Friday, August 09, 2019

Choosing the Right Health Fund: 3 Points You Need to Consider

Health insurance looks like a complicated algebra problem. You pay X per month and a fraction of charges up to some maximum. This makes choosing the right plan a complex decision. So, we’ve broken down the 3 most important points to consider so you can find the right health fund.

The Overall Coverage It Provides 

Here’s the first question you should ask: what does the policy cover that Medicare won’t? This is the main reason people get private health coverage. The Australian government recommends signing up for hospital coverage, but that doesn’t mean it’s right for everyone. Others would be better served by extras coverage or tailored health insurance policies to cover other needs.

The Type of Coverage You Need 

If you only want health coverage to prevent a medical emergency from breaking the bank, you probably only need basic hospital coverage. If you want the peace of mind of knowing that you can visit the best doctor as soon as you suspect something is wrong, you’ll want extras coverage that covers private primary care doctors and specialists. Don’t just choose health insurance based on today’s situation. If you’re part of a couple and planning on having kids, pick a health plan with broader coverage. Then you’ll have the option to give birth in a private room or see a better OBGYN than the only public one available in your area. Note that you can tailor a policy to cover your own unique needs, such as adding coverage for orthodontics before the kids need braces put on. To compare health funds, visit iSelect.

The Total Financial Bill 

A lot of people pick the cheapest plan because it has the lowest monthly premium. But this comes with its own risks. For example, they may not be able to see their own doctor and receive care at particular hospitals. Consider the benefits that are covered by the insurance policy relative to those you expect to use. For example, you may choose to pay for an eye exam out of pocket if this isn’t something you think you’ll regularly need. On the other hand, if you need regular eye exams to keep up with your changing vision prescriptions you should consider an extras policy. Learn what out of pocket expenses you have to pay for and estimate how much that will be. It may be worth it to pay higher monthly premiums, so you don’t get hit with a hefty bill later on. If you’re dealing with ongoing medical issues, a health insurance policy with higher annual and lifetime limits may be a better deal.

This is a guest blog entry.

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