Let’s determine what you realistically will use on your health insurance every year, because there’s no reason you should pay for cover you won’t use.
We’ll offer some advice upfront: figure out what you’ll (likely) need to claim for, and get covered for only those benefits. A great way to figure out what you need is by looking through your family history, or asking your GP for advice.
Getting the most from your hospital cover
Getting privately insured with hospital cover has many different benefits. Many Aussies would tell you that skipping public hospital waiting lists is a major benefit, or that being able to choose your own physician for procedures is a big selling point.
Additionally, with hospital cover, you could avoid the Lifetime Health Cover Loading, the Medicare Levy Surcharge, and qualify for the private health insurance rebate (depending on your circumstances).
So, how do you get more from this cover? Simple: only apply for cover you plan to use in the next 24 months. While private hospital benefits are generally a good idea, you may not need the following, depending on your life stage:
- Heart surgery
- In-hospital rehabilitation
- Non cosmetic plastic surgery
- Palliative care
- In-hospital psychiatry
- Gastric banding
- Birth related services
- Assisted reproduction
- Joint replacement
- Major eye surgery
You may not require any of the above treatments right now due to your age, and your existing risk factors. Assess your health and seek a policy that only includes cover that’s right for you.
Getting more from your extras cover
Extras cover subsidises treatment not covered under the Medicare Benefits Schedule; things like physiotherapy, trips to the dentist for scale and cleans, or eye exams.
There are a range of ways you can save when taking out an extras policy, the most significant of which is to only take out cover for what you’ll use within a 1-2 years. Because waiting periods for general treatment are generally a little bit shorter than those for hospital treatment, you could (in theory) take out cover, sit through the waiting periods, get treated, and then re-assess your health needs for the next year.
How else can I save?
You may also be able to save when it comes to couples/family cover. If your partner requires more expensive cover than you (e.g. obstetrics care through their hospital policy), it will increase your premium for both of you. But, if you take our separate policies, you may save – since only one of you needs the expensive product.
How our site can help you choose
One of the best things about our website is that it empowers all Aussies to cherry pick a policy that suits their needs – whether its physiotherapy cover, or greater limits for obstetrics care.
Now that’s you’ve read about how you can save on health insurance, why not put your new knowledge to the test? Compare health insurance on our site, or give us a call and we’ll sort through the policies for you. Simples!