With the current increase in health insurance premiums, it's essential to evaluate whether your health coverage is serving your needs or not. Elizabeth Deveny, chief executive of the Consumers Health Forum, recommends taking time to understand what your policy covers and which extras are essential to your circumstances.
“Private health insurance is transferable so it’s worth shopping around and given the current cost-of-living pressures, it’s more important than ever to compare options and get the best deal”, remarks Dr Deveny.
To do this, she recommends visiting privatehealth.gov.au, where individuals can compare policies, get premium quotes, and take advantage of the coverage calculator. By using the website, you can determine which insurer offers the best deal based on your coverage needs.
For instance, basic hospital coverage without any specialist requirements or extras in Victoria can be as low as $104 per month or as high as $376 per month.
With public wait times for elective surgeries getting lengthier, it is advisable to think twice before forgoing private health insurance to escape hikes in policy premiums. Lana Hambilton, head of health insurance at Compare the Market, encourages switching health policies rather than ditching them altogether when experiencing sizable policy hikes. This is especially important because specialized healthcare services like dental and optical expenses are not covered under public Medicare schemes; thus, private insurance is the only way out.
When assessing whether your policy suits your needs, consider consulting your GP regarding your medical and family records to ensure you're adequately insured. For families with children, adding extras like dental and optical to your health plan may make it more valuable in the long haul.
Published:Thursday, 1st Jun 2023
Source: financialservicesonline.com.au
![]() | 'Confusing Question': Insured Successfully Challenges Home Insurance Claim Denial 29 Sep 2023: .financialservicesonline.com.au In a recent dispute ruling, a homeowner has successfully contested her insurer's decision to deny a storm damage claim, highlighting an issue with questions regarding the property's condition at the time of purchase. The complainant's victory was based on the finding that she had answered the questions honestly and in good faith, based on her genuine belief about the condition of the property. - read more |
![]() | Crop Insurance Claim Denied Due to Fungal Disease 28 Sep 2023: .financialservicesonline.com.au A recent claims dispute regarding a farmer's faba bean crops has garnered attention, as the insurer has denied the claim based on the presence of a fungal disease. The farmer argued that a hailstorm was the cause of the disease outbreak, but the decision went against him. Let's delve into the details of this case and understand the ruling. - read more |
![]() | Health Insurance Premiums Set to Rise: What You Need to Know 28 Sep 2023: .financialservicesonline.com.au Next week, almost five million Australians will see a substantial increase in their private health insurance premiums as major insurers begin to pass on delayed price hikes from October 1st. - read more |
![]() | Landlord loses dispute over drug farm fire 27 Sep 2023: .financialservicesonline.com.au A recent dispute ruling has resulted in a landlord losing her claim after a fire caused by a tenant's illegal drug operations. Despite the severe damage to the property, the landlord's insurer has relied on a policy exclusion to deny the claim. - read more |
![]() | Prepare for Unpredictable Weather as El Nino Looms, Insurers Warn 25 Sep 2023: .financialservicesonline.com.au Insurers in Australia are urging citizens to be proactive in preparing for unexpected and extreme weather conditions. With the Bureau of Meteorology declaring an El Nino event this week and issuing severe weather warnings for several regions in the country's southeast, Australians are being reminded not to be complacent. - read more |
![]() | Why life insurance is a necessity in tough times With household budgets under pressure ... and consumer confidence weak, many families are wondering whether life insurance is worth the expense. Or maybe it is something they can do without? - read more
|
![]() | Loss of income insurance: Case Study Rebecca is a single, self-employed graphic designer who works from home. Aged in her mid-30s, she has monthly commitments of a mortgage and car payments and the usual living expenses. - read more
|
![]() | How Much Life Insurance Do I Need? There are many different reasons to purchase life insurance (generation skipping tax, estate plan, estate preservation, surviving spouse needs, planning for your children's future and more). There is no right amount of life insurance, but here are some guidelines that might help you decide how much life insurance you need. - read more
|
![]() | Life Insurance for Millennials: Why It's Essential. As a millennial, you may believe that you're young, healthy, and have plenty of time to prepare for the future. However, it's essential to understand that life is unpredictable, and unexpected events can occur at any time. This is why it's essential to consider life insurance, particularly if you have financial responsibilities, dependents, or both. - read more
|
![]() | Life Insurance: How much is enough? When considering life insurance, you're planning and preparing for an event that most of us would rather not think about. But life insurance represents a critical step in managing your personal finances and ensuring your family's well-being. - read more
|