Compare Health Insurance Plans in Australia for Your Needs

Choosing the right health insurance plan in Australia can be overwhelming, but it's essential to make an informed decision that suits your needs. There are over 40 private health insurance funds in Australia, each with their own set of policies and benefits.

To make things easier, consider your age and health status. If you're under 30, you may be eligible for a lower premium with a fund that offers a younger age discount. On the other hand, if you have a pre-existing condition, you may want to look for a fund that covers chronic conditions.

When selecting a health insurance plan, think about the services you need. Do you want to cover hospital stays, ambulance services, or extras like dental and optical care? The Australian Government's Private Health Insurance Rebate can also help offset the cost of premiums.

In Australia, you have the option to choose between the public healthcare system (Medicare) and private health insurance.

Medicare provides access to free or low-cost care for certain health issues, but you may experience long waiting periods and can't choose your doctor or hospital.

Private health insurance allows you to be treated as a private patient, avoiding public hospital waiting lists and giving you the freedom to choose your hospital and treating doctor.

As a private patient, Medicare will pay 75% of the Medicare Benefits Schedule (MBS) fee, and your health insurance will cover the other 25%, plus accommodation costs and theatre fees.

Private health insurance also gives you access to your own doctor, private room, and significantly shorter waiting times compared to the public healthcare system.

If you have Extras cover, it helps cover the costs of everyday services such as physiotherapy, dental, and optical.

You may still need to pay a gap between the MBS fee and the total cost of your procedure, unless your health insurance has no gap cover.

In Australia, there are various types of health insurance to suit different needs and budgets.

A standard health insurance policy, often referred to as "extras" cover, helps cover the costs of health care treatments outside a hospital setting, such as dental treatment, physiotherapy, and glasses. This type of insurance may not be suitable for everyone, especially those who need hospital cover.

Basic hospital insurance is the cheapest and most barebones form of private hospital insurance, covering rehab, in-hospital psychiatric services, and palliative care. Having this policy will enable you to avoid paying the Medicare Levy Surcharge (MLS) and Lifetime Health Cover (LHC) loading.

Public vs Private health insurance options are a crucial consideration for Australians.

In the public healthcare system, you don't get to choose your doctor or hospital, and you might experience long waiting periods for non-life threatening conditions. You'll likely end up in a shared room in a public hospital.

Private health insurance, on the other hand, allows you to choose your doctor and hospital, and you can avoid public hospital waiting lists. With private insurance, you can also access a private room if one is available.

Waiting lists for elective treatments in the public system can range from a few weeks to a few years. In contrast, private insurance usually involves a shorter wait, and for some procedures, you may even be able to pick your date.

Here's a comparison of the two systems:

Let's break down the different types of health insurance policies available in Australia.

Basic hospital insurance is the cheapest and most barebones form of private hospital insurance, covering rehab, in-hospital psychiatric services, and palliative care.

Bronze hospital cover is a step up from basic insurance, including 18 additional clinical categories, such as ear, nose, and throat, bone, joint, and muscle, digestive system, joint reconstructions, gynaecology, and chemotherapy, radiotherapy, and immunotherapy for cancer.

Silver hospital cover offers the second-most clinical categories, including heart and vascular system, lung and chest, blood, hearing device implantation, and dental surgery, on top of what's offered by basic and bronze cover.

Gold policies are the highest level of private hospital insurance available in Australia, offering cover for pregnancy and birth, weight loss surgery, assisted reproductive services, and insulin pumps on top of all the categories provided by silver, bronze, and basic hospital insurance.

Family health insurance policies are designed for families, including dependent children, and may include shared limits for all members included in your policy.

Make sure to carefully review the exclusions listed in your policy documents, as they may include certain types of surgery or procedures.

For example, some policies may exclude natural therapies such as reflexology, aromatherapy, herbalism, and homeopathy, which were specifically excluded by changes in private health insurance legislation in April 2019.

Exclusions can vary greatly between policies, so it's essential to check your policy documents carefully.

Having extras cover can save you a significant amount of money on treatments not covered by Medicare, like dental treatment.

You can easily tweak your policy to match your health priorities, whether it's dental and optical or mental health services. This way, you can ensure you're getting the most out of your health insurance.

Here are some benefits of having a health insurance comparison:

Medicare doesn't cover private hospital accommodation costs, which can be a significant expense. You'll need to pay for this out of pocket unless you have private health insurance.

Long waiting periods are common for non-life threatening medical conditions under Medicare. You may have to wait a while for treatment.

Private health insurance covers some or all of the costs for hospital accommodation, theatre, doctor, and specialist fees. This can be a huge relief for those who can afford it.

If you have Extras cover, it helps cover the costs of everyday services like physiotherapy, dental, and optical. This can be a great way to budget for ongoing healthcare costs.

Having extras cover can potentially save you a significant amount of money on treatments that aren't covered by Medicare, such as dental treatment.

You can easily tweak your policy to your health priorities by thinking about whether extras cover is useful in your current life stage. From dental and optical to mental health services, the options are vast.

Private health insurance gives you access to the same hospital services covered by Medicare, but with the added benefits of your own doctor, a private room, and significantly shorter waiting times.

Extras insurance cover does cover healthcare costs that aren't typically covered by the public healthcare system, such as dental, physiotherapy, and optical.

If you go to a private hospital as a private patient, Medicare will pay 75% of the Medicare Benefits Schedule (MBS) fee, and your health insurance covers the other 25%, plus accommodation costs and theatre fees.

