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When money transfer is right !!

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money transfer exchange australia

Foreign exchange and money transfer will always exist because they will always be migrants in all countries and there will always be people who will send money home.

Currency fluctuation means there will always be room for people to either make more money or lose money either by trading or then just sending money home to your loved ones or family. Choosing the correct moment when it’s favourable to send money can benefit you and actually increase the money that you are sending to the other person.

The FX trading industry related to foreign exchange industry is actually bigger than the stock markets due to trading being available in these markets 24/7.

How to send money overseas or do foreign exchange transfer

1. Transfer money through bank – Now days most bank’s allow you to transfer money either to their overseas branch and also to other branches overseas. The banks usually charge a fee for doing this foreign exchange transaction, which could either be a percentage or a transfer fee. This process involves having to get special codes or transfer codes ( IBAN, NCC, sort code or BSB number) from the receiving country bank account and it can take a couple of days to process.

2. Transfer money through a private foreign exchange agency – They are many foreign exchange agencies ( Western union , Travelex, Local Exchange agencies ) that allow you to transfer money almost instantly nowadays to a person in another country. Transferring of money via a money transfer agency nowadays can be done instantly with the person on the other end receiving the money almost instantly if they possess the predetermined code the payer will give them to receive the money.

3. Telegraph Transfer – A Telegraphic Transfer is another method of transferring money overseas. This method is now fast becoming out-dated with newer and quicker methods becoming available.

Travellers cheques is another safe way of carrying money overseas or transferring money overseas and is often used by tourists when travelling. Transferring money via mobile and PayPal is another modern money phenomenon that’s taking over money exchange industry.

Many money transfer agencies have now started offering to transfer money online without your having to actually go to a foreign exchange or money transfer agency. The actual process of doing money exchange online can be quite simple, often just including a quick 3 step process

1. Select currency & amount
Confirm rate & add recipient

2. Pay money online
BPAY or electronic bank transfer

3. Track progress online, email / SMS
Money received

People transferring money overseas should always check the veracity of the transferring agency and if they meet the local registration and licensing requirement of the country from where you are sending the money.

It is also wise to check the exchange rates that your get for the currency you are exchanging to and transferring to, as sometimes different agencies offer different exchange rates and often you can get short-changed if the rate is not in your favour.

Foreignexchangedandenong is a foreign exchange and money exchange and transfer agency in Dandenong that provide you with these services.

The Basic Definition Of Forex Trading

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website software for trading with forex trader

The Basic Definition Of Forex Trading Forex stands for Foreign Currency Exchange and it is a global market where institutions and people from all over the world can buy and sell currencies. Daily transactions on this market exceed the amazing figure of $4 trillion US. Despite this huge value, this form of trade doesn’t have a formal regulatory body and it is not centralized.

The Forex trading market is regulated through agreements between special agencies in each country. The market doesn’t have a physical location, being only a network of computers and telephones traders use for concluding their transactions.

The main players on this market are the big international banks and financial institutions. The trade the biggest volumes and may influence the market, so their transactions reflect in the variation of the exchange rates. Exchange rates are also influenced by international events, natural disasters, wars, revolutions or various crises that may affect countries and governments.

Transactions on the Forex market are done in pairs of currencies such as USD and Euro, GB Pound and Euro, USD and GB pound and so on. These transactions can record either a profit or a loss, depending on the exchange rates variations. In order to become a Forex trader, one has to use a special software or websites that enable these transactions.

There are multiple Forex trading software programs, each of them having its particularities and advantages for the user. Playing on the Forex exchange market is considered a high risk activity, because the evolution of exchange rates is unpredictable. To make yourself an idea about how this market works, you can imagine yourself travelling outside of your country. Whenever you are abroad and you need to buy something, you have to exchange money, so that you can pay in the local currency.

The exchange happens at a rate which is determined by various parameters of the Forex market and by the evolution of financial indexes.

Prepaid Credit Cards – A Better Alternative To Credit Cards?

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prepaid vs original credit cards in australia

Prepaid credit cards are becoming more popular and as they offer a lot of advantages over traditional credit cards. There is a level of convenience that is hard to beat when using a prepaid credit card. Using these prepaid services allows the card holder to set their own limits. If they want to go out but only spend a certain amount of money they can just put that amount on their card, can’t spend it if it isn’t on the prepaid card.

