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It’s no secret that small business owners are constantly looking for ways to stretch their budget. So, shelling out a monthly premium on health cover may not seem like priority to most of us. However, the reality is that spending on the right kind of health cover, could actually save you both time and money long-term (plus buy much needed peace of mind).
These triggers are all good reasons to take out private health cover:
1. You’ll have more control over your health care
As a small business owner, you’re the most important piece of the puzzle. You are the one that drives your business forward, and you know you can’t afford to be out of action long-term because you’re on a never-ending Medicare waiting list.
In case of non-emergency procedures, such as a knee replacement, there could be an extremely long waiting period to access treatment in a public hospital. Having the right private health cover is a good way to make sure you can have access to shorter wait times, which could make the world of difference to both you and your small business.
2. You can choose your own doctor
Of course, we are lucky to have healthcare for all in Australia and that’s important. But if you were facing a serious illness or injury, wouldn’t it be crucial for you to have a say in who treats you and in which hospital?
There’s also the trust factor. Even if you were having a happy health event such as expecting a baby, wouldn’t you rather have a trusted specialist on hand? Or would you be okay to go with any doctor that happens to be assigned to you by the public health system?
3. You can add extras
Did you know that Medicare does not generally cover the cost of certain services such as dental, optical, physiotherapy and chiropractic? So, if you’re hit with a dental emergency and you’re solely depending on Medicare, you’ll most likely need to cover the cost yourself. Whereas with private health cover, you will have the option to go for only extras or hospital cover, or even a combined package if that’s what you need. Whatever works for you and your budget.
Of course, ideally you’ll never actually need any of these services and you can just carry on enjoying your life and working hard on your small business. But what if something does goes wrong, and you suffer from an unexpected illness? Having insurance protects you against the unexpected. For a fixed monthly cost you’re playing the odds and ensuring you have peace of mind.
Bonus tip: When it comes to private health cover, one size doesn’t fit all, so choose your cover carefully. It’s crazy to waste money or not benefit from all the extras you are paying for.
Above everything else, it’s important to remember that you’ll only truly benefit if you are on cover that’s right for you.
All of our needs and situations are constantly changing and that’s why it’s a smart idea to regularly revisit your health cover. Are you paying too much? Are you covered for all of the procedures you think you could need so you can reduce any out-of-pocket expenses?
Small Business First are offering Health Cover Checks with Australian Unity. It’s a great idea to do an annual check-up to make sure you have cover that best meets your needs.