If you’ve never had private health insurance before, it can be overwhelming to know what to look for and what you should consider when choosing a policy. In this blog post, we’ll go over some of the key things you should consider when looking for private health insurance in Australia.
Some points to consider:
1. What is covered by the policy?One of the most important things to consider when choosing a private health insurance policy is what is covered. Most policies will cover a range of hospital treatments, such as wisdom teeth removal or joint reconstructions, as well as some extra services like dental check-upsand cleaning or physiotherapy consultations. It’s important to check exactly what is covered by the policy you are considering, as well as any exclusions or limitations.
2. Are there any excesses or co-payments?An excess is the amount you need to pay towards the cost of your treatment before your admitted into the hospital. Co-payments are fees that some policies apply to help reduce the cost of the premium. It’s important to consider whether you are comfortable with any excesses or co-payment option on your policy, as these can add up over time.
3. What if I’m a single parent?Feel comfort that you and your child or children are covered for healthcare needs by taking out a private health insurance policy to cover them and yourself as a single parent. This will make it easier for you to stay on top of your kid’s healthcare needs by giving you the option to avoid public hospital waiting lists, save on dental check-ups and more.
4. What is the premium?The premium is the amount you need to pay each month for your private health insurance. Premiums can vary significantly between policies and providers, so it’s important to compare the premiums of different policies to ensure you are getting the best value for money. Keep in mind that lower premiums may come with higher excesses or co-payments, so you’ll need to weigh up the costs and benefits of different policies.
5. Are there any waiting periods?Waiting periods are the length of time you need to wait before you can access certain benefits under your policy. For example, there may be a waiting period for pre-existing conditions, or for certain types of treatment. It’s important to check what waiting periods apply to the policy you are considering, as you may need to pay for treatment out-of-pocket during this time.
6. What are the policy limits?Policy limits refer to the maximum amount that your health insurance policy will cover for certain treatments or services. It’s important to check what the policy limits are for the treatments and services that are important to you, as you may need to pay any costs above the policy limit out-of-pocket.
7. What are the policy’s exclusions and restrictions?Exclusions and restrictions refer to the treatments or services that are not covered by your policy. It’s important to check what exclusions and restrictions apply to the health insurance policy you are considering, as you may need to pay for these treatments or services out-of-pocket.
8. Do I need to restructure my health insurance policy as a senior?As the population ages health funds have had to refine their private health insurance offerings for seniors as the risk of falling ill or getting injured increases. Always check your policy in detail to make sure you are covered for certain types of treatments and surgeries. These include surgeries such as heart and vascular surgery, hip surgery, joint replacements, and cataracts.
With so much to consider before going ahead with a private health policy, jump on to compare health insurance policies and work out which cover is best for youor speak to one of our friendly team members on 1300 861 413 hello@health.compare
