Private health insurance is different than what the government offers you. Now, we are not going to debate on which one is better. But we will say people are attracted to private insurance because it offers flexibility, and tends to be affordable.
If you are interested in getting a Private Health Insurance, following we will give you tips that will help get the most value against your money.
This is the most difficult task. To asses yourself, you need to consider the following things:
- Health and Medical Health
- Hobbies and Profession
Start with your attitude towards your health. You are busy at work and doesn’t feel your best, what should you do? Take some rest or visit a doctor. If you neglect your issue and continue your work, it shows you don’t necessarily care about your health. Yes, we appreciate you’re dedication towards your job, but you can’t work if you get sick.
So, your attitude towards your health is an important aspect. Moreover, you need a clear head and make a list of health issues you faced during your life. Its possible your family had these issues. You need to show these facts to the company, so they know what to expect in the future.
Don’t forget your job and hobbies. Are you under stress, do you lead an unhealthy lifestyle, do you travel often or do you have any dangerous passion like extreme sports? These questions are always brought up when establishing what’s the best insurance plan for a customer.
Get a Consultant
Hire a professional to compare private health insurance with iSelect. Find someone you trust because there are many people trying to sell you bogus plans to reach their monthly target. When you search for a consultant, check his work history and observe if he cares about your well-being or making the sale.
This will give you a better perspective.
How Much You Can Afford and Hidden Costs
You need to finalize what you can afford with the insurance copay. When you compare costs, you need to calculate the risk, can you pay for a costly medical operation if indeed, going to a private hospital without insurance will definitely cost you a fortune.
You can revert some of these costs if you have insurance. But again, you are paying monthly premiums, out-of-pocket expenses, copayments, coinsurance, etc.
Health insurance plans do have a hidden cost. Use a health fund comparison tool to compare the excess costs. These costs are mostly copayments, coinsurance, and deductible. However, insurance companies are obliged to mention them in the contract, so carefully read the documents before signing them.
Tailor the Policy to Suit You
You need to evaluate every detail about your insurance plan carefully. These details include:
- Claimable Benefits
- Monthly Premiums
- Out-of-Pocket Expenses
- Additional Expenses
The health insurance policy you pay for has to be more relevant to your health and affordability. You need to request an annual claim from current health funds to find what you claimed during the last year. If the benefits are lower than your premium, then its time you find something else.