Environmental complex diseases consequently raising the insurance premiums.

Environmentalpollution is an inevitable consequence of recent advancements in industry andtechnology.

These factors have made us more susceptible to complex diseasesconsequently raising the insurance premiums. According to a statistic, the medical insurance premium is rising byapproximately 5% per annum right now in Australia and the situation is so worsethat even middle-class people can’t afford the costs. Hereby we will talk aboutthe ways by which you can get rid of this huge burden.

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Howto reduce the premium cost:1.Citizen of younger ages can opt for co-payment or higher voluntary excess. Inthis policy, the amount of insurance premium reduces proportionally to theclaiming amount, provided by the insurer company. But these policies areriskier for the elderly person as they are likely to face costly medicaltreatments. 2.

You have to carefully read the policy whether it contains the facilities youare looking for. Sometimes you will discover some policies of the relativelylower amount being enough to meet your medical requirements. For example,paying for obstetrics or IVF makes no sense if you are an aged people.Similarly, a policy covering knee replacement will hardly benefit a youngerone. Especially you should avoid policies which demand higher premiums againstuseless ‘acupuncture service’ or ‘gym membership’.

3.You should buy an insurance policy as early as possible, at least before theage of 30. Because: the value of the premium rises exceptionally with the age. Howyou to get rebates and refund from the Government: AustralianGovernment offers a scheme through which you get the partial or full refund ofthe premiums. There are two eligible criteria: firstly you have to be eligiblefor Medicare and secondly, you must have a health insurance policy from aprivate hospital approved by the Government. You can apply for rebates by thefollowing ways —1.

You can claim the rebated amount during annual tax return. In this case, youhave to approach Australian Taxation Office, fill and submit the form. 2.You can also apply for premium reduction as a rebate. Here you have to registerwith your health fund and fill the form up. Theabove-mentioned procedures and strategies will definitely benefit you to bringan equilibrium between your income and expenditure.

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