If you’re considering whether your private health cover meets the evolving needs of your family, there are several factors to keep in mind beyond just the price. Here’s a breakdown of key considerations:
Price of Health Cover: Health insurance in Australia is community rated, meaning everyone pays the same amount regardless of age, health status, or claims history. However, the price of health cover can vary based on factors such as the number of services covered, the state or territory, and government initiatives like Lifetime Health Cover loading and the private health insurance rebate.
Value Beyond Price: Value for money in health insurance encompasses more than just the premium cost. Factors such as the level of medical gap cover offered by your health fund, the service experience, and the values of the health fund itself contribute to the overall value of your health cover.
Switching Health Funds: Health insurance in Australia is portable, allowing you to switch funds at any time without re-serving waiting periods in most cases. However, if you upgrade your cover, you may need to serve waiting periods for new services, which can range from 2 to 12 months.
Considerations for Switching: When switching health funds, ensure you understand the waiting periods for new services and that your new policy aligns with your family’s current and future needs. All information is transferred directly between health funds, simplifying the process.
In summary, while price is an important factor, assessing the overall value of your health cover involves considering various aspects such as coverage, service experience, and future needs. If you’re looking for competitively priced Gold hospital cover with additional benefits, Doctors’ Health Fund offers options tailored for doctors, medical professionals, and their families. Additionally, they offer incentives such as up to 15 weeks free across the first two years and no waiting period on extras for services like dental and optical.
