The common belief that ‘It won’t happen to me’ often results in people being un-prepared should the unexpected happen.
All Australian citizens currently have a level of medical cover through the Medicare system. Under Medicare the Commonwealth Government will cover your accommodation and medical expenses in a public hospital. However, you will not have your choice of doctors and where your condition is not life threatening, you may experience lengthy waiting periods.
Private Health Insurance
Private Health Insurance gives you the opportunity to choose your doctor and hospital, and can ensure you avoid waiting periods for elective surgery. Depending on the policy, Private Health Insurance may also cover expenses relating to dental, physiotherapy, pharmacy and optical needs. To encourage the adoption of Private Health Insurance, the Federal Government has also introduced a 30% health insurance rebate. This rebate may be claimed in your taxation return or via a reduced health Insurance premium. If you are a high income earner and you do not have adequate private health cover, your income may also be subject to the Medicare Surcharge, in addition to the general Medicare Levy payable with your annual tax assessment.
Home and Contents
With burglaries and natural disasters a regular occurrence, home and contents insurance is important to have. Home insurance alone covers your home from damage. You can also structure this type of insurance to protect the contents within and around your home. Considerable discounts may be gained by combining home and contents cover in this way.
Each day, cars are involved in accidents or stolen. You can minimise the impact of such events by putting in place Car Insurance. Car Insurance is generally offered at a number of different levels of cover. These include: comprehensive, third party property damage, fire and theft. Comprehensive cover is preferred, as this insures you for a wide range of events or occurrences. Third party insurance only insures you for damage caused to someone else’s car or property.
Residential Investor Insurance
Investing in a property can provide substantial rewards through rental income and capital gains. This type of insurance protects both the property’s income as well as the property itself.
Ellerfield Financial Planning has a referral panel of highly qualified professional advisers that can assist you.