Credit card – Prepaid  Cr card vs Credit card

A prepaid credit card is refillable, so there is not a need to have to remember a new PIN (personal identification number) every time the card is refilled. For many of these cards adding funds to them is as simple as going to a retail store or reloading them online. These cards can be used everywhere that a Master Card or Visa can be used. There are many people who use these cards to make a purchase online when they do not want to use their personal debit cards due to a worry about security. If you are interested in you can register for a Citibank prepaid card here.

Prepaid credit cards are also a good way to give kids money as gifts. Online shopping isn’t only popular with adults; there are also many kids who with their parent’s supervision are also buying online. Many stores are starting to carry a limited inventory in the store itself but have shipping warehouses that carry a much wider selection of items. Online shopping may offer items and deals that cannot be found in a store, but the most convenient way to shop on line is with some form of credit card.

If the prepaid card information gets taken by an identity thief while shopping online the most they can get is what the card has on it for funding. This is an advantage over a traditional credit card or a debit card from a bank. If either of those where to end up in the hands of an identity thief they could run up very costly charges before the owner even realized that their card had been taken.

The advantages of using a citi prepaid credit card are numerous. These cards allow the holder the ability to run a tight budget, by only putting enough funding on them to cover expenses such as rent, gas or money to go back and forth to work. Being able to load only what funding is needed on these cards means that there will not be any extra spending like there can be when using a card that bills you after it has been used. When using this type of card you are actually paying in advance for things that you will use in the future. Using these types of cards may help the user to see exactly where they are spending money and how they can change their habits if they need to.

Advantages of Access Anywhere Investment Software

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When you are looking to build the most “successful investment portfolio” via a systematic approach, you will have many factors to consider, as well as actions to take.

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You will need to determine your investment strategy, for example, considering whether you are a conservative or aggressive investor, while your asset allocation will also need to be figured out. Your asset baskets will then need to be filled with specific investments, with portfolio rebalancing also needing to be done periodically.

Clearly, it’s understandable that individuals managing such a portfolio – whether they are high net worth investors, stockbrokers, IFAs or fund managers, to name just some possibilities – would decide to make use of suitable investment management software incorporating a wide range of functionalities to make their lives easier.

Such functionalities could include everything from comprehensive reporting encompassing transaction, valuation, contribution and regulatory data to portfolio modelling and rebalancing consisting of strategic/dynamic modelling and blended modelling/asset allocation. But what is access anywhere investment management software, and why should wealth managers choose it?

Explaining ‘access anywhere’ investment software

 

In today’s world, the traditional ‘9 to 5’ is collapsing, with more and more individuals working from home and/or in all manner of remote environments. The top finance staff of major corporations, CFOs and MDs, CEOs involved in finance issues, IFAs, stockbrokers and high net worth investors alike are spending an ever-decreasing proportion of time chained to their desk in the same office, instead being constantly ‘on the go’.

This trend of an increasingly mobile, remote working corporate world has coincided with the rise of ‘cloud computing’, with more and more functionalities and technologies that might have once involved the installation of software on one local device now being delivered ‘as a service’ over the web.

The world of investment management software has not been immune to this trend, with the leading software solutions offering full interface functionality either via web services, or involving the importing of files from multiple locations.

Web based software of any kind allows its users to access it from any location in the world with an Internet connection, and from any device that is capable of the same, which is why a tablet friendly portal is another priority for many of those considering investment management software. This is why the terms ‘access anywhere software’ and ‘web based software’ are largely synonymous.

Why should you prefer access anywhere investment software?

 

Access anywhere investment software is used over the Internet with a web browser, with no CDs needing to be installed, or software downloaded. Nor is the client required to leave space on their own systems for upgrades, or even think about them – instead, the company behind the software can be entrusted with evolving it in line with a changing business landscape, meaning that the client always benefits from the most up-to-date version.

Users of access anywhere investment software don’t need to take the software with them in any form for their constant foreign business trips, as the data is centralised, being available over the Internet from any computer, at any time. Clients can access information about their investments and get to work on the management of their portfolio from anywhere, also not needing to worry about the theft, damage or loss of data.

Traditional software, after all, involves data being saved in all manner of locations, from USB drives and laptops to portable hard drives. Particularly as far as such a sensitive matter as one’s investment portfolio is concerned, it is a considerable reassurance to have that data securely stored on the most up-to-date, state of the art enterprise-class servers. It makes the latest backups and security patches and updates for one’s own devices just slightly less critical, which is invaluable, given how often they are also completely forgotten.

If you are looking to manage your investment portfolio, in a 21st century corporate environment, you will want to be able to quickly access the full range of investment management software functionalities, encompassing order management, real time performance measurement, client relationship management and more, in a truly fuss-free and efficient manner.

