There are many different factors that will influence the Health Insurance quote you receive from potential insurers. Some factors that will affect your Premium (i.e. the price you pay for your policy) are:
Generally speaking, the older you are, the higher your premiums will be. Having said that, you can keep the lowest base rate premium for the duration of your policy as long as you take out the policy prior to 1st July of the year you turn 31. You will pay 2% more for each year over the age of 30 you are when you take the out the policy. This is a provision of the Government’s Lifetime Health Cover policy.
The amount of time you have held hospital cover continuously
The longer you hold a policy, the better. With age loading, if you keep your hospital cover continuously for 10 years, you will then only need to pay the base rate premium.
If you have a family health insurance membership, it should be obvious that you will pay more than a single membership. Your family health fund can insure dependent children, but you should investigate what age limits there may be to this cover. Some funds cover til age 22, while others only til the age of 17. Most funds consider 25 the cut off age, as long as the child is a full time student. You may be able to pay a higher premium to cover children over that age if you list them as ‘adult dependents’, usually 25% over your regular premium amount.
The Federal Government Rebate
The Federal Government will give you a rebate on the amount you pay in health insurance premiums if you are eligible for Medicare. The current rates for rebates are:
up to 25% age 64 and below
up to 30% ages 65 – 69
up to 34% age 70 or older
Your Coverage Level
A general rule is, the more thorough or comprehensive your cover is, the more you’ll pay in premiums. A basic, ‘no frills’ policy is going to cost signficantly less than a top of the line plan with provisions for ‘extras’ like aromatherapy, physio, and the like.
Your Excess and Co-payment Amount
Excess and Co-payments – your ‘out of pocket’ expenses for each hospital admission and cost of daily hospitilization, respectively – have a dramatic influence on your premiums. A low excess and co-payment will increase your premiums, while a high excess and co-payment will reduce them.
You should investigate the costs of several health funds to get a good comparison of the policy information and the costs. With health insurance quotes, there is no such thing as a one size fits all policy. A good policy is about creating a safety net for yourself that will keep you covered during the bad times, while not costing you an uncomfortable amount during the good ones.