Big Health Insurance CompaniesLarge health insurance companies
Is it better to have large health insurance companies than small ones?
Bupa and Medibank, the two large investment trusts, dominate the health insurance mart. The majority of the public has listened to it, and perhaps a few other medium-sized mutuals as well. Do you know that there are 24 health insurance companies to pick from? There is more if you are counting limited member money that is not so limited.
However, some folks may be concerned about working with a health insurance company they've never known about. We' re blowing up some legends you may have come across from smaller health insurance companies. Health insurance companies, whether large or small, must comply with a regulatory framework that guarantees their continued operation.
Those regulations are laid down in law and governed by the Australian Prudential Regulation Authority (APRA). Insurance companies must: have sufficient asset to be able to repay next year's debt. If we check the coverage of the hospitals, we look at the price of the policies. If there are more arrangements in a mutual funds, there is a greater possibility that your insurance company will receive more from the bill.
A number of small and medium-sized mutuals are part of a group known as Australian Health Service Alliance (AHSA). Insurance companies bundle their ressources in the AHSA, which negotiated contracts with clinics and physicians covering the members of all mutuals. This system, known as Access Gap Covers, offers as good (in some cases better) coverage of expenses as large sums.
In fact, some of them even run their own dentistry centres, although trade associations such as the Australian Digital Association are quite opposed to the advantages of the " prefered supplier " system. Some smaller investment trusts also deal with single tooth hospitals and some optometric chain. Even if they don't, each mutual will still be paying regular fees for service provided by skilled specialists - you can still go to your favorite supplier and be sure that your extra's covering you.
We' re not saying you shouldn't consider the big bucks. The only thing we're saying is you shouldn't just consider the big bucks. There is a wider variety of policy out there than most believe, and it is definitely worth looking around.