You are not likely to want to get bogged down with technical requirements. Instead, you’ll want to be able to leave such responsibilities to the directors, project managers, technology developers and business analysts who conceived the software and are therefore best-placed to incrementally modify it in line with the current business landscape and the common needs of clients.

The right access anywhere investment software gives you precisely this convenience and peace of mind, allowing for your focus to remain firmly on your investments.

 

Risks and Rewards: Eight Essentials for Planning Your Financial Future

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Life is inherently risky. You know this. That’s why you need a financial plan, but making a plan is boring. You have to sit down and think about all of the things you don’t want to think about – money, death, taxes, some far-off future retirement. It’s hard enough to know what’s going to happen next week. How are you supposed to make a 30 year plan? It’s true – it’s hard. But it’s not difficult, and the price of stalling could put you in an early grave.

Finance risk and reWARDS

Invest In Yourself

The most important thing you have to do is reorient yourself. Instead of focusing on other peoples’ needs and wants, you must focus on yourself. At its heart, financial planning is about you – your needs, your wants, and the financial requirements of your life.

To succeed, you absolutely must invest in yourself. Your earning capacity as a productive individual is your greatest asset, so make sure you’re on the right career path. If you’re not, consider hiring a mentor or life coach to help you sort it all out. It’s important. If you don’t get this first step right, nothing else matters.

Live Within Your Means

It seems obvious, but how many people do you know have credit cards that they’re making payments on? Credit cards are lines of credit. They’re really designed to be paid off in the same month that you make the purchase. That’s why they almost always come with really high interest rates. It’s to encourage you to pay off the balance quickly. Sadly few people do this. Learn a lesson from those people. If you’re one of those people, stop. Pay down the credit cars ASAP, and create a written budget.

Don’t spend more than you make. It really is that simple.

Buy Life Insurance

 

Companies like Wealth Smart specialise in selling life insurance products – something you absolutely need. Life insurance isn’t fun to think about, but it’s necessary. Even if you don’t have a lot of expenses right now, odds are you will. Life insurance also isn’t just about covering immediate needs. It’s about covering lifetime needs. This is something you really need to talk with an insurance professional about. Make sure you understand all of your financial responsibilities, and buy enough life insurance to cover everything now and in the future.

Be Cautious About Chasing Yield

Investors often get caught up in chasing yield. Even many financial advisers do this to their clients. It’s always about finding a bank CD that pays more, a stock with a 2pc higher dividend, a bond with better interest yields. Don’t get caught up in that game. Why? Because yield isn’t something you have direct control over. The only investment that guarantees a yield is fixed interest. Even then, the guarantee isn’t what you might think it is.

It’s a guarantee stipulating that if an institution is going to pay, it will pay the stated rate of return. The guarantee is never, and can never be, a direct guarantee on rate of return.

The one thing you can control are your own actions – namely your savings rate. Instead of chasing yield, focus on saving more of your own money.

Keep An Eye On Expenses

A general rule of thumb is that you should never spend more than 40 per cent of your income on debt expenses. A better way of thinking about this is that you should always make purchases based on value to you and your family. For every purchase, you should be able to justify how it benefits you both in the short-term and in the long-term. If you can’t justify it, especially in the long-term, it’s probably something you shouldn’t be buying.

Start An Emergency Fund

An emergency fund protects you from the unexpected. But how do you plan for something like that – especially when it is, by definition, unexpected? Basically, you should save up at least a month’s worth of expenses and then go from there. After you’ve saved up enough to cover a month’s worth of expenses, take an average of the total cost to replace all major appliances and critical systems in your home and for your vehicle.

For example, take an average of the cost to replace your furnace, your appliances, major repairs on your vehicle. This should give you a target savings goal to work on. Once you’ve achieved that goal, build on it and keep adding money to the stockpile.

Start Saving Now

The best time to start saving for retirement was yesterday. When it comes to long-term savings, time is always against you. Even if you have only $100 to save, save it. Do something.

Pay Attention To Taxes

Taxes are a huge drag on your finances. Don’t underestimate the power of consulting with a tax professional every year. Usually, tax planning begins at the beginning of the year – not when it’s time to file your taxes.

Jessica Watts is a financial planner at Wealth Smart with several years under her belt. When she gets some free time, she likes to share her insights by posting on a variety of blog sites.

