If you’re still confused about how private health insurance works, you’re not alone. In April 2019, the government implemented reforms that were supposed to make this coverage easier to understand and use.
One of the reforms added hospital cover classifications that divide insured individuals into one of four categories:
But here’s the catch — about 43% of Australians surveyed by Ipsos didn’t know which classification their health cover falls under. Knowing your classification is important to getting the healthcare you need at affordable prices.
Fortunately, this article has information to help you navigate the changes.
Simplify your health insurance
If the reforms were supposed to make things simpler, why are so many Aussies still confused? One reason is that even if you know which classification your insurance falls under, that doesn’t mean you know what’s covered in your policy.
In part because of this, 11% of those surveyed said the new classifications actually made cover more difficult to understand.
What Australians need is expert advice that can help them figure out what kind of cover actually works for them from the plethora of private options. And that’s where a tool like Health Insurance Comparison can come in handy.
Here’s how you do it:
Step 1: Select your current life stage below.
Step 2: Once you select your preferred coverage options, you will have the opportunity to compare quotes from multiple health funds.
With the new reforms, each classification tier covers a different set of hospital services/procedures.
However, even with these classifications, not all policies provide the same coverage just because they are in the same tier.
You still have to check what is covered by your particular policy because the tiers have minimum standard requirements, but individual insurers can offer additional services at lower tiers.
You need to know which ones are covered by your policy to ensure you can get proper care.
Here’s what you can do to get the simple answer about which health cover you should be using:
- Go to Health Insurance Comparison.
- Enter your life stage and postcode.
- Enter your age and coverage needs.
- Get free quotes for policies that fit your needs.
Using an online comparison tool allows you to get a range of premium options while ensuring your cover needs are met.
After all, you don’t want to be left without coverage for health services or procedures you require after switching policies.
Clear up the confusion with the online health cover tool from Health Insurance Comparison.
Get started now:
Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.
Department of Health https://www.health.gov.au/health-topics/private-health-insurance/private-health-insurance-reforms
Department of Health https://www1.health.gov.au/internet/main/publishing.nsf/Content/private-health-insurance-reforms-fact-sheet-gold-gilver-bronze-basic-product-categories
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.