaker 2: for a massive accident of ten thousand dollars, like you're 666 00:31:14,120 --> 00:31:16,520 Speaker 2: still in debt. Yeah, so I think it's about whether 667 00:31:16,560 --> 00:31:19,440 Speaker 2: it's a value to you. I probably wouldn't recommend doing 668 00:31:19,480 --> 00:31:23,160 Speaker 2: it that way. I always, always, always recommend having an 669 00:31:23,240 --> 00:31:26,800 Speaker 2: emergency fund like that is something that I prioritize before 670 00:31:26,880 --> 00:31:30,200 Speaker 2: debt reduction even. But I don't want you to have 671 00:31:30,280 --> 00:31:33,560 Speaker 2: to go and make decisions about your health just based 672 00:31:33,600 --> 00:31:35,960 Speaker 2: on a savings fund like yep. Cool. If that's a 673 00:31:36,040 --> 00:31:37,920 Speaker 2: value to you and it makes you feel safe and secure, 674 00:31:38,280 --> 00:31:40,440 Speaker 2: go for it, my friend, do it. But let's actually 675 00:31:40,440 --> 00:31:42,680 Speaker 2: look at what fees and charges you have to pay 676 00:31:42,760 --> 00:31:46,240 Speaker 2: here in addition for not having the private health care insurance. 677 00:31:46,800 --> 00:31:47,880 Speaker 1: Okay, good answer. 678 00:31:48,280 --> 00:31:48,680 Speaker 2: Thanks. 679 00:31:48,720 --> 00:31:53,680 Speaker 1: As Kate in our group said in a thread literally 680 00:31:53,680 --> 00:31:56,520 Speaker 1: from a few months back, I did some scrolling. Private 681 00:31:56,560 --> 00:32:00,160 Speaker 1: health insurance is an innately personal decision, and if it 682 00:32:00,200 --> 00:32:03,080 Speaker 1: suits you may not suit the next person. So we 683 00:32:03,120 --> 00:32:05,680 Speaker 1: can't just tell our listeners what to choose. 684 00:32:05,760 --> 00:32:07,680 Speaker 2: I wish it was as easy as that. I wish 685 00:32:07,720 --> 00:32:09,520 Speaker 2: we could be like, hey, here's the guide to life. 686 00:32:09,560 --> 00:32:11,000 Speaker 2: This is how much you need to invest, this is 687 00:32:11,000 --> 00:32:12,960 Speaker 2: how much you need to say, these are your goals, 688 00:32:13,000 --> 00:32:15,600 Speaker 2: this is your values. Here, here's your feet, like that. 689 00:32:15,560 --> 00:32:17,600 Speaker 1: Would be guide to life. 690 00:32:17,680 --> 00:32:20,400 Speaker 2: Yeah, but unfortunately it's not like that. And what my 691 00:32:20,600 --> 00:32:23,320 Speaker 2: values are aren't your values. And that's what makes us 692 00:32:23,320 --> 00:32:26,160 Speaker 2: all special. So let's actually spend the time and the 693 00:32:26,280 --> 00:32:29,400 Speaker 2: energy working out what we need to be covered for 694 00:32:29,640 --> 00:32:31,640 Speaker 2: and what that actually looks like for you. And the 695 00:32:31,720 --> 00:32:34,840 Speaker 2: number one thing here, do your research. Understand what you're 696 00:32:34,840 --> 00:32:37,040 Speaker 2: getting yourself into. Understand what you're going to be up 697 00:32:37,080 --> 00:32:39,360 Speaker 2: for if you don't have this cover, and then what 698 00:32:39,480 --> 00:32:42,280 Speaker 2: the cover would cost. Because even if the cover is 699 00:32:42,320 --> 00:32:43,959 Speaker 2: going to cost a bit more, like let's say it's 700 00:32:44,000 --> 00:32:46,440 Speaker 2: one hundred dollars more a year, great, maybe that one 701 00:32:46,480 --> 00:32:48,560 Speaker 2: hundred dollars is worth it to you now because you're like, 702 00:32:48,600 --> 00:32:50,520 Speaker 2: all right, well it is more expensive to have private 703 00:32:50,520 --> 00:32:54,080 Speaker 2: health insurance, but also i'm getting nothing for this thing 704 00:32:54,120 --> 00:32:56,000 Speaker 2: I'm going to pay anyway, So one hundred bucks more 705 00:32:56,000 --> 00:32:57,280 Speaker 2: and there's a little bit of value there. 706 00:32:57,320 --> 00:33:00,280 Speaker 1: Okay, they let's wrap it up here. 707 00:33:00,560 --> 00:33:03,000 Speaker 2: You're done with me with my final. 