Spending Money to Make Money; The Advantages and Benefits of a College Loan

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Education is of vital importance to the success of any economy, local or federal. A higher level of education will drive the overall skill set of a labor force. This helps to stimulate job growth.

student loans and benefits australia and US grants

A higher skilled work force will also increase employment and wage rates. However, a college education is extremely costly. According to the National Association for College Admission Counseling, the average annual cost to attend a college was $22,261 for an in-state public school, and $43,289 for a private school. In a stagnant economy, these prices can seem very daunting, and the ability to attain an education may not be thought as possible. However, the federal government also recognizes this problem, and as a result, has constructed a student loan program that offers a variety of benefits and breaks for people wanting to get a college education. This has enabled countless individuals to successfully meet their educational goals, and obtain the college degrees that they desire.

Benefits of taking a Student loan

There are five major benefits that generally come with taking out a student loan. The first of these benefits is that a federal loan has a fixed interest rate. This means that the interest rate of the loan will not fluctuate during the fixed rate period of the loan, no matter what condition the economy may be in. This allows borrowers to accurately predict their future payments, enabling them to financially budget their future efficiently.

A major concern amongst borrowers is that if they are disabled or pass away while they have an outstanding loan, that their debt will be transferred to their family members. This is not be a concern among people who have a federal student loan, because the second major benefit to a federal student loan is that the government provides free loan insurance. This means that in the unfortunate event that an individual either dies or becomes disabled while their loan is still outstanding, that the federal government will cover the cost of their debt.

Another common concern amongst borrowers is that they will not be able to financially balance their loan payments while they also attend their college classes. This brings us to the third benefit of student loans, which is that the government will allow students to defer loan payments as long as they are enrolled as a half-time student. However, this benefit can be risky depending on the terms of the loan. Borrowers should be aware of this, and know the terms of their loan well before considering this benefit.

Sometimes, it is difficult for recent graduates to find employment in today’s economy. A major concern is that a person will not be able to find a job post-college, and will not be able to make payments on a loan. The federal government understands that job searching is difficult, and students may not always land the job that they desire. That is why the fourth benefit of student loans is that students who are expecting to go into a low-paying job can choose to participate in a program known as Student Loan Consolidation in order to lower their monthly payments to better match their monthly income. These programs often require post graduates to pay no more than 15% of their income. In 2014, these programs are predicted to lower this number to only 10%. It is an excellent way for graduates to customize, and extend their repayment plan to meet the demands of their post-collegiate life.

The final major benefit to taking out a federal student loan is that the government will not charge borrowers any extra money for repaying their loan ahead of schedule. Many money-lending companies will financially penalize individuals who make early payments, because this lowers the overall interest that the borrower will pay at the end of the loan’s lifespan. This is not the case with most federal student loans, because the government has a large interest in educating the population, so graduates who use a federal student loan do not have to worry if they come more money than expected, and wish to pay off their loan ahead of schedule.

In general, the annual income of a college graduate is double the income of a person who only has a high school diploma. Going into debt is a risk that nobody wants to endure. The benefits of a federal student loan helps to ease the negativity of debt by giving the borrower more control over the terms of borrowing, and their payment plan. Sometimes it is required to spend money in order to make it.

http://www.studentloansconsolidationservices.com/ offers information and articles on student loans and student financing.

Trading Signal Services: Evaluating Your Options

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We all want to make money trading the market and trading signal services seemingly make that a lot easier. You simply follow the trading signals provided and (ideally) make a shed load of cash.

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But with so many people offering trading recommendations, who do you choose? First and foremost, you need to make sure that the individuals at the company are reputable.

Trading Analysis Signals and performance

Lookup people of interest on LinkedIn, check their endorsements and true work history. Google their name and see what you can find out about them. If possible, also try and arrange a catch up with them over the phone or in person to really get to know them.

In addition to that, you’ll also want to look at past performance. Although past performance isn’t necessarily a guide to future returns, it’s a damn good indicator!

You’ll want to see performance going at least 18 months back. Furthermore, check to see if the return figures have been externally audited. For individual and “small traders”, that may not be possible. However, they should provide some way for you to verify their claimed returns.

For example, if they provide Dow Jones forecasts they should show the past recommendation documents that backup their analysis, gains and losses. Although it may be tedious, look back at market prices to see if in fact they did make the gains that they claim.

The third key feature to evaluate is the “trading style”. Do they aggressively trade in and out of markets? Or do their positions last a few weeks? If their style doesn’t match your style or what you’re looking for, move on. Signing up to a Forex signal service that provides 20 updates throughout the night can become overwhelming if you’re just getting started.

