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Reserve Bank Health Society Review

RBHS review: great if you want a health fund that puts members before profit, less so if you only want a basic policy.

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Reserve Bank Health Society Ltd

The Reserve Bank Health Society (RBHS) is a straightforward not-for-profit health insurer that only offers top-level health cover. Because it doesn't keep profits for itself, it focuses on giving back to its members with high extras limits, loyalty rewards and other benefits.

Our Verdict

  1. Benefits that go further than other providers: cover for the kids until they turn 25, 90% back on extras and no excess.
  2. They have a great customer service reputation. Between April and June, they were one of the few insurers to have no complaints.*
  3. If you're looking for a basic policy, you won't get it. RBHS only offers comprehensive hospital and extras insurance.

*Private Health Insurance – Quarterly Bulletin 99: 1 April to 30 June 2021
Review by our insurance and innovations editor Gary Ross Hunter

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Reserve Bank Health Society Health Insurance overview

  • Who can join? Membership of Reserve Bank Health Society is restricted to current and former employees of the Reserve Bank of Australia or Note Printing Australia. The spouse/partner and dependent children of members are also eligible for cover, as are their former spouses and adult children.
  • What are the benefits of not-for-profit funds? As a not-for-profit fund, RBHS aims to give its members access to several benefits but by paying the lowest possible premiums. Eligible employees can receive generous contributions from their salary towards their premium payments, while national coverage is provided through an Australia-wide network of 460 hospitals and 21,000 doctors. Dependent children can even be covered at no extra cost.
  • Can I get combined hospital and extra? Reserve Bank Health Society offers Gold Hospital Cover for comprehensive protection and a high level of extras cover, each of which can be taken out on its own or combined to form a package policy.
  • How do I join? If you’re eligible and you’d like to join RBHS, all you have to do is download an application form from the Reserve Bank Health Society website, fill it out and then email it back to the fund. If you need any help filling out the form you can phone Reserve Bank Health Society to be talked through every step of the application process.

What are the different levels of cover available with RBHS?

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Gold Hospital Cover

Gold Hospital Cover
The only hospital-only cover option available from RBHS offers a broad range of benefits to members.

  • With no excess required any co-payments only required for nursing home type patients, this policy covers public and private hospital accommodation in a shared or single room.
  • It allows you to choose your doctor, covers your doctors' bills in hospital and includes Medical Gap Cover.
  • The policy will pay for procedures and treatments including intensive care, theatre fees, drugs and dressings, obstetrics, recovery room, special nursing in hospital, surgically implanted prostheses and more.

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Premium Extras Cover

Premium Extras Cover

This is the extras-only cover option available from Reserve Bank Health Society.

  • It covers a wide range of dental, optical and other general treatment expenses, in most cases up to 90% of the relevant cost.
  • There is no annual limit on general dental and ambulance cover
  • Major dental, endodontic, orthodontic, optical, laser eye surgery, orthoptic treatment, non-PBS pharmaceuticals, physio, chiro, osteopathy, podiatry, psychology, acupuncture, remedial massage, and hearing aids are all covered.

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Gold Hospital and Premium Extras Cover

If you want comprehensive health insurance protection, this Reserve Bank Health Society is designed with you in mind. It simply combines the hospital and extras cover provided under the above two policies into one package.

Are there any additional benefits?

  • Optical and dental benefits. Unless otherwise indicated in your policy, Reserve Bank Health Society covers up to 90% of the service charge for optical and dental treatments.
  • Don't get hit with the LHC. Avoid Lifetime Health Cover premium loadings by signing up for cover before your 31st birthday.
  • Tax advantages. Take advantage of the Australian Government’s Private Health Insurance Rebate to save money on your premiums.
  • My Health Online. This online wellness portal provides a range of tools and resources to help you manage your wellbeing.
  • My Hospital @ Home. This program allows you to get out of hospital earlier and receive the care you need in the comfort and privacy of your home.
  • Strive for Health. This program helps members with chronic conditions manage their health.
  • Rehab in the Home. This program offers short-term therapy in your own home following procedures such as joint replacements.
  • Health Risk Assessment. A Health Risk Assessment with RBHS helps you find out more about your unique health needs and requirements. You'll need to fill in an online questionnaire which gives you a health report showing where you are doing well and where we RBHS may be able to help you.
  • The Healthy Weight for Life program. This program is tailored to help those with heart disease, diabetes and osteoarthritis management get the most out of life. It can help with weight loss, strength exercises and education to improve your health.

Are there any general exclusions and waiting periods?

Reserve Bank Health Society will not pay your private health cover claim if:

  • It is for services received outside Australia
  • It is for a service for which Medicare does not offer a benefit, for example cosmetic surgery that is not medically necessary
  • It is for treatment received while you are serving a waiting period
  • It is for a service or treatment received more than two years prior to the date you lodge your claim
  • It is for a treatment or service that is specifically included from your health cover policy

In addition, it’s also important that you are aware of the waiting periods that apply to private health insurance before you become a member.

  • Hospitalisation following an accident is covered immediately, but the vast majority of hospital and extras benefits will require you to serve a two-month waiting period before they can be accessed.
  • Some other benefits, such as major dental, obstetrics and treatment for pre-existing conditions, are not available until you have been a fund member for at least 12 months.
  • Finally, keep in mind that annual or five-yearly per person limits apply to many benefits under Reserve Bank Health Society Extras Cover. For example, a maximum of $6,500 cover is available for major dental surgery every five years, while $920 cover for glasses and contact lenses is provided in any rolling two years.

Reserve Bank Health Society Health Insurance Excess

Under some health funds, when you’re admitted to hospital you need to pay an excess to help cover the cost of your hospital stay. However, as RBHS has agreements in place with most hospitals around Australia, in most cases you will not need to pay an excess or contribute a co-payment when you are admitted to hospital.

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