How to reduce out of pocket medical expenses

Do you ever worry about how you’d pay for unexpected medical expenses if you injure yourself in an accident? We examine the latest data for out of pocket medical expenses and look at how Flip can help you enjoy your active lifestyle stress-free.

What is an out of pocket medical expense?

An out of pocket medical expense is the amount you have to pay yourself for a medical service. It’s the portion of the total cost that isn’t covered by Medicare or any private health insurance you might have.

Let’s say you fell off your bike and hurt your wrist. Here’s an example of what you could need and an estimate of average out of pocket fees. Ouch.

• GP visit: $41.12
• Diagnostic imaging: $115.27
• Specialist appointment: $93.09 
• Allied health appointment $55.29 

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Why is medical treatment so expensive?

Australia has an excellent healthcare system, but it’s important to remember Medicare doesn’t cover everything. If we look at diagnostic imaging, several factors contribute to the high costs:

• Lack of bulk billing: Many diagnostic imaging providers do not offer bulk billing, which means you’ll have to pay the difference between the Medicare rebate and the provider's actual fee.
• High fees: Some diagnostic imaging providers charge much higher fees than the Medicare rebate, creating large gaps that patients have to cover out of their own pockets. Shop around and compare if you can.
• Low rebates: The Medicare rebates for diagnostic imaging services have not kept up with inflation, resulting in lower patient reimbursements.

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These rising costs can seriously impact your access to care and quality of life. For example, you might have to:

• Delay or skip treatment: postponing or avoiding getting treatment can delay your healing.
• Cut back on other expenses: sacrificing essential or discretionary spending to afford your treatment can affect your living standards and wellbeing.
• Go into debt: borrowing money or using your savings to pay for treatment can cause financial stress.

But don’t worry. We’re here to help protect you from unexpected medical expenses without breaking the bank.

How Flip can help reduce out of pocket medical expenses

For as little as $7 a day, Flip offers cash payouts of up to $50,000 for eligible accidental injuries that happen while you’re covered. In an Australian first, you can flip your accidental injury cover on instantly when you need it, like before you play that rugby game or before you hit the slopes, and flip it off when you don’t.

So, for instance, if you get hurt while you’re covered by Flip and a Health Professional confirms the injury requires an MRI, you’ll get $100 cash. If a Health Professional confirms your injury needs two physio sessions, you’ll get $150. If your Health Professional confirms you need specialist care, you'll get $100. Your benefits will go a long way towards covering your out of pocket medical expenses, and they’re paid in cash so you can spend them however you want, including x-rays and crutches or even Ubers to appointments and pizza deliveries.

Learn more on our products page and read the PDS to see if Flip is right for you.