How To Get Financial Help With Medical Bills In Australia

Overview

• Medicare Support
• Private Health Insurance
• Medical Loans
• Payment Plans With Hospitals or Clinics
• Nonprofit & Charity Organisations
• Strategies To Be Prepared For Future Medical Bills

Medicare is Australia’s public healthcare system that covers or contributes towards the costs of many essential medical services (not all treatments are included) such as emergency care, hospital treatment in a public hospital, prescription medicines, and in-hospital tests and scans. 

In Australia, Medicare provides a fixed rebate for medical services and GP consultations, as outlined in the Medicare Benefit Schedule (MBS), which reflects what the government deems a ‘reasonable cost.’ However, this rebate has not kept pace with rising healthcare costs. For GP visits in particular, the out-of-pocket gap has more than doubled since 2020, which places a significant financial burden on individuals requiring regular medical care.

Medicare then pays a rebate based on a percentage of this prescribed fee, not the full amount a doctor might charge. If the scheduled fee doesn’t cover the full cost of the service, the patient is responsible for paying the difference – this is known as a “gap payment.”

Bulk Billing Doctors Practices

One of the easiest ways to reduce or avoid any out-of-pocket expenses is to visit a bulk billing provider. These clinics bill Medicare directly and accept the scheduled fee as full payment, which means that you will have no expense for your consultation.

Private health insurance helps cover healthcare costs not completely paid for by Medicare, such as dental, physio, ambulance and private hospital treatment. Private health insurance gives you more choice over your care and because of access to private hospitals, it can reduce heavy waiting times for particular procedures.

Private health insurance is usually taken out as an adult or if you earn above the Medicare Levy Surcharge threshold. With private health insurance, you pay a regular premium, and depending on your coverage, the insurer contributes toward your treatment costs, however, you may still have to pay an excess or gap fee in some cases.

In the case that you have excessive medical fees that you are unable to pay for, a medical loan can help. A medical loan provides funds upfront so you can get the treatment you need without worrying about the expense. Medical loans can be used for the following:

• Specialist appointments
• Prescriptions, tests and scans
• Dental work
• Laser-eye surgery
• Weight loss surgery
• Plastic surgery
• IVF treatment
• Post-accident surgeries

Many private hospitals, dentists, and specialists offer payment plans that let you pay for your treatment in installments, making it easier to manage the costs over time. It’s a good idea to ask your doctor or the hospital about any available payment options before your appointment or procedure – knowing what’s available upfront can take a lot of the financial stress out of the process.

Certain dental or orthodontic procedures, like implants or sometimes wisdom tooth removal, are typically not covered by Medicare or private health insurance, depending on your level of coverage. These treatments are often available through payment plans or may require you to take out a cash loan.

A range of nonprofit and charity organisations offers valuable support for those struggling with medical expenses. Groups like the Red Cross, St Vincent de Paul (Vinnies), and the Cancer Council can assist in a variety of ways, including financial aid to help cover treatment costs, transportation to and from medical appointments, and short-term accommodation for patients who need to travel for care. 

Some non-profit and NDIS organisations also provide food vouchers, emotional support services, or help navigating the healthcare system – especially for people facing serious, chronic, or life-threatening illnesses. Their goal is to ease all of the other living factors that may be a burden so patients can focus on recovery rather than finances.

Prepare yourself for future medical bills with the following strategies:

• Create an emergency fund – aim to have between $2,000 and $5,000 in a separate account that is for medical or non-medical emergencies.
• Create a budget – when you do your household budgets, incorporate a small portion of your income into a medical expenses account that will be a safety net for any future medical emergencies.
• Consider health insurance – Health insurance can help with any out-of-pocket expenses, significantly leaving a small “gap payment” for you to pay. It is important to review your health insurance policies periodically to make sure that your insurance is meeting your medical needs.

Red Tree Finance Are Here To Support You With Medical Expenses

At Red Tree Finance, we completely understand that medical expenses can arise unexpectedly. With our emergency loans, you can apply for up to $5,000, with fast, often same-day approval. Focus on your health and well-being without worrying about the upfront costs of your treatment.

How can I get help with medical expenses in Australia?

Here are several ways to get assistance with medical expenses in Australia, including:

• Taking out a personal loan from a financial institution.
• Understanding what Medicare will cover for your treatment.
• Finding a medical practice that offers bulk billing.
• Inquiring if your hospital provides payment plans.
• Reaching out to non-profit or charity organisations for support.

Who can help me with money urgently in Australia?

If you need immediate help, there are services available, such as the National Debt Helpline, that provide assistance with essential services such as food, housing, and bills and offer emotional support. If you need access to funds up to $5,000, a same-day loan from Red Tree Finance can give you access to funds within the same day.

What to do if you don’t have money for medication?

If you do not have enough money to afford medication, there are several options for you. 

• Speak to your doctor and let them know about your situation – they may be able to offer cheaper alternatives.
• Apply for the Pharmaceutical Benefits Scheme – this allows you to access subsidised medication.
• Ask your pharmacist if they have a discounted medicine program – some pharmacies offer discounts or coupons to reduce the costs of prescription medicine.

The information provided in this blog is of a general nature and is provided without considering your specific objectives, financial situation, or needs. It is intended for informational purposes only and should not be relied upon as financial, investment, or other professional advice.Before making any financial decisions or taking action based on the information presented, you are strongly encouraged to assess its appropriateness in light of your individual circumstances. Red Tree Finance does not intend to provide personalised financial advice, and you should seek independent financial, legal, tax, and other relevant advice tailored to your unique situation.