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4 Things You May Not Know About Private Health Insurance Comparison

April 25th, 2012 0 comments
Health insurance comparison

Are you ready to get started on your private health insurance comparison?  Knowing as much as possible will help you safeguard against possible problems.  Follow along for some small points that are important to be aware of during this process.

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1.  The Exclusions and Limitations are Vital

During your health insurance comparison, you might find a great looking policy – at first glance, anyway.  The health fund has all of the main coverage categories laid out in an easy table on their website.  You can see the policy limits for hospital cover, network basics, and prescription drug coverage – and then the premiums for the plan. It may all look perfect.

However, there may be terms and conditions to the policy that dramatically reduce its usefulness and value for money. This is typically true of extremely cheap health insurance, but may also be seen in some pricier policies.  Read the full policy, including all of the exceptions, limitations, and other details, before you make your choice.

2.  You Might Not Need It

Not everyone benefits from private health insurance. Why is this the case?  For some people, and more accurately, their budgets, Medicare is all that is needed.  However, there are also other points that may make a private health insurance comparison unnecessary.

Your spouse may be able to have you covered under their policy.  Or, you may be able to get a good health insurance through your work, trade organisation, or business owners association.  If one of these is the case, you may have no need of any other health insurance.

3.  You May Save Money on Health Insurance

When you compare insurance policies of any kind, there are often a few ways to save money.  From raising excesses, which may in turn reduce premiums, to the perks of being a loyal customer, look for special rates, discounts or offers for which you may be eligible.  It’s always worth asking the health fund representative whether they know of any ways you could save a little extra money when you sign up for private health insurance.

4.  Medicare is Your Back-Up

Take a look at what Medicare covers.  Many people don’t realise what a strong tandem Medicare forms with private health fund cover. Take a look at the Medicare Benefits Schedule to see what’s covered.

Need to save money on a private health policy?  Maybe you could consider a basic private health insurance policy to help you get the tax benefits and health benefits involved, but then use Medicare for the remainder of your health needs.  You don’t have to get a top-of-the-line private health insurance to benefit from the health insurance Australia has to offer its citizens.

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