July 3, 2022
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How to take advantage of the benefits of private health insurance

By on February 7, 2022 0

Private health insurance might have more benefits than you think. Here’s how to get the most out of your font.

Sponsored by Medibank. Join eligible Medibank Hospital and Extras by February 28 and follow any Live Better activity to receive 25,000 points. Plus, get your extra 2 and 6 months of waiting waived. Learn more.

If you’ve ever felt a little dissatisfied with your health insurance, know this: you don’t have to be.

A recent poll by Finder revealed that the majority of Australians (59%) believe they are getting good value for money from their health insurance policy. You can be part of that 59%.

How? ‘Or’ What? Well, you might need to do some leg work. But we promise it’s worth it, and we’ve got some tips to give you a head start.

👋 Psst! This article was created in conjunction with Medibank, so we’ll use examples from their policies throughout. However, there are other options.

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Not all health insurance policies are created equal. Compare health insurance policies online and you might find a policy that offers better value for money, better suits your needs, or both.

Let’s say you are looking for fiscal policy. Using Finder’s health insurance comparison tool, I found a minimum policy of about $77 per month that would pay restricted benefits for inpatient psychiatric services, rehabilitation, and palliative care.

Or I could spend a little more and get a lot more. For example, I could qualify for Medibank’s Bronze Everyday hospital policy for about $88 per month which includes restricted benefits for all of the above, plus unlimited benefits for 18 other clinical categories including Cancer Chemotherapy, diabetes management, pain management, gynecology and joint reconstructions. . After serving the waiting periods, ie.

These costs are based on my age, income and location, so there may be variations when entering your own details, but it’s always worth taking a closer look at what you might be getting for your money.

A pregnant woman wearing a religious headscarf sits on a hospital bed.

Examine your extras

If you have an extras policy, look carefully at the things you can claim. Many policies will allow you to claim prescription sunglasses, corrective massage, and acupuncture.

You should also check if there are any included perks that offer 100% cash back. This means that you won’t have to co-pay or incur a variance fee for that item as long as the cost of the service does not exceed your relevant extras limit.

For example, your extras policy might offer 100% cash back up to a maximum of $250 on eyewear. These limits reset every year, so you can use them even if you don’t necessarily need new glasses right now.

You might consider getting prescription sunglasses instead. Or even a spare pair to keep in the car. Remember, you’re paying for the perk, so you might as well use it.

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Use Network Providers

Health insurers generally have a network of partner providers. This network is made up of all the hospitals, day surgeries and healthcare practitioners they have partnered with.

In some cases, there are advantages to visiting these partner suppliers. Prices can be capped so there are no nasty surprises on your bill and you have coverage for more treatments or higher reimbursements.

For example, Medibank offers customers up to 100% reimbursement on up to 2 dental checkups each year, but only at Member’s Choice Advantage dentists (this is its provider network). Whichever health insurance you choose, you should be sure to ask them about the benefits of using a provider from their partner network.

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Search offers

Before subscribing to health insurance, check the offers offered. You could earn hundreds of dollars in gift cards, get a few weeks of free coverage, or earn hundreds of thousands in frequent flyer points.

Even if you don’t see any offers online, ask the insurer of your choice if they currently offer sign-up offers. You never know what’s available and it’s the squeaky wheel that’s oiled!

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Search benefits

Health insurance is a competitive space and insurers are doing a lot to stand out. This means that if you look closely, you may find additional benefits that fall outside of your standard policies.

For example, Medibank Hospital members can access a free 24/7 telephone service where you can get medical advice from experienced nurses. The brand also operates a dedicated mental health helpline for any mental or emotional health concerns.

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Look for a rewards program

A growing number of health insurers are rolling out rewards programs to encourage healthy living. It makes sense, right? The healthier you are, the less likely you are to need a hospital stay and ultimately make a big claim.

So, keep your eyes peeled for a rewards program that offers additional perks. This probably shouldn’t be the number one factor to think about when looking at health insurance, but if you’re torn between 2 policies, this could be the deciding factor pushing you one way or the other. .

Medibank’s Live Better program is one of the rewards programs currently available to Australian customers. Download the app and eligible Medibank members with hospitalization or extras coverage can earn points for reaching health goals, like hitting your step count. You can then redeem these points for rewards or a discount on your premium.

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The offer for new members ends on February 28. The T&Cs apply. Learn more.

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