What do I need to know when comparing Health Insurance?

As the cost of living continues to rise, including your Private Health Insurance premiums, you’re probably considering whether it’s worthwhile shopping around. If you’re generally a set-and-forget type when it comes to your insurances, the idea of researching and switching health insurances may be a bit overwhelming, especially for something as important as yours and your families’ health.

Here’s some important things to know before you get started:

The process is generally simple and heavily regulated

Access to health care is important and the government has ensured that consumers can switch products or funds with relative ease – clearly setting out obligations for previous and new health funds when transferring. Much of the process happens in the background for you once you’ve decided which health fund and product you want to move forward with. Comparing with a health insurance broker is a great way to ensure your insurance is both competitive and relevant to your needs.

You don’t have to re-serve waiting periods

Your new health fund is required to acknowledge waiting periods served under your previous policy, meaning that you won’t need to re-serve a waiting period for the same level of cover. You’ll only need to serve waiting periods on upgraded services within your new policy. That means, you can switch with confidence knowing that you’re not going to be disadvantaged.

There are more health funds and products than you think

More than 80 per cent of Australians covered by private health insurance have policies with one of the 5 major funds (Medibank, Bupa, HCF, nib and HBF) – but did you know that there are over 30 health funds in Australia? Many funds are not-for-profits targeted towards benefitting specific industries and locations.
Across the market there are literally thousands of options available, making research a time-consuming activity.
Speaking to one of our experts will save you hours of time in finding the right policy for you.

You’re not locked in

There are no lock-in contracts in health insurance, so you can switch any time. Even if you’ve paid in advance, you can switch today and access the cover you need or reap the savings of changing policy.

Health insurance products are constantly changing

Health funds are often changing and adding new products, or providing incentives to customers to join throughout the year. Additionally, premiums have a regulated industry-wide price increase on the 1st April each year. As a result, what was the right product for you last year may no longer be the same this year, even if your needs haven’t changed.

So what do I actually need to do?

Here’s a step-by-step of what to expect:

Understand your needs: Think about what’s important to be covered for, with consideration to your health, any upcoming appointments or procedures, your general health maintenance routines (including providers and costs), as well as what you expect from your health fund (such as digital claiming, mobile apps etc). Consider your budget.

Speak to an expert: Compare and find the right product for you.

Switch: Once you’ve found your product, we’ll handle the rest for you. It’s that easy!