Here are some examples of what extras cover might include:

Emergency Ambulance cover is a vital benefit that's included in all our covers, except for DentalPass and members covered by state ambulance schemes.

You can rely on this cover to provide you with the medical attention you need in emergency situations.

Our unlimited emergency ambulance cover means you won't have to worry about the cost of getting to the hospital when you need it most.

Setting a budget for your health insurance is crucial to finding a policy that suits your needs. You need to know how much you can afford to pay each month.

The cost of health insurance varies greatly depending on the level of cover you choose. For example, the costs for different levels of cover in Australia are: Extras only $56, Basic $103, Bronze $139, Silver $197, and Gold $247.

To set a realistic budget, you should also consider the factors that affect your premiums, such as the excess you're willing to pay and whether you're eligible for an age-based discount.

Here are some factors to consider when setting your budget:

By understanding these factors and setting a realistic budget, you can compare policies that offer the maximum benefits within your means.

When it comes to purchasing health insurance, it's essential to compare plans carefully. Start by reviewing your current policy, taking note of its strengths and weaknesses, and considering whether a switch could mean better coverage, fewer exclusions, and reduced out-of-pocket expenses.

Consider changing life circumstances, such as a growing family or approaching retirement, which may require a different level of coverage.

To compare health insurance plans, take a moment to scrutinize the premiums and benefits of different policies, looking beyond the upfront costs and seeing the value of the benefits offered.

Make sure the policy covers essential services and extras relevant to your health needs.

Reviewing your health insurance annually or after a significant life change is a good rule of thumb to ensure you're properly covered and not paying for extras you don't need.

Here's a checklist to help you compare health insurance plans:

Remember, a good health insurance plan is like a health check for your financial wellbeing – making sure you're properly covered and not paying for extras you don't need.

Purchasing health insurance online through a provider like Savvy is a straightforward process. You'll fill out a simple quote form with basic information about yourself and the coverage you're after.

You'll receive a range of quotes online and compare offers from different insurers carefully before buying. This is an important step to ensure you're getting the best deal.

If your chosen insurer requests further information, you'll need to provide it. This might be a phone call or an online form.

You can either buy the policy right away online or get phone assistance to make your decision. This is a great option if you need help understanding the policy details.

A 'no-gap' provider is a doctor or healthcare provider who only charges an amount that is fully covered by your health insurer or a combination of your insurer and Medicare. This means there's no further payment required and no gap to be covered by an out-of-pocket payment.

Some insurers may offer hospital cover discounts for younger people aged between 18 and 29 years. The maximum discount allowable is 2% for each year a person is aged under 30 years, up to a maximum of 10% discount on the standard cost of the policy.

Here are some key things to keep in mind when comparing health insurance policies:

Comparing health insurance policies can be overwhelming, but breaking it down into key considerations can make the process simpler. Here are seven factors that might influence your decision when comparing health insurance, including policy waiting periods, excess, annual limits, and whether you want both Hospital and Extras cover.

It's not always about price when comparing covers, so it's essential to review these factors carefully. You can also create a guide to finding the best cover for you, like the one mentioned in the article, to help with your decision.

Comparing quotes for health insurance is a great idea, and it costs nothing to get a free quote through Savvy. By comparing health insurance policies regularly, you can keep in touch with the latest deals and stand a better chance of maximising the benefits you receive for your money.

Comparing like items is crucial when it comes to health insurance policies. You want to make sure you're comparing apples with apples, not a single hotel room with a three-bedroom apartment suite.

To ensure you're comparing similar policies, consider the key factors that influence your decision, such as hospital cover, extras cover, and waiting periods. These factors can greatly impact the overall cost and inclusions of a policy.

It's essential to compare policies with similar levels of cover, such as Bronze, Silver, or Gold. Each tier offers different levels of cover, so it's pointless comparing a Bronze policy with a Gold policy, as the Bronze policy will offer cover for far fewer clinical categories.

Make sure you're looking at policies with the same level of hospital cover, extras cover, and waiting periods. This will give you a true comparison of the costs and inclusions of each policy.

Here's a quick comparison of hospital cover tiers:

By comparing like items, you'll be able to make an informed decision about which health insurance policy is best for you.

Waiting periods are a necessary part of keeping health cover fair, and all health insurers have them.

You'll need to serve waiting periods ranging from two months to a year when you first take out health insurance or upgrade your policy to one at a higher level.

Some policies will impose waiting periods for specific services, even if you've held private health cover before.

If you're switching to a plan of a similar level or less, you should be fine, but if you're going up a tier or taking out extras only cover, you may have to see out new waiting periods.

Waiting periods can sometimes be waived on extras policies, so it's worth checking your policy details to see if this applies to you.

It's essential to review your policy waiting periods, along with other factors like excess and annual limits, to decide what's best for you.

An excess is an amount you're required to pay when you need hospital admission, as mentioned in Example 3. This amount can vary depending on your health insurance policy.

You may be required to pay an excess if you elected to have one on your policy when you joined, as stated in Example 2. The excess amount is typically a fixed cost that you'll need to cover.

The excess amount is an important factor to consider when comparing health insurance policies, as it can impact your out-of-pocket expenses. Reviewing the policy waiting periods, excess amount, and annual limits can help you decide what's best for you, just like the guide mentioned in Example 1 suggests.