Here are seven helpful health insurance tips to help you find the cover that’s right for you and get the most from your health insurance.
Health Insurance Tip No. 1 – Determine Your Health Insurance Goal
With hundreds of health insurance products available, knowing what you want from your health insurance will help you narrow your search. You will need to consider whether you want hospital cover, extras cover or a combination of both. How much are you willing to pay for your health insurance premiums will also help you determine the type of cover you receive. You will also need to consider whether you want to pay excess or co payments to receive lower premiums.
Health Insurance Tip No. 2 – Decide What Extra’s You Want To Include
Health funds offer a variety of extras and not all will be appropriate for your needs. Of course, the more extras you include the higher your premiums. So decide what is really important and choose only what’s relevant for your health needs. That way you will avoid paying for services you don’t need.
Health Insurance Tip No. 3 – Save Tax On Your Medicare Levy Surcharge
If you’re single with an income of more than $80,000 or a family with an income of more than $160,000 per annum, and don’t have eligible hospital cover then you will pay an additional 1% Medicare Levy Surcharge on top of the normal 1.5% Medicare Levy which amounts to an extra tax of $800 per annum for singles and an extra $1,600 or more per annum for families (family income threshold increases by $1500 for each dependent child after the first).
Health Insurance Tip No. 4 – Switch Health Funds
There are hundreds of health funds in Australia and many offer competitive health cover and premiums. You can switch health funds without having to serve new waiting periods even if you have a pre-existing illness or condition. You are protected by legislation that guarantees your continuity of cover if you switch to another health fund provider.
Health Insurance Tip No. 5 – Regularly Review Your Policy
It’s a good idea to regularly review your health fund. Over time your health needs change and your policy may not adequately cover you for changing health needs. Plus health funds often update their benefits and premiums so reviewing your policy once a year will make sure you’re covered for health services and treatments that are relevant to you.
Health Insurance Tip No. 6 – Mix and Match Your Health Insurance Cover
You can purchase hospital and extras cover from different health funds. By having two separate policies from different health fund providers you can get better health insurance cover and rebates while saving you money on premiums.
Health Insurance Tip No. 7 – Get Expert Advice
Get expert advice to help you find the best health insurance policy that’s suited to your needs. Ask friends and family about their experiences and recommendations on health fund providers or ask your doctor, especially if you require specific health treatments and services that could have future health related issues and risks. Use Health Insurance Cover to help you find and compare private health insurance from participating fund providers.
