Choosing to start your family is a big deal (not to mention it’s wonderful!), and many of us prefer the comfort of a private hospital room and our own doctor when it comes to the birth itself.
If you’re after the best support available, then private health insurance should be taken out early on. Everyone needs to sit through a 12 month waiting period for two key things:
- Obstetrics, i.e. services related to childbirth.
- Assisted reproduction services, like IVF.
Provided your new hospital cover includes pregnancy and birth-related services, you’ll be covered for accommodation, labour ward costs and doctors’ fees at an ‘agreement private hospital’ of your choice. Depending on your health fund, you may even be able to cover the costs of your pre-natal classes!
You will also be paid a benefit towards your obstetrician’s fees during delivery (ask early on for a breakdown of the costs from your doctor and insurer). However, any consultations prior to being admitted to hospital will not be covered by your health fund, so set aside some money for those expenses. That being said, you can claim some portion of these costs back through Medicare.
There are also one or two things you should set some extra money aside for, just in case:
- Excesses / Co-payments
- Family insurance (as opposed to a singles or couples policy) premiums
- The pre-release checkup (following the childbirth)
We go into a little more detail about these below.
Things to keep in mind when starting a family
Excess or co-payments
Any excess or co-payment on your hospital cover will need to paid when you are admitted to hospital. You may also be required to pay an excess for your baby if they need to be formally admitted to hospital. Budget for these costs well before having your baby. If you only stay one night in hospital, spend the money on new baby clothes instead!
After the childbirth…
Your paediatrician will conduct a pre-release check up before you and your baby can be discharged from the hospital. Unless your baby has been admitted as an in-patient, the cost of this consultation will not be covered by your health fund, but may be claimed under Medicare.
Upgrade to family cover
It is a smart idea to take out a family or single parent family health insurance policy. Why? So you’re able to enjoy low cost care for their future! Maybe they’ll need braces for their teeth one day, or perhaps a speach therapist if they develop a stutter. In any case, complete coverage means you dont’ need to worry about certain unexpected costs.
Not too sure what you need cover for? Call one of our experts on 13 32 32. Know what you are looking for? Try comparing health funds to see if you can find a better deal.