There’s no one-size-fits-all product when it comes to private health insurance, so it’s essential to find a policy that offers medical services you’ll use or think you might need.
With the introduction of hospital insurance tiers, Australia‘s private health insurance reforms have made it easier than ever to understand the inclusions and exclusions of your private hospital insurance policy. You may find that the services you need are included on a Bronze level of cover, which could have significantly lower premiums than higher-tiered products.
The lowest level of hospital cover available is called Basic cover. While this may be the cheapest, be careful, as it also only covers a few services, typically on a restricted basis.
Gold and Silver products are more comprehensive private hospital cover options that you could consider if you want peace of mind knowing you‘ll be covered for a broader range of medical treatments as a private patient.
You may also like to consider the level of extras cover (sometimes called ancillary cover) you need. While extras can be beneficial if you use them, you could be wasting money if you’re paying for services you don’t use. It might be worth making a list of the health services you think would be the most beneficial to you (e.g. dental check-ups, physiotherapy consultations, orthodontics) and the services you don’t think you’ll need (e.g. podiatry). Then, look for a policy that includes the services you will use, excluding most (if not all) of the ones you won’t.
You also have the option of a combined policy, which includes both hospital and extras cover.
An excellent place to start is to talk with your doctor to discuss what type of private health insurance you should consider for your healthcare needs.