Wednesday 16th September 2015

Health Cover – Are You Paying Too Much?

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Mark Hann, Director

 

The most important thing in life is your health. And regardless of what stage of life you are in, or your circumstances, everyone can benefit from having private health insurance cover.

Your situation is unique, and not all policies are created equal. It’s important that you have the right kind of cover that can cater to your specific needs. I recently took the time and compared my personal private health insurance policies and quite surprisingly found that I was paying for some ancillary features in my current policy that I was never going to use.

To find out what other policies were available I completed a short questionnaire by visiting www.privatehealth.gov.au/compare. By visiting this site and completing the questionnaire this gave me a good understanding of what other private health insurance providers were offering and for how much. I then went back to my current health fund insurer and asked them to review my current policy and see if it was still suitable for my circumstances.

Following this review they managed to identify areas that we were paying for but would not be required at this stage in our life. We are now on a more suitable policy and we managed a saving of over $700 per year.

This is a worthwhile exercise to complete if you feel you are paying too much for your private health insurance. Even saving a few dollars a week adds up over a year and you could put this money towards your next holiday!

 

Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. 

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