Purchasing private health insurance may sound like a daunting task. Indeed, it might be difficult to determine which products are the best for you. However, if you do your homework, you should be able to find health insurance that meets your needs. For your convenience, we’ve compiled five crucial tips to help you get the right insurance.
1. Make sure you have coverage for the services you need
In terms of private health insurance, there is no one-size-fits-all plan, so it is critical to pick a coverage that includes services you will need or believe you may require.
Private hospital insurance policies are now easy to understand because they’ve been divided into four tiers. Some services that you think are essential may be included in Bronze or Basic levels of coverage, which may be much less expensive than higher-tiered policies. Consider gold and silver items if you’re looking for more security in a wide range of situations.
It’s also a good idea to thoroughly review your supplementary coverage. Extras like dental and physiotherapy visits might be helpful if you utilise them, but paying for things you won’t use could be a waste of money. As a good starting point, discuss what services you should consider covering with your doctor.
2. Consider the waiting periods
A waiting period is a length of time during which you must be a member of a health insurance plan before you are eligible for certain benefits. For psychiatric care, there’s a two-month delay whether or not the condition is pre-existing. For any other pre-existing conditions as well as for obstetric care, there is a 12-month waiting period for benefits. Most health insurance providers will impose waiting periods for services that were not included in your prior policy when you increase your coverage.
When you join as a new member or make a modification to your current coverage, your health insurance provider should inform you of any applicable waiting periods. Health insurance policies include waiting periods for new members if they were previously a member of a health fund.
3. Beware of scams
Fake insurance policies are the favorite ways for scammers to take advantage of new victims. These unneeded insurance policies, oftentimes sold by banks, believe it or not, are called junk insurance. Insurance and warranties are typically bundled into credit payments and may cost you thousands of dollars. Who knows, you may already have some kind of health insurance without even knowing about it. If you find out you’ve been taken advantage of and are asking yourself “How do I get my junk insurance refund?” make sure to check out Claimo and their services. If you’re sold insurance without realising it, you can get all your money back!
4. Do your research
Over 30 insurers in Australia provide over 3,500 different health insurance policies. Depending on where you reside and your specific circumstances, you may have access to over a hundred different types of insurance coverage. These are difficult to compare since each policy is unique. However, there are a number of helpful resources and specialists out there.
In particular, have a look at the Australian government’s website. As mandated by law, all insurance companies are obligated to make their policies and rates available to consumers on the internet. You may also compare health insurance coverage from any private health insurer in Australia with certain comparison tools found online.
When searching for insurance, don’t only focus on the lowest price. Cheaper policies sometimes offer lesser coverage, more out-of-pocket payments, and smaller refunds. It’s possible that lower-cost insurance doesn’t have good value in the long term.
5. The ambulance isn’t free
Ambulance rides are covered by the government only in Queensland and Tasmania. Australians outside of these territories should know of this when they choose their insurance to avoid carrying the whole expense. This implies that if you need an ambulance but don’t have ambulance insurance, you might be on the hook for large out-of-pocket costs. Ambulance coverage may have to be purchased separately from private health insurance!