Here are 5 easy steps you should take to make sure you have adequate health insurance for you and your family.
1. What type of cover do I need?
There are two main types of cover available, hospital and extras. You may decide you only require hospital, or you may get both either from the same insurer (package) or separately.
Hospital cover will help you with the cost of staying in hospital including all fees and procedures that occur within the hospital. Extras or ?ancillary? services are those medical services that are not necessary to maintain life. Dental, optical, chiropractic and remedial massage are examples of services that would be included in most extras cover.
2. What level of cover do I need?
Different levels of health insurance are more suitable to different people. For example an elderly person or a person at risk of becoming injured or developing illnesses would require a higher level of insurance to ensure they are covered for a higher than average amount of medical treatment.
On the other hand it may make more financial sense for a young, healthy person to have a lower level of cover.
As a general rule of thumb, buy the highest level of cover you can afford, so that you are guarded from any unforseen circumstances that are detrimental to your health.
3. What features should I look for?
The features you require will completely depend on your lifestyle and plans for the future.
For example, an individual with a history of heart disease should choose a plan that includes cardiac cover. While a young couple that are planning on having children will require obstetrics cover.
It is also a good idea to have a health check with your general practitioner to reveal any other conditions that may need to be covered by your insurance (bulk billing GP?s are no cost to Australian citizens with a Medicare card.)
4. Out of pocket charges
If you hold a steady job and manage your cash well you may find that you have sufficient cash flow at any one time to allow you to chose a co-pay option to reduce your monthly premiums. If you find that you spend all excess money it is a good idea to chose a health insurance policy that has minimal or no gap.
5. Compare plans
Once you have decided on what type of cover you need, it is time to find out where you will get it from. Using a health insurance comparison site can save you time and money by showing you similar plans from various insurers so that you can chose the cheapest one.