If you need health insurance cover there are a few things you should do to find the best policy for your needs. Private health insurance has a number of advantages for you including more freedom to choose a doctor, shorter waiting times for elective surgery and access to private hospitals.
In order to find the best health insurance cover, you should follow this step-by-step guide.
- Compare Products: Determine what the restrictions are on each different health insurance cover. Some funds restrict the overall cover for extras by combining the maximum limits. For example, a fund may offer $400 worth of physiotherapy and dental in a year rather than $400 for each. This restriction will limit how much money you save.
- Read the Fine Print: Before signing up with any fund, read its brochure and key features guide thoroughly. If there are any entitlements you don’t understand, write to the insurer or call them to get an answer before you join.
- Understand the 30 per cent private health insurance rebate: The Australian government provides a 30 per cent rebate on health insurance cover with higher rebates for older people. Any Australian citizen can claim the private health insurance cover rebate if they are eligible for Medicare and have a complying health insurance cover provider.
If you receive the rebate, you will get at least 30 cents back for every dollar you spend on private health insurance. For example, if you spend $1000 a year on health insurance cover, you will get at least $300 back.