Switch yourself to iSelf
Switching to iSelf is easy
When you join iSelf, we automate the transfer process for you. Your current insurer is obliged to provide us with your transfer certificate within 14 days of our request. It’s that simple!
All waiting periods previously served are applied to your iSelf membership, so you can start claiming straight away. iSelf will contact you if there is any discrepancy between the information you provided us when joining and that on the transfer certificate from your previous insurer.
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Health Insurance Explained
Private health insurance not only helps cover the cost of treatment when you need it, it also offers consumers a choice. Private health insurance members can choose who treats them and when and where they are treated. Health insurance can also help to avoid lengthy waiting times that may be experienced as a public patient. Private health insurance offers peace-of-mind that you will be covered for treatment when you need it.
Typically, health insurance is broken down into: Hospital: hospital policies help cover costs associated with when you go to hospital as a private patient. General treatment (Extras): extras policies provide benefits towards services that are not covered by Medicare and are received outside of a hospital admission, such as dental, optical and physiotherapy. Combined: policies that combine Hospital and Extras policies into a package for the consumer.
Medicare Levy Surcharge
The Medicare Levy Surcharge is an Australian Government initiative to encourage higher income earners to take out private health insurance.
Under the Medicare Levy Surcharge you may have to pay an extra 1% to 1.5% in tax if your income exceeds certain thresholds and you don’t have appropriate hospital cover. You can be exempt from this levy should you purchase a private health insurance policy.
To learn more visit: https://www.ato.gov.au/individuals/medicare-levy/medicare-levy-surcharge/
Private Health Insurance Rebate
The Australian Government Rebate on private health insurance is an amount the Government will contribute towards the cost of a member's private health insurance cover as a reduction in their premiums. The amount of rebate a member will receive is dependent on age and income.
The rebate is indexed by the Australian Government each year.
Lifetime Health Cover
Lifetime Health Cover is an Australian Government initiative designed to encourage people to take out private health insurance earlier in life and maintain it.
If a member takes out cover after 1 July following their 31st birthday, they will pay an additional loading of 2% per year.
For example, if you are 40 when you take out hospital cover you may pay an additional 20% on top of your base hospital contribution rate.
For couple or family policies, the loading is calculated as an average of both adults loadings.
For example, if the policy holder has a 20% loading and the partner/spouse has a 0% loading, the overall loading applied to the membership would be 10%
There are exemptions to the Lifetime Health Cover Rules. To find out more visit:
Health Insurance Reforms / Changes
In 2019 the Australian Government introduced a series of reforms to make private health insurance simpler and more affordable for Australians.
The reforms included:
Classification of hospital cover into Gold, Silver, Bronze or Basic
Higher excess in exchange for lower premiums
Travel and accommodation benefits
Improved access to mental health treatment
Removing some natural therapies benefits from extras policies
New powers for the Private Health Insurance Ombudsman
To learn more, visit the Department of Health website at https://www.health.gov.au/health-topics/private-health-insurance/private-health-insurance-reforms
Age Based Discount
If you are aged between 18-29, you are entitled to receive a discount on the hospital component of your policy. This discount was introduced to private health insurance on 1 April 2019 and is calculated at 2% to a maximum discount of 10% depending on the age you join.
Offering the discount is optional for all insurers, and may also be subject to the level of hospital cover you choose.
Currently the age-based discount is not applied to iSelf hospital policies. The age-based discount is retained until the age of 40 while you continue to be covered by a complying hospital product. After the age of 40 it will be reversed out at 2% per year up to your discounted percentage.