And finally, evaluate their process. One of the reasons why Madoff got away with his elaborate trading scam for so long is because people didn’t question his trading strategy. Ask questions, understand the process and if things seem too good to be true, they probably are.

An Introduction to Forex Trading

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The Forex market has some of the highest potential for profit in the world. It’s also easily accessible – anyone can trade Forex from their laptop or smartphone.

australian forex trading strategy

Photo courtesy of Epsos.de

But there is a steep learning curve: on average, private traders lose money for the first two years at least.

What is Forex?

Forex is short for Foreign Exchange. Forex trading is the speculative buying and selling of national currency for profit.

Since 1971 currencies have floating values, i.e. their value is relative to other currencies rather than pegged to a tangible asset – how much gold is in the central bank’s vault. This means their values go up and down, and these movements can be exploited for profit.

At its simplest, this means trading £65 for $100 and waiting until either the dollar strengthens or the pound weakens, and trading your $100 for £70 at the new rate. The trick is watching economies and predicting whether currencies will strengthen or weaken.

Currency pairs

Since currencies are all relative, every trade involves buying one currency and selling another. As such, all currencies are quoted in pairs. For example USD/GBP (US Dollars and British Sterling) and EUR/JPY (Euros and Japanese Yen). These express the value of any given currency.

The first currency in the pair is the ‘base currency’ or ‘long’, and is the currency you’re buying, and the second is the ‘quote currency’ or ‘short’, against which the base is valued, and is what you’re selling. So in the USD/GBP example, you’re buying US Dollars and selling British Sterling at a rate of £0.65 to the dollar (at the time of writing).

Forward trades

A forward trade is buying currency at a pre-agreed rate on a future date, regardless of what the rate on that day is. By speculating on the future rate, profit can be made. If the currency is worth more on the day of the trade, the buyer wins. If it’s worth less, the seller wins.

For example, I agree to buy $100 from you for £65 next Tuesday. On Tuesday the rate is £0.70 to the dollar. I can now sell my $100 that I just bought for £65 elsewhere on the market for the current rate of £70. I made a profit of £5, you made a loss of £5.

Carry trades

Carry trades are one of the most popular Forex trading strategies. In a carry trade, the trader seeks to exploit the interest difference between the two currencies in a pair (the ‘yield spread’) as well as capital accumulation.

Every currency is pegged to an interest rate set by the national central bank. At the time of writing, the Bank of England base rate is 0.5%. When buying currency, you receive interest payments, when selling, you pay interest. The first goal in a carry trade is to invest in a currency pair with a positive yield spread i.e. buy currency with a higher interest rate, and sell with a lower.

Currently the USD rate is 0.25%. So, if buying GBP/USD, you would have a positive yield of 0.25% – the difference between the two rates. If you were buying USD/GBP you would have a negative yield of 0.25% – you’re paying out more interest than you’re making.

The second goal is to buy a pair where the yield spread is set to increase. Pick a currency pair where you buy currency with an interest rise, sell an interest rate fall, or ideally both.

The third goal in a carry trade is to successfully predict a rally, so you also experience a capital gain.

For example, between 2003 and 2004, the AUD/USD currency pair offered a positive yield of 2.5%. In the same period, the value of the Australian Dollar rose 56 cents, closing at 80 cents. This represented a 42% appreciation in the currency pair, and meant that traders and hedge funds who were in this currency pair made huge capital gains, as well as profiting from the interest rate differential.

Leverage

One of the chief reasons Forex trading can be so profitable is that it’s a highly leveraged market: ratios of 100:1 are not uncommon i.e. you buy $100 for $1 of capital.

Broadly speaking, leverage is betting against future profits. In its simplest form, you borrow money to make a trade based on your prediction of how that trade will go. If it goes in your favour, you make a much higher return than if you only invest your own capital. If it goes against you, you make a much higher loss. Every transaction is amplified when leveraging.

The returns in Forex trading can be very small without leveraging. Caution should be exercised, but leveraging should be used. Set a rule for how much capital you’re willing to risk with each trade. A good rule of thumb is never to risk more than 3% on a single trade.

Forex trading is fast moving and complex. There is a steep learning curve, but the rewards can be enormous.

Penny Atkinson writes about various financial topics including saving money, debt issues and forex education. For more information about forex trading visit http://gomarketsaus.com/.

