With so many companies out there offering health insurance in Australia these days, it can be really confusing who to pick. In this brief health insurance buyer’s guide, we’ll offer some tips on what to consider so you can make the best choice.
Do You Need Health Insurance?
While you can live without it, it is wise to have some level of health insurance cover, particularly if you have a family to look after. You just never know when someone is going to get sick or injured, and Medicare only covers so much.
The good news is, all health insurance companies offer a variety of plans, so you’re bound to find one that suits your needs and your budget
What Health Insurance Does
Apart from offering a piece of mind that you and your loved ones are covered should an illness arise or accident occur, health insurance relieves the financial burden of medical expenses when misfortune strikes.
It’s hard enough having to deal with injury or illness, let alone be worrying about how you’re going to afford adequate treatment.
Rather than having to pay the entire bill for visits to a GP, surgery, hospital stays and so on, your health insurance will cover a portion of those expenses, and usually will cover expenses that Medicare doesn’t cover.
Medicare is great, but it can’t be relied upon to get you out of a financial jam with the majority of medical expenses.
Work Out What You Need Cover For
There are so many options available through all health insurance companies that it really can get confusing. One of the best ways to deal with this is to use a comparison style of website, where cover, prices and how much money they contribute to those expenses is all laid out side by side for easy viewing.
Before trying to find the right company for your needs, first work out exactly what your needs are. Start writing a list of the types of things you think you’ll need cover for and prioritize them.
This way, when you do your search, you’ll know exactly what to look for, and which types of cover or extras are most important to you and your family’s well being.
It’s always so much easier to make a decision once you’re prepared and know what to look for. It takes away the confusion and gives you clarity when seeking just the right health insurance company for you.
Private Hospital Cover Or Not?
Sure Medicare covers you when you go to a public hospital, but what about if you require surgery?
Yes, you’re covered if the surgery is an emergency, but you’ll face monumental waiting times for elective surgery.
Let’s say you’ve been enduring a knee injury for quite a while. You can still use the leg and it’s not life-threatening, but it is painful and annoying and you want to get it fixed.
You could literally be waiting years for that to happen in the public hospital system, but if you have cover for a private hospital, you can book in the surgery for a time that suits you, usually within a matter of weeks.
With private hospital cover, you can also choose your own doctor or the surgeon. Private hospitals also tend to have better staff and facilities than many public hospitals do.
Other Things To Consider
Unless you live in Queensland or Tasmania, where the government covers ambulance expenses, you’ll definitely want to consider ambulance cover for your peace of mind. You can never predict when you’ll need an ambulance.
Another thing you’ll regularly come across in your search for the right health insurance company is “extras cover”.
They’ll all have this option, and extras include things like:
- Dental care
- An optometrist
- Physiotherapy treatments for sports injuries
- Pharmaceutical costs
- Audiology and hearing aids
- And more…
Generally, when it comes to extras, the insurance company will only pay a portion of the treatment, and usually, the amount is capped for a 12 month period. An example might be $1000 worth of dental work for 12 months.
Compile a list of what you need, then check out some comparison websites to find the right health insurance company for you.