Health and trauma insurance complement each other

"Trauma (or critical illness) cover is not a substitute for health insurance," Peter Carroll, an actuary with the consumer website Ozecover, told over 200 delegates at the Risk Store Conference on the Sunshine Coast this month, "they complement each other."

"Health insurance provides health cover for private hospital treatment, with community rated premiums and rebates for everyone, together with additional tax benefits for people paying the Medicare Levy Surcharge. No other form of insurance can match that. But in serious situations such as heart bypass surgery or cancer, additional cover is needed to provide financial support for patients who cannot drive or work, and are undergoing debilitating drug, chemo, radiation and hormone therapies often associated with these traumatic health conditions,” said Carroll. "That is where trauma cover comes in. The aftermath of these serious illnesses can affect families for many years. Health insurance Is a bargain as far as it goes but, ideally, consumers who want full cover for major illnesses need both private health insurance from a health cover fund and trauma or critical illness cover from a life company.”
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