Health Insurance: Which Health Insurance For Me?
November 15, 2012 Business News(PRLEAP.COM) Waiting periods? Excess? Co-payments?
The secret to choosing the right health insurance policy is to know what you need. So before you start shopping around comparing policies, consider your basic needs to whittle down the following selection criteria:
You can also lock in lower premiums by taking out private health insurance including hospital cover after the 1st of July following your 31st birthday. If you don't, you will have to pay the Lifetime Health Cover (LHC) loading on top of your premium. The loading increases for every year you are aged over 30.
If joining in the financial year after your 31st birthday, it is likely you will pay a 2% levy for each year over the age of 31, up to a maximum levy of 70%. Joining at age 45 means you could pay 30% more than someone who joins at age 30, unless you are eligible for an exemption.
Now that you have your needs and budget in mind, you can begin comparing policies.
A waiting period is the time between when a person signs up for private health insurance and when they can start claiming certain benefits included in their policy. Maximum waiting periods for some benefits are set by the Australian Government, Private Health Insurance Ombudsman and providers are not allowed to exceed them:
These waiting periods exist to protect health insurance providers and members from consumers signing up to the fund to take advantage of the system purely for financial gain.
Excess and co-payments
Excess and co-payment options are used to lower policy premiums. An excess is the set amount you agree to pay towards hospital treatment costs. A co-payment is a sum of money you agree to pay for each day you spend in hospital (up to a maximum amount). Generally, the higher you agree to pay, the lower your premium will be.
You will notice that policies can differ significantly between insurers and coverage levels, with some offering benefits, exclusions or restrictions. Choosi helps you to compare multiple insurers and getting quotes is quick and easy.
It is your health. Be Choosi - Compare. Choose. Buy!
This is general advice only: Advice on this website is general only and does not consider your individual objectives or financial situation. Choosi Pty Ltd (ABN 15 147 630 886) offers insurance products from a range of Australian brands. Choosi does not provide information, or offer cover, for all products available in the market and there may be aspects to some products that we do not compare. Choosi is not an insurer and cover is issued by various underwriters. Your use of this website is undertaken in accordance with the full Terms and Conditions.