Getting a insurance quote for your car

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Insurance for your car is one of the things that people don’t plan for when they plan to buy a car Buying a car can be a difficult task with heaps of research to be done and lots of different factors to be taken into account , like the mileage the car will give , the space inside the car and the what kind of car are you seeking sedan , 4 door , 5 door, small car , Hatch and many other factors. Often people don’t realise but just buying a car is not the only thing that you need to plan for when you decide to get a car, but there are things like Insurance for your car, servicing contract for your car also that needs to be planned and researched. Insurance for your car can be one of the major things you will need to research even more as this ensures the safety of your car in case of accident theft and incidents out of your control.

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BMW Hommage car

Insurance for your car often comes as an afterthought after the car is bought and often ignored, however if proper research is done regarding what sort of insurance you want you can save money over the long term with proper planning. Nowadays getting a car insurance quote has been made easy by many online websites that just allow you to just input details of the car you are buying and get a approximate quote for insurance instantly, rather than doing the old fashioned way of visiting or calling insurance company.

With a car insurance you are protected in the event of unforeseen events and you can hit the road secure in the knowledge you have reliable and cost-effective comprehensive car insurance

Things to keep in mind while getting car insurance

You can vary your excess or simply adjust your excess on the online quote form or with insurance company, and see the change in price on your premium.

Some companies give you discount or provide cheaper quotes when your policy is bought online as they tend to save on processing and manpower costs.

Some insurance companies offer a new car discount if you get a policy before your car turns two years old

How are Insurance Premiums for cars worked out?

The “insurance company” gather large amounts of historical data so that the patterns of insurance payouts can be calculated accurately in case of a payout is needed. When you enter your individual details into the insurance company automated system, the computer databases compare this with other people who match your profile and the also the risks that are associated with them.

Factors that re taken into account when your quote is given

· Your age

· The make and model of vehicle

· Annual mileage

· Whether the driver is male or female

Getting a car insurance quote online is simple if you do a little preparation for the questions you’ll need to answer.  Refer questions above. To obtain your instant car insurance quote online and purchase a policy, you’ll need to provide information for each driver on the policy you are taking including address, driving record, and driver’s license number. You will also need to provide the Vehicle Identification Numbers for the cars you want to insure, if not available automatically based on your address and vehicle records. Get a online car insurance quote here

Wondering if private health insurance is a good investment ?

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Here’s 5 reasons why Private insurance is necessary!

Spending money on private health insurance can often seem like an unwelcome and unnecessary expense, and many are tempted to rely entirely on Medicare for their healthcare needs. What you might not know is that if you choose your policy wisely, private health insurance can be an excellent investment, offering you value above and beyond the insurance premiums you pay. Here are five reasons why private health insurance is a good investment.

getting private insurance in australia

Better access to quality medical care

While Medicare can cover some of your medical expenses, a private health insurance policy can ensure that you are able to get high quality medical care without having to pay in full the high prices you would be subject to if you did not have private health insurance. “Private health insurance” can enable you to seek treatment at private hospitals, consult the doctors of your choice and enjoy the shorter waiting times associated with private medical care. What you pay in insurance premiums can be regained manifold when you make a claim that enables you to afford great medical care.

Prompt medical attention

Relying on the public health system often means being forced to wait in long queues before you can get the medical attention you need. When it comes to sudden or serious medical conditions, having prompt access to medical care can make all the difference. Private health insurance ensures you can obtain medical care when you need it most urgently without having to wait in long queues at public hospitals. This alone makes private health insurance a valuable investment and one that can prove to be a lifesaver.

Broader coverage

While Medicare attempts to provide very general coverage for basic medical care, many people still get private health insurance because it enables you to obtain coverage for a broader range of treatments and conditions that Medicare cannot provide for. Private health insurance can help to ensure that in addition to what Medicare offers, you have sufficient coverage for a range of treatment options and medical services.

Tax advantages

To make it even more evident that your purchase of a private health insurance policy is a sound financial choice, the government offers tax advantages you might be able to benefit from. Check with your insurer to see if you are eligible for private health insurance offset or rebates that can make private health insurance even more affordable and an even more cost-effective investment.

Psychological benefits

A cost-benefit analysis of “getting private health insurance” often neglects to consider the psychological benefits that are present despite not being easily quantifiable. The peace of mind you and your family get from knowing that you will be provided for if you fall ill or get injured is priceless.

Despite the existence of Medicare, private health insurance is viewed by many as a necessity, and for good reason. Private health insurance not only ensures you have easy access to prompt medical attention for a broad range of conditions and treatment options but can also be a very cost-effective investment in the long run.