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Last Updated on 24 February 2019

How Does Your Health Insurance Compare?

Having a strong private health insurance policy can help to cover the costs of your health needs.  Knowing how it compares to others may not only save you money, but also allow you to understand the policy more completely.  Read on for more on how to know if your private health insurance policy is up to par.

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Why Compare?

Whether or not you’re actually looking for a new health insurance plan, conducting a private health insurance comparison is an excellent way to see how your current health insurance ranks against some of the other options available to you.

Don’t just blindly start to compare health insurance quotes, though.  You may want to target your comparison on policies that are similar to your current plan, comparing like to like.  While even other similar policies are unlikely to be exactly the same as your current policy, they should be close enough for fair comparison in at least one of the following ways:

  • Compare like-for-like on coverage: Look at health insurance policies that have similar coverage areas and similar limitations or exclusions on the “major” areas of health care, and see if they differ much in price from your policy.
  • Compare policies with similar premiums: Look at policies that cost around the same amount as yours, and see whether they provide a different level of cover to your health insurance.

Try to read the full terms and conditions of at least your favourite few of these policies, once you have some quotes and other details for comparison.  See what differences are present.  This will give you some insights into the strengths and weaknesses of each policy relative to your needs.

The Next Step Up (or Down)?

After looking at your budget and considering your health insurance situation, you may well have a picture in mind of what you want and need.  Maybe you want more cover and can afford a higher premium; or, perhaps you’re interested in cutting down your coverage in return for a lower premium.

It could pay to compare health insurance with this additional tactic: when you obtain quotes for comparison, investigate policies either slightly higher or slightly lower than your target for cover or price.  In conjunction with the previous comparisons, this may help you understand the differences between the categories of health insurance; it may also help you judge whether you’d like to change your cover level and whether you’re getting a good deal at the moment.

Dig deep.  Read the policies and compare their terms.  Do whatever it takes for you to get a good overview of your options, such as drawing up your own comparison table to gain an understanding of policy differences.  Once you are done with this, you should be able to determine where your policy stands.

How Does Your Health Insurance Compare?

After a bit of time spent on private health insurance comparison, you will hopefully be able to see how your policy stands up.  Of course, this may be good or bad news. If you aren’t happy with your policy and want to switch, there are some precautions to take.

Ensure that the quote you received takes into account any cover extensions or other added extras you’ll want to add to your health insurance policy.  Review the full terms, speak to the insurer to clarify any questions, and consider having an insurance or legal professional review the policy if you feel you need more guidance.

Make sure that you are confident in the value of the prospective policy, should you choose to switch your health plan.  Don’t forget that when you switch health insurance you may have to serve waiting periods for your new health cover.

By comparing different policies, you will gain a thorough understanding of how yours stacks up to the competition.  Carefully reviewing your options may reap rewards in terms of saving money and obtaining health coverage that suits your requirements.

Disclaimer: The above information is correct and current at the time of publication

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