Many people realise health insurance is a confusing topic. Consider these tips when purchasing a policy which may save money!
• Create your Limits fits for you. Based on your status (Single/Couple/Family) you should check the limits for the services you/your family will use. When selecting a health fund, be sure to check the benefits you will receive on the services you use regularly. Health Insurance differ in the benefits they pay on extras services. Some may offer a % rebate on the total cost of treatment while others may pay a set $ amount.
Check the policy for details and restrictions. Know your capped limit (a maximum limit that can be claimed for the whole membership).
• Ambulance cover. Most insurance gives some sort of Ambulance cover, but vary with the amount of cover. Ambulance cover is under hospital cover or extras. Important thing to fund is whether Full Ambulance or Emergency Ambulance is covered.
* Full Ambulance cover will give you 100% cover Australia wide for air, land and sea transport.
* Emergency cover will only rebate the cost of your ambulance if the paramedics classify the call out as an ‘emergency’. If they do not classify it as an emergency, and you only have emergency ambulance cover, you will not be rebated for the cost of the ambulance
• Excess or Co-payments. Be careful of policies that contain an excess and co-payment for hospital admissions. Usually an excess is paid on admission into hospital irrespective fo how long you stay, and co-payments are paid for each day you spend in hospital.
If your policy has an excess and co-payment you could end up paying a lump sum on admission and a further amount for each day you spend in hospital!