With so many health insurance policy options on the market today in Australia, it can be tricky to know which one is best for you. There are so many choices, not only the amount of health funds in the market but also different combinations of hospital, extra’s and excess cover. In this blog we will cover off why it’s so important to discuss with your provider your options and waiting periods on offer before you sign up.
For example, if you are planning to have a baby within the next 12-18 months , you’ll need to adjust your health insurance policy to ensure the birth of your child is covered under the policy. Every private health insurance fund has a 12-month waiting period before your baby is due so you will need to consider when to take out cover for the first time or upgrade your cover to ensure this is covered.
Some other factors that may come into play and you should consider based on your situation are:
- A sports or fitness-related injury
- Knee surgery or full replacement
- Needing a hip replacement or other procedure.
Why does it matter having the right health insurance plan?
There’s no all-encompassing product when it comes to private health insurance, so it’s important to find a policy that offers benefits you think you’ll use. As individuals we are never quite prepared for health issues that arrive out of the blue. Being prepared with an insurance health policy for general cover is always a good idea. Some important points to consider when searching for insurance health polices in NSW are:
- Who needs to be covered? Just yourself as a single, a couple, a family with 2 adults and children or even single-parent policy with kids. Nowadays, health funds have specific coverage for your individual life situation.
- Pre-existing Conditions – A pre-existing condition is defined as any ailment, illness, or condition where, in the opinion of a medical adviser appointed by the health insurer, the signs or symptoms of that illness existed any time prior to the 6 months leading up to when the person became covered the health insurance policy.
- Budget – if you have a particular budget in mind that is affordable to cover yourself or your family, we recommend talking us so we can search across a wide range of fund to find out the best insurance health plan to fit your financial circumstances.
- Age – Some providers offer specific health policies and packages for those aged 50 and above. Other health care plans have policies more suitable for seniors and retirees aged 65 and up. Never has there been a better time to ensure your policy matches your needs.
- Inclusions & Exclusions – Each health insurance policy has a range of inclusions and exclusions. These are a list of clinical categories that you can add or remove from your select health policy. It is important to know which of these services you need coverage for as it will be a determining factor in your premium.
- Waiting Periods – as briefly covered off above, certain procedures and services have waiting periods. These can range from as little as 2 months to as much as 36 months – it’s recommended you check these before signing up for a health insurance policy.
Finding the cheapest health insurance in Australia isn’t always the best insurance for your family.
The cheapest health insurance isn’t necessarily the best insurance and the most expensive is not always the best coverage. For example, a not-for-profit health insurance provider is one that invests its profits back into its members rather than shareholders. For-profit health funds pay stakeholders with their remaining surplus, while a not-for-profit fund uses that money to better improve and serve their policyholders.
It’s worth shopping around and comparing private health insurance to find the best deal for your individual needs. Nationally, there are more than 30 health plan insurers proposing a wide variety of benefits and health insurance products. There are several policies on the market that will differ depending on where you live and your circumstances. Comparing health fund offers can help you to decide and find a policy that suits your needs.
Whatever your insurance health plans needs are, be sure to arm yourself with the very best research and recommendations before making a final decision. It’s what works best for you or your family and your situation. Remember to review your policy regularly – don’t just set and forget. Visit our website for further resources to assist.
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To compare health insurance funds and work out which cover is best for you, speak to one of our friendly team members about your health insurance policies today Telephone 1300 861 413 or email us email@example.com