Providers
Apart from Medicare, the universal public health insurance system, Australians have the choice to take health insurance from privately funded health insurance companies. These companies cover the cost related to an individual becoming a private patient in a public or a private hospital, various medical costs in a hospital, as well as costs related to services not covered by Medicare, such as private dental care, ambulance, natural therapies, etc.
Health Insurance companies are often criticized for their desire for profits above the welfare of consumers. These companies have a different concept of charging premium from its members as compared to life insurance companies. While you can purchase a guaranteed renewable policy for a lifetime at a constant premium rate, the health insurance companies do not guarantee a renewable insurance at a constant premium rate. Moreover, these companies announce the health insurance premiums only a year in advance, which effectively implies that patients who are ill have to pay premiums at augmented rates. However, all companies are not the same with regard to their policy towards members. There are some which are really good and you can find information about the best companies by doing a thorough research into the past policyholders’ records, financial data as well as the options of physicians and hospitals covered by them. Some websites also list out the top health insurance providers in each area or state
Private health insurance in Australia is provided through organisations, which are registered under the National Health Act 1953. The private health insurance companies are basically of two broad types – one having a restricted entry open to employees of a particular firm or industry, and the other open to general public. All these companies are registered with Private Health Insurance Administration Council, which is a statutory body that also monitors their operation. The companies adhere to a Private Health Insurance Code of Conduct, which is a voluntary and self-regulatory industry code.