You will probably come across a range of health funds when you compare health insurance. While it is always key to make your needs the focus of any health insurance comparison, don’t forget to look closely at your options. You may be most concerned with their policies, but looking at health funds in more depth helps you to decide which is right for you. Here, we look at CUA Health.
Basic health information
CUA Health has been around since 1984. Back then, it was known as Credicare. The name may have changed, but their stated mission is still the same. CUA is committed to providing affordable health insurance to its members.
The health fund is now a wholly owned subsidiary of Credit Union Australia Limited (CUA). There are no shareholders, and profits are invested back into the health fund. This is good for members as it helps to keep premiums affordable.
There are no major exclusions with CUA hospital cover. Most health funds will exclude things like obstetrics and cardiac cover to keep premiums down, but this is not the case here. A notable exception is cosmetic surgery. This is not covered unless you need it for medical reasons.
Do you want to cover adult children while they finish their studies? CUA lets you keep them on a family policy until they reach 23 (or 25 for full time students). The best part? You do not have to pay bigger premiums to do this.
Got in a muddle with your budget this month and missed your premium payment? CUA will not charge a dishonor fee if they cannot take funds from your account straight away.
Types of cover
CUA offers hospital cover, extras cover or both.
- Hospital cover: There are several options for hospital cover. Depending on the level of cover, you may not be covered in full. CUA hospital cover ranges from 65% to 100% of costs.
- Extras cover: Both the Gold and Silver packages include popular extras such as dental, optical and pharmacy. The Gold option offers bigger benefits than Silver.
- Hospital and extras cover: Hospital and Extras cover can be combined through CUA. These are not specific packages but members can choose to add Gold or Silver Extras to hospital cover.
Hospital claims are simple; they will be sent to CUA automatically. You only need to act if there are out-of-pocket costs to pay.
Extras claims can often be paid at your provider if they use the HICAPS electronic system. Just use your CUA Health membership card and claims will be processed there and then. You can also post claim forms to CUA or drop them in at a local branch. Don’t forget to include your bills and receipts for these claim methods.
CUA Health Members can get discounts on offline optical products. Participating specialists include OPSM, Laubman & Pank, and Budget Eyewear. Members can get 23% off frames, lenses and lens add-ons and 15% off contact lenses. Certain brands are not included. You need to have extras cover or combined hospital and extras cover to qualify.
CUA are based in Brisbane (QLD). Don’t worry if you do not live near here, though; there are branches in some other states. The notable exceptions are NT, SA and TAS.
As you might expect, there are a number of branches in QLD. This also extends to NSW and VIC. Other states only have one or two branches. Canberra is home to the only CUA Health branch in ACT, while Perth has the only branch in WA. Need to find a branch while you are out and about? You can download a mobile app to help make this quicker and easier.
Be sure to pay attention to health funds as you compare health insurance options. Finding a policy which fits your needs is always the main goal, but knowing more about the various health funds can play a big part in your decision.
This article is opinion only and should not be taken as financial advice.
Filed Under: Private Health Funds