What is the best and cheapest health insurance?

For the average Australian, what value does the best and cheapest health insurance actually provide? This is commonly debated in the media and regular television, billboard and magazine advertising pushes individuals to join a health fund but why not just rely on Medicare? The below article focuses on answering these questions and why it’s critical to find the best health insurance policy for you!

Bronze Hospital & Bronze Extras Set Benefits

Entry level hospital cover. Includes preventative dental and optical.
$ 20.35*
per week
Select

Bronze Hospital & Silver Extras Set Benefits

Entry level cover. Cover for a range of popular services that suit your lifestyle.
$ 24.35*
per week
Select

Silver Hospital Plus & Bronze Extras Set Benefits

Moderate cover. Includes private hospital with some exclusions. Includes cover for preventative dental.
$ 29.90*
per week
Select

Bronze Hospital & Bronze Extras Set Benefits

Entry level hospital cover. Includes preventative dental and optical.
$ 20.35*
per week
Select

Bronze Hospital & Silver Extras Set Benefits

Entry level cover. Cover for a range of popular services that suit your lifestyle.
$ 24.35*
per week
Select

Silver Hospital Plus & Bronze Extras Set Benefits

Moderate cover. Includes private hospital with some exclusions. Includes cover for preventative dental.
$ 29.90*
per week
Select

* The price shown is per week and applies to a Single living in VIC with a $500 excess. It excludes LHC loading and includes a Base Tier Government Rebate.

Choose your own extras provider.*

*With GMHBA, you have the choice to use any extras provider with professional qualifications recognised by GMHBA.

  1. Private Hospital Cover

    Key issues of the public system range from possible long waits to be treated and no choice of your doctor. The best health insurance policies may allow you to get treated in a private hospital, possibly minimise waiting times and have the ability to choose your preferred doctor when available. Even the cheapest health insurance policy will allow you to get treated as a private patient in a public hospital which has significant benefits.

  2. Out-Of-Pocket Expenses

    It’s a myth that the public health system is 100% free for Australians. Being treated for sickness or an injury can leave you out of pocket for thousands of dollars depending on your treatment. This is due to ‘gaps’ existing which is the different between what the government will pay and the actual health cost. Health Insurance can minimise these ‘gaps’ so if you get sick or injured you won’t need to be worried about the bills you will receive after treatment.

  3. Taxes & Rebates

    The Australian tax system has been designed to encourage Australian’s to get health insurance. First there is the Medicare surcharge which charges extra tax once you hit a certain salary threshold. Then there is the Australian government private health insurance rebate which can be over 35% for some Australian’s. Finally, there is the lifetime health cover loading which increases the price of health insurance each year after the age of 30 if you have not taken it out before then. Often the best health insurance plan will have more benefits than costs due to these taxes and rebates.

Tips For Finding the Best and Cheapest Health Insurance Benefits

Every Australian is different due to our life circumstance, medical history and plans over the next 12 months. The best health insurance plan for you will factor in these elements with benefits matched to what you may need in the medium to long term. For example, you may be thinking about having a baby in a year so the best health insurance policy will include maternity cover.

GMHBA’s website has been designed to help match your circumstances to their policies to find the best health insurance cover for you. In many circumstances it’s recommended that you give GMHBA a call just to double-check that the policy your considering is right for you and to ensure you understand other options available such as extra’s cover.

The Best and Cheapest Health Insurance Claim Process

The most convenient way to make health insurance claims is through HICAPS. This is a facility at most hospitals and extras providers which allows the amount covered to be taken off the bill immediately. GMHBA is a partner with HICAPS so you can simply provide your GMHBA members card and this will be used to process your HICAPS claim. Claims can also at times be processed through other channels or you can use the Member Area to make a claim after treatment. At GMHBA we offer you the best and cheapest health insurance policies to suit your needs.