Private Healthcare Insurance CompaniesHealth insurance for private individuals
To change your insurance policy
Each year on 1 April, insurance contributions rise. It is always a good moment to verify that the amount you pay for your medical insurance is justifiable by what you receive in exchange. Discount of 4% for private medical insurance. Luckily, we have pinpointed some actions you can take to reduce your insurance coverage back to a sensible levels.
What is your medical insurance? But before you verify your coverage, go back to the fundamentals and ask yourself why you have one. To learn more about the fundamentals of healthcare insurance, read our healthcare purchasing guides and try our fast track tutorial Do I need healthcare?
If you have health insurance to cover your Lifetime Health Cover (LHC) so that you don't have to make a supplement if you use it later in your live, or perhaps to prevent payment of the Medicare Level Supplement (MLS), do you have it? Or do you want to be shielded just in case you end up in a clinic?
When your only source of medical insurance is the LHC or MLS, you can choose the cheapest medical insurance that you can find and retrofit at a later date - see our evaluation of the low cost medical insurance. However, if you want to be safeguarded, you need to consider how your policies compare to others.
In contrast to hospitals, Governments Insurance does not include extra insurance for your carrot and rod, so you can void it without affecting your taxes or will have to make more payments if you want to resume it later. They can be viewed at privatehealth.gov.au. To get additional coverage, consider the service you use most often, such as dentistry, and monitor the per capita and per household years.
Next, take a look at the performance limitations for certain types of service. See if there is a rebate - some mutual fund companies offer up to four per cent rebate when you pay by acceptance giro or by advance payment of your annuity. Review all wait times before modifying policy. Usually for extra items it is two month for most service, 12 month for large dentist's offices and 36 month for hearingsaid.
Often there are no longer any short waits and you can even do without all waits if you switch from another investment plan. However, if you switch to a lower deductible or higher coverage you will need to allow up to 12 month for the additional benefits or cost reductions insured.
However, some mutuals have loyalty rewards that you will normally loose when you move to a new mutual, although you can always try to negotiate with the new mutual to keep up the rewards. So, you have found a better public policies? Here is how to proceed if you change your insurance company.