Not all health insurance policies are the same. In fact, it’s a bit like navigating through a maze when you start looking at all the options you have. Fortunately a lot of these policies are being standardised and with the heavy regulation of the government its becoming much easier for consumers like you and me to make an informed decision.
The real trick to buying health insurance is to balance the cost with the level of cover. Since we all have unique circumstances, its important to tailor your plan as tightly to your needs as possible. Not only will this save you money but it will probably serve you well when you do get to a point where serious illness or hospitalisation requires the maximum health cover.
With Medicare undergoing some serious changes the future is pretty unclear. One thing that is for certain though is that health care is changing and its likely to become privatised and shift the responsibility from the government to you.
Obviously you need to look very closely at the level of cover that your health insurance will provide you. This will determine how much you will have to pay out of your pocket whenever you do claim. This amount varies greatly between different policies, so make sure you read the fine print and if anything is unclear, ask before you buy into it as you wont be able to claim ignorance as a fault from your insurer.
Your out of pocket responsibilities and expenses is the biggest variable for any insurance policy. Don’t get seduced by the promise of low monthly premiums on your policy. Look at it long term and see what it will cost you annually. Co-pays and deductibles can easily be manipulated to adjust your monthly expenses but in the end it’s the annual costs and the costs when you do have to claim that will make all the difference in what it will really cost you.
If you have any pre-existing conditions you will almost certainly not be insured for it. Make sure you clarify what’s excluded if you do have any medical condition as it can often affect your cover on related illnesses.
