What You Need to Know about Buying Insurance in Australia
Public Health Insurance: How It Works Now
If you’re alive right now, congratulations! Right now, the Australian government will pay most of your medical expenses. Good old Oz will cover 100% of your hospital stays and 85% of your out-of-hospital treatments. But the public health system might not last much longer—start researching your private options.
Why You Should Switch to Private Insurance
The Australian government is incentivising private insurance while still maintaining the public system. If you switch to private health insurance right now, the government will offer you a 30% rebate on your premium. And it’s better to start young—if you turn 31 before you buy health insurance, your premiums will be higher.
How Much Life Insurance Do You Really Need?
If you’re young, single, and childless, you don’t need life insurance right now. But if anyone depends on your income, do the responsible thing and get yourself life cover. When you buy your policy, decide whether the money should be paid as a lump sum or invested for an income stream.
What Other Insurance Policies Can You Buy?
Want to feel even more secure? Buy yourself policies for your car, home, and travels. You’ll never worry about theft again, and natural disasters won’t be that disastrous. With the right insurance, your bank account can handle any accident you encounter. You can enjoy life instead of living in fear.
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