708 00:33:02,840 --> 00:33:07,000 Speaker 1: Question for today? How can we save on private health 709 00:33:07,000 --> 00:33:09,120 Speaker 1: insurance if we are going down this line? 710 00:33:09,160 --> 00:33:11,400 Speaker 2: Look, there are a heap of ways to quote save 711 00:33:11,480 --> 00:33:13,560 Speaker 2: on private health insurance. So a lot of people do 712 00:33:13,640 --> 00:33:16,280 Speaker 2: choose to pay for all their insurance premiums in one hit, 713 00:33:16,640 --> 00:33:18,560 Speaker 2: and they do that before the first of April so 714 00:33:18,600 --> 00:33:20,480 Speaker 2: that they can make the most of the previous year's 715 00:33:20,480 --> 00:33:23,520 Speaker 2: lower price. Again, that's a privilege that a lot of 716 00:33:23,520 --> 00:33:26,640 Speaker 2: people might not have access to, and obviously that's not 717 00:33:26,680 --> 00:33:29,320 Speaker 2: overly helpful if at this stage we're in May, which 718 00:33:29,400 --> 00:33:31,680 Speaker 2: we are, but now it's something to think about for 719 00:33:31,840 --> 00:33:35,680 Speaker 2: next year's price increase. Another thing I'd recommend is don't 720 00:33:35,680 --> 00:33:38,360 Speaker 2: look at the shiny marketing materials and don't look at 721 00:33:38,360 --> 00:33:40,520 Speaker 2: the snazzy sign up perks that entice you to pay 722 00:33:40,560 --> 00:33:42,720 Speaker 2: for things you don't actually need, Like I don't care 723 00:33:42,720 --> 00:33:44,960 Speaker 2: if you give me a Fitbit like that Fitbit's not 724 00:33:45,000 --> 00:33:47,080 Speaker 2: going to help me if I'm paying extra one hundred 725 00:33:47,120 --> 00:33:48,800 Speaker 2: dollars a month that I didn't need to be paying. 726 00:33:49,000 --> 00:33:51,040 Speaker 2: I promise you going out and buying your own Fitbit 727 00:33:51,160 --> 00:33:54,160 Speaker 2: as a worldward for putting private health insurance into place, 728 00:33:54,360 --> 00:33:57,640 Speaker 2: is going to be a better idea. Again, compare options 729 00:33:57,640 --> 00:34:00,640 Speaker 2: and policies make use of these intro wre it's companies' 730 00:34:00,680 --> 00:34:03,520 Speaker 2: call centers call them. They are trained, ask them what 731 00:34:03,560 --> 00:34:05,560 Speaker 2: it means, take some notes, be like, thank you so much. 732 00:34:05,600 --> 00:34:07,600 Speaker 2: I'll call back. If I decide to go with your policy, 733 00:34:07,720 --> 00:34:10,200 Speaker 2: call the other person and say, hey, cool, this person 734 00:34:10,200 --> 00:34:12,640 Speaker 2: could give me this. What's your cover on this? Think 735 00:34:12,680 --> 00:34:15,920 Speaker 2: about your medical history as well, whether that's personally or 736 00:34:16,080 --> 00:34:19,880 Speaker 2: your direct family history. So have your biological parents experienced 737 00:34:19,920 --> 00:34:23,720 Speaker 2: any level of medical complications or issues that have arisen 738 00:34:23,840 --> 00:34:27,080 Speaker 2: and is that genetic? For example, if breast cancer runs 739 00:34:27,120 --> 00:34:29,440 Speaker 2: really deeply through your family and your mum had it, 740 00:34:29,480 --> 00:34:31,640 Speaker 2: and your sister had it, and then your grandmother has it, 741 00:34:31,880 --> 00:34:34,920 Speaker 2: obviously you are at a higher risk than the average 742 00:34:34,920 --> 00:34:37,880 Speaker 2: bear to get breast cancer. Sadly, So maybe it is 743 00:34:37,920 --> 00:34:40,239 Speaker 2: a good idea to be, you know, future proofing because 744 00:34:40,239 --> 00:34:42,000 Speaker 2: you're like, you know what I it just is the 745 00:34:42,040 --> 00:34:44,880 Speaker 2: peace of mind I need right now. So understanding what 746 00:34:44,880 --> 00:34:49,000 Speaker 2: that means genetically for you is really important. Another hot 747 00:34:49,080 --> 00:34:53,000 Speaker 2: tip coming from G. King today steering away from combined 748 00:34:53,080 --> 00:34:56,040 Speaker 2: couple's cover. We'll having this conversation earlier and you had 749 00:34:56,040 --> 00:34:58,880 Speaker 2: to look into it, and we found that combined couple's 750 00:34:58,920 --> 00:35:01,640 Speaker 2: color is really generic and it covers you for things 751 00:35:01,719 --> 00:35:04,520 Speaker 2: you might not need I e. G. King and I 752 00:35:04,680 --> 00:35:07,000 Speaker 2: we haven't actually done the testing, but both of us 753 00:35:07,040 --> 00:35:09,279 Speaker 2: are nearly ninety nine point nine to five percent. Sure 754 00:35:09,320 --> 00:35:12,839 Speaker 2: we don't have prostates, but if we got combined couples cover, 755 00:35:12,960 --> 00:35:15,879 Speaker 2: we would be covered