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everalofAustralia’slargesthealthinsurershave

moved to a tiered cover system, meaning now is

a good time to take a closer look at your policy.

From April 1, health insurance is classified into four

tiers:gold,silver,bronzeandbasic.Oneofthemain

concernsconsumershaveaboutthistieredsystem

is theymightpaymoreforlesscover.

Forex ample,pregnancymighthavepreviously

beenavailableona mid-tierpolicybutwillnowonlybe

availableongold.Also,healthfundswillnolongeroffer

rebatesonsomenaturaltherapiessuchasnaturopathy.

ComparisonwebsiteFinderrecentlyreleasedits

consumerresearchonthechanges.It said77%ofmore

than 1200 Australiansthinkthey’llbeworseoffwith

thenewtiers.

There searchalsofoundbabyboomerswerethemost

likely(87%)tothinkthereformswon’tleadtoa good

deal,while70%ofGenY feltthesame.

FinderinsurancespecialistSophieWalshsayshealth

fundshaveuntilApril 2020 tomovepoliciesacrossto

thisnewsystembutsome,includingBupa,HCFandNIB,

madea movethisyear.

“BeyondtheannualpricehikeonApril1, Australians

needtobeawarethatwhattheyarecoveredformightalso

changethisyear,basedonthenewreforms,”saysWalsh.

“Themainconcernis thatsomeAussiesmightbe

payingmoreforlesscoverunderthesereforms.If you

think your health insurance is no longer providing value

for money, now is the time to find a better deal.”

Health cover tiers explained:

Gold: Provides a range of services that aren’t covered

in other tiers. This is the policy to be on if you’re starting

a family and you want to have a private room. It’s also a

goodoptionforseniors,asbenefitsforcataractsandjoint

replacementsareonlyavailableongold.

Silver:Itwillcoverabout68%oftheproceduresthat

areofferedbya goldtierhospitalpolicy.

Bronze:If you’re not after comprehensive cover but

wanttocoverthebasics,bronzewillcoverabout48% of

what’sincludedin a goldpolicy.

Basic:Provides a limited range of cover for bare

essential medical services at an affordable price.

It’s a good choice if you’re young or if you’re

a high income earner

wanting to avoid

the Medicare

levy surcharge.

More Aussies join the global workforce

T

hefederalgovernment’s

Smartravellerwebsitesays

about 1 million Australians are

living and working overseas, and the

number is growing.

According to the Australian Bureau

of Statistics, in the year ending

June 30, 2018, 289,000 people left

Australia to live overseas. It’s an

increase of 12,200 on 2017.

And if you’re soon to join the global

community of working expats,

creating a money checklist

is a good step to ensure

your financial and

property affairs are

in order.

Alfred Moller,

Omniwealth expat

lendingspecialist,saystherearemany

thingsto considerwhenplanningto

moveoverseasforwork,including:

• Findsuitableschoolsforchildren.
  Doingsomeresearchbeforemoving
  willminimisehassleandnarrow
  youroptionsonarrival.


• The family home. Consider how
  it will be managed. Assess the
  security needs if leaving it vacant;
  consider renting the property to
  generate passive income; consider
  leasing the property using a
  property manager or short-
  term rental manager;
  and consider a family
  member or friend
  managing it via an
  Airbnb account.
  
  
  • Speak to a mortgage broker
    and review your interest rates
    (onceoverseasit canbedifficultto
    negotiateanAustralianhomeloan).
  
  
  • Consult a financial planner
    to revise your expected overseas
    income,currentbudgetandfinancial
    goalsasanexpat.
  
  
  • Inform your accountant about
    working overseas, nature of contract/
    conditionsandexpecteddurationas
    taxissuesmayneedto bereviewed
  
  
  • Open an international bank
    account for transactional and savings
    capabilities. Financial institutions
    such as HSBC, Citibank, Deutsche
    Bank and Bank of America are well
    suited, depending on the country
    where you will be living.
    COMPILED BY DARREN SNYDER
  
  
  
  

HEALTH INSURANCE

It’s time

to review

your cover