Best Health Funds – What do they cover?

If you are new to the world of private health insurance, trying to understand all the details can get confusing quite quickly. It’s important to remember that the best health insurance policy isn’t necessarily the cheapest but the best value for your circumstance. Investing and finding the best health funds requires that you know exactly what you’re getting for your money, and what kind of healthcare benefits you and your loved ones actually need.

Different people have various expectations when it comes to private health cover. Some may consider it as an all essential safety net when unfortunate and unforeseen circumstances arise such as accidents and ailments. Others see it as a convenient and cost effective way of receiving regular treatments and check-ups.

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

One month free on any cover*

*Offer ends 30 June. For new members on direct debit. Must pay first month to receive second month free.

It’s also important to note that not all of the best health funds policies are the same. Health insurance companies clearly draw the line between what types of benefits each policy covers. There are basically two types of cover one can get – hospital cover and extras cover.

Two Basic Types of Cover – Hospital and Extras Cover

Hospital cover means you can get admitted into a private or public hospital as a private patient. This type of insurance coverage only applies to procedures that are deemed medically necessary by your doctor. Private health cover is a direct replacement for Medicare benefits that are provided to the public by the Australian government.

There are many advantages to getting private hospital cover such as having your choice of doctor and hospitals to seek treatment from. Depending on the level of private hospital cover you have, you can also get subsidised for other costs such as a hospital room, operating theatre and ambulance fees. Last but not least, the primary advantage of getting private hospital cover is the fact that you don’t have to spend months or even years to receive treatments because of long waiting lists; people who solely rely on public health insurance or Medicare generally have no choice in this matter especially when it comes to non-emergencies or elective surgeries like knee reconstructions.

Private hospital cover doesn’t have to be expensive. The best health funds like GMHBA specialise in providing affordable health cover that will agree with most budgets. GMHBA’s Bronze Hospital policy is one of the best hospital covers in Australia today. One of its unique features that make it so affordable is that it only allows for treatments in public hospital, but as a private patient. This basic hospital cover is ideal for avoiding the Medicare Levy Surcharge.

At the other end of the spectrum, GMHBA also offers a comprehensive hospital cover, which it calls Gold Hospital. It offers access to a wide range of treatments in participating private hospitals and can even be tailored to remove services you are not likely to need like pregnancy cover for single people or families and couples who have no intention of having children in the near future.

Extras cover offers a completely different set of medical benefits. It covers ancillary medical needs or general treatments that are usually treated out-of-hospital or in clinics such as dental procedures, optical services, as well as chiropractic and physiotherapy sessions, among others. Most of the time, you still have to pay some out of pocket costs when visiting specialists for such general treatments, and the insurance company usually places limits on the number of treatments you can get on an annual basis. But compared to paying in full for such medical costs on a regular basis, you’ll usually get better value for your money with extras cover.

The best health funds like GMHBA Health Insurance’s Hospital Cover packages, there are several tiers for its Extras Cover which range from Bronze Extras, Silver Extras to Gold Extras. The Bronze Extras Cover lets you get back up to 55% of your costs when you seek out general treatments, while the Gold Extras Cover offers a more diverse range of covered treatments and reimburses you for 75% off your costs whenever you visit a clinic or health provider.

All in One Packages

Top and best health insurance companies like GMHBA also offer combined policies that offers both hospital and extras cover, some of which are the Fit Package. There are four levