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7 Tips For Reviewing Health Insurance

July 9th, 2012 0 comments

To make sure your health insurance stays suitable for your changing needs, it is very important that you review it regularly.  Checking your health insurance regularly and comparing it with other policies that your health fund and other health insurers offer is well worth it.

Because health insurance premiums increase yearly, you should review your policy to make sure you are still getting the best deal possible.  As you review your policy, you can make sure you are only paying for things you need.

About half of the Australian population has never reviewed their health insurance policy, so more than likely they are paying for coverage they may no longer need.  So many people are intimidated when it comes to reviewing their insurance policy, but I assure you that it is not as difficult as you may think.

Image by alicegop.

Image by alicegop.

It is very important to understand what is and what is not included in your health insurance policy.

Listed below are 7 things to consider as you review your health insurance policy.

1.  Think about what life stage you are at.  For example, are you young, single, a couple with no children, a family with young children, a family with teenagers, a retired couple or a retired single?  Your policy needs to include treatment you will likely need and exclude what you will not need.  Keep in mind that not all health funds will allow you to cut certain things from the policy, so you will definitely need to shop around to find the policy that suits your needs.

2.  Decide which extras you will need added to your policy.

3.  Pay your premium with a direct debit.  A direct debit can save you about 4%.

4.  Think about paying an excess.  By agreeing to pay a certain amount each time you go to the hospital, you can cut the cost of your premium.  Remember, the higher the excess, the lower the premium.

5.  Always think ahead.  For example, if you currently have singles coverage and you have plans to have a baby in the near future, you should move on to the family insurance rate.  Remember, when you have your baby, make sure you add him or her to your policy immediately so they will be covered for future claims.

6.  Do not forget to add your grown children to your policy.  If they are still living at home or going to college, there is a good chance that they may be insured under your policy.

7.  To avoid out-of-pocket hospital expenses, be sure that the hospital where your preferred medical specialist operates is included in your coverage.

It is well worth your time to ask brokers to do a health insurance comparison for you.  You do not have to necessarily act on it, but you can use the information to get a better deal with your current health insurance provider.

If you do come across an insurance plan that suits your needs better, it is very easy to switch health funds.  Just remember to not forget to cancel your direct debit payments to your old provider.  Your new health fund will take care of everything else.

Still have questions? Let's talk!

Confused? Not sure if this applies to your situation? Phone us on 1300 643 355 for some free, no obligation advice!

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