Before you trust a private health fund to protect you and your family from unexpected hospital costs, you need to make sure you know what you’ll be covered for and whether you can afford it in the long-term. Especially now in 2018, when premium hikes are set to increase by another $200.
The best way to determine if a company will put your health first is to compare their offerings and premiums against other top private health insurance companies. After all, you are paying a monthly fee so that you can avoid costly out-of-pocket medical expenses.
Which is why ComparingExpert insist upon a consultant giving you a call and taking you through the options available to you at your current stage of life, so you can make an informed decision and feel comfortable with your choice.
The private health insurance industry is growing and becoming more competitive. As such they are fine-tuning their products, striving to provide more value to their customers. Another significant change experienced over the past year is in AIA entering the market with their myOwn health insurance policy, adding their highly coveted AIA Vitality as an incentive.
How to find the best health insurance companies
Medicare pays 75% of privately insured in-hospital medical treatments under the Medicare Benefits Schedule (MBS). Your private health insurer must pay at least 25% of the MBS fee. You are then responsible for the remainder of the costs. However, the private health insurance company you choose can pay more than the required 25%.
The below table shows some of the most common hospital procedures and the difference in benefit amounts paid by insurers (as of January 2016). It’s also important to note that health insurance funds may have different benefit amounts depending on where in Australia you live.
You need to be able to offset the high cost of health care in Australia, especially for those services not covered by Medicare. There are a number of private health funds in Australia competing for your business, making it a daunting task to find health insurance that’s right for you.
That’s why it is so important for you to carefully review each individual health insurance company before making your decision.
A checklist of what to look for in a good health insurance company:
Top 10 list of health insurance companies in Australia
Our top 10 list is largely based on market share. There are, of course, many other aspects which you should consider before choosing a health fund, including your unique requirements, health insurance reviews, and what the fund offers you, but this list should provide you with a good starting point.
The greater the number of policies sold, the more likely it is that the fund is receiving higher profits, which could, in turn, lead to more benefits for its members, like lower premiums and more discounts. This is especially true if the health insurer is “not-for-profit” because they don’t have to pay dividends to any shareholders. Instead, the profits go straight back into the fund to be used for its members.
Choose your state and find affordable Health Insurance
Typically, health funds offer hospital cover only, extras cover only, or a combination of the two. Some even allow you to create your own cover by mixing and matching between hospital cover and extras cover. Depending on your health plan, the insurer will pay for some or all the costs associated with hospital treatments and some extras, like dental and optometry.
Frequently Asked Questions
How do health insurance companies work?
Health insurance companies pay a portion of your medical expenses when you become sick or get hurt or to prevent you from becoming sick. In exchange, you the policy holder pay a monthly premium, which goes into a collective pool. The company then uses the money from the pool to pay the portion of your expenses for which you have cover.
Can health insurance companies exclude pre-existing conditions?
No, health insurance companies cannot exclude pre-existing conditions, because the Australian Federal Government prohibits it. Private health insurers may not refuse to let you buy health cover or even to charge you a higher premium because you have a pre-existing condition, like asthma, cancer, or diabetes. They do, however, have strict waiting periods associated with pre-existing conditions.
Health insurance companies for international students
Health insurance for international students is provided for by the Overseas Student Health Cover (OSHC) and is part of their Visa requirements for the duration of their studies in Australia. It helps international students meet the costs of medical and hospital care that they may need while in Australia. Several private health insurers offer OSHC, including Medibank, nib, and Bupa.
It pays to shop around, so take a few minutes to make sure that you’re getting real value for money. Use our comparison tool to review costs, waiting periods, exclusions, benefits, and much more. It’s simple, quick, and all the hard work has already been done for you!
Compare Health Insurance Companies