How do I choose the right health insurance policy?
Your medical history and health, your current lifestyle and future plans, your individual and family needs and your budget are all important considerations when choosing a private health fund. If you are taking out a private health insurance policy for the first time, want to change an existing policy, or just want to compare options you need to think about:
- The level of cover and policy features most appropriate for your life stage and lifestyle and those of any family members to be included on the policy. Read more about life stage considerations.
- Your budget: Youcompare provides a quick, simple way to help you compare health fund policy options, costs and value for money.
- Waiting periods imposed by individual health funds for a chosen policy or service.
- What hospitals the insurer has agreements with and whether the policy has any exclusions or excess and co-payment implications.
- What level of cover the fund offers for doctor's fees and whether there will be a 'gap'.
- The type and level of cover you choose may also have tax implications but these are explained simply in Your Tax and Health Insurance
- Whether you want Extras Cover as well as, or instead of, Hospital Cover and the services you would like to access.
- The cost implications of Lifetime Health Cover if you delay taking up
The level of cover you choose will determine what benefits you receive from your private insurer. As well, your choice of hospital and doctor will influence what, if any, out of pocket expenses you will need to pay following hospital treatment. When selecting a new policy or selecting hospital or medical treatment, it's always best to check in advance on the arrangements your private health fund has with your preferred hospital/s and doctor/s and whether your chosen level of cover will require you to contribute to the costs of hospital treatment.
Youcompare makes buying health insurance quick and easy.
Simply answer a few quick questions to help us understand your needs and we'll find you some of the best value health insurance products on the market. You then buy directly from your chosen insurer. There are no added commissions or charges so you can have peace of mind that you are getting the best deal available.
Whether you are single, a couple or family or just want to minimise your tax (Medicare Levy Surcharge) we can help you make an informed choice when buying health insurance.
If you are new to health insurance and want to know a bit more about how it all works first see our section on Health Insurance Explained.
For further information, please visit health.gov.au and privatehealth.gov.au.Source: youcompare.com.au