How do I compare the best health funds?

For most Australian’s comparing health insurance can be a daunting task with so many variables needing to be considered to find the best health insurance for you. A great way to start the process is by looking at your individual health insurance needs and if applicable your partner and children. These needs to should matched by the covers available by Australia’s best health funds and the policy prices applicable for them.

* 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

No 2 and 6 month waits on extras when joining combined cover*

*Offer ends 28th February 2019. For new members on direct debit. 12 month waits, annual and sub limits apply. Extras claims made with previous fund count towards annual limits. Not available with any other offer.

When choosing the best health fund here are some tips help you narrow the field:

  • Assess your health and family history – are there any pre-existing conditions you or your partner has or might need to accommodate for in the future.
  • Consider whether you want extras cover – this covers a range of non-hospital treatments such as dental, optical, physiotherapy services and lots more. Would this be a good addition to your cover and how much do you get back when you make a claim?
  • Know what your budget is – what policy price is affordable for you and how much can you afford to be out-of-pocket if you get sick or injured?
  • What are the claiming options available – how can you submit your claim? Are online facilities available or if you want to speak with someone in person or on phone is this facility available?
  • Work out an affordable excess – the excess is the amount you will need to pay per hospital visit before your health insurance kicks in. Increasing the excess is a way of reducing the monthly insurance premium however you need to be confident that it is an amount you can afford to pay if required.
  • Are there special arrangements for children – make sure if you have a family that everyone is covered under the policy.
  • Understand your level of rebate – Most Australians currently are eligible to receive a private health insurance rebate from the government to help cover their private health insurance premiums. The rebate is means tested.
  • Changing your policy – as our lives change so do our health needs. So you need a policy that is not only suitable for your current situation but possible changes over the next 12 months.
  • Assess your options – once you know what are the important inclusions in your policy, the excess you are comfortable with and the price you can afford each month it is time to research which policy suites your needs best.

After assessing these points you need to work out what the best level of health cover is for you, basic or comprehensive? Do you want hospital only, extras only or a combine hospital an extras policy? There are three main types of private health cover to consider.

Hospital Cover – with hospital cover you can have the peace of mind knowing you are covered for in-patient hospital expenses with your choice of doctor and hospital. You can avoid public hospital waiting lists for elective surgery.

Extras Cover – you will receive benefits from health services Medicare does not cover. It is important to compare your extras cover and make sure the services offered are ones that you frequently use.

Combined Cover – includes both hospital an extras cover in a policy tailored to meet your needs.

When looking for the best health cover at GMHBA we have all different levels of hospital and extras cover to suite everyone’s individual needs and budget. At GMHBA whether you are single, a couple, single parent, family or retired we have health insurance cover to suit your needs.