for prostate CHA, which is not 756 00:35:15,960 --> 00:35:18,720 Speaker 2: all that helpful given I really don't think I have one. 757 00:35:19,360 --> 00:35:21,200 Speaker 2: And just making sure that you're paying for what you 758 00:35:21,280 --> 00:35:23,439 Speaker 2: need and not what you don't need. So if there's 759 00:35:23,480 --> 00:35:26,080 Speaker 2: shiny extras for Phizzio, but you never go to the 760 00:35:26,080 --> 00:35:29,480 Speaker 2: Fizzio and won't go, maybe you don't need to include that, 761 00:35:30,000 --> 00:35:32,960 Speaker 2: And don't be afraid to use different providers. It might 762 00:35:33,000 --> 00:35:36,040 Speaker 2: seem easier to have everything all in one place, but 763 00:35:36,080 --> 00:35:38,279 Speaker 2: you can sometimes get better value if you blend some 764 00:35:38,320 --> 00:35:43,120 Speaker 2: policies from different providers. Genius genius. Sorry, the smoothie smoothies 765 00:35:43,120 --> 00:35:44,280 Speaker 2: are better than fruit juice. 766 00:35:44,320 --> 00:35:47,000 Speaker 1: God, I love smoothies. Shout out to the Mantaalizer fruit 767 00:35:47,000 --> 00:35:52,799 Speaker 1: and VEG spent a lot of smoothies large, extra thick 768 00:35:52,800 --> 00:35:56,160 Speaker 1: tropical paradise. That was my great, great choice. 769 00:35:56,280 --> 00:35:59,120 Speaker 2: All right, I think we nearly done, Georgie. Let's wrap 770 00:35:59,160 --> 00:35:59,360 Speaker 2: it up. 771 00:35:59,400 --> 00:36:02,240 Speaker 1: But I guess there all of today's story is no judgment. 772 00:36:02,640 --> 00:36:06,240 Speaker 1: Do whatever is best for you financially and health wise, 773 00:36:06,400 --> 00:36:10,240 Speaker 1: I guess, but hopefully we've laid it out really clearly here. 774 00:36:10,840 --> 00:36:11,479 Speaker 2: Do you boo? 775 00:36:11,640 --> 00:36:14,120 Speaker 1: You do you boo, And we will leave the link 776 00:36:14,200 --> 00:36:17,520 Speaker 1: in the show notes for that incredibly helpful government website. 777 00:36:17,840 --> 00:36:20,040 Speaker 1: The I do think officially, that is all we. 778 00:36:20,040 --> 00:36:22,680 Speaker 2: Have time for to that is not Georgia. Just before 779 00:36:22,680 --> 00:36:24,920 Speaker 2: we head off, we'd like to acknowledge and pay respect 780 00:36:25,040 --> 00:36:28,439 Speaker 2: to Australia's Aboriginal and Torres Strait Island to peoples, they're 781 00:36:28,440 --> 00:36:31,520 Speaker 2: the traditional custodians of the lands, the waterways and the 782 00:36:31,560 --> 00:36:34,840 Speaker 2: skies all across Australia. We thank you for sharing and 783 00:36:34,880 --> 00:36:36,880 Speaker 2: for caring for the land on which we are able 784 00:36:36,920 --> 00:36:39,960 Speaker 2: to learn. We pay our respects to elders past and present, 785 00:36:40,000 --> 00:36:41,960 Speaker 2: and we share our friendship and our kindness. 786 00:36:42,320 --> 00:36:44,800 Speaker 1: And remember, guys, that the advice shared on She's on 787 00:36:44,840 --> 00:36:47,560 Speaker 1: the Money is general in nature and does not consider 788 00:36:47,560 --> 00:36:51,440 Speaker 1: out your individual circumstances. She's on the Money exists purely 789 00:36:51,520 --> 00:36:54,319 Speaker 1: for educational purposes and should not be relied upon to 790 00:36:54,360 --> 00:36:57,880 Speaker 1: make an investment or a financial decision. And we promise 791 00:36:58,080 --> 00:37:01,960 Speaker 1: VD is an authorized representative of Australia Pacific Funds Management 792 00:37:02,239 --> 00:37:05,839 Speaker 1: Proprietary Limited ABN three four one three two four six 793 00:37:05,920 --> 00:37:08,600 Speaker 1: three two five seven a FOSL three three nine one 794 00:37:08,760 --> 00:37:12,680 Speaker 1: five one. And of course thank you to Tone, our producer, 795 00:37:12,800 --> 00:37:16,200 Speaker 1: for putting together today's podcast, which I think is going 796 00:37:16,239 --> 00:37:17,279 Speaker 1: to be quite a long one. 797 00:37:17,440 --> 00:37:18,520 Speaker 2: I think it's going to be a long one. 798 00:37:18,560 --> 00:37:19,799 Speaker 1: Feels like we've been in here for a while. 799 00:37:19,880 --> 00:37:22,400 Speaker 2: Yeah, I know, I know. We love Tony. 800 00:37:22,560 --> 00:37:26,560 Speaker 1: Cheers Tony, Cheers Torne next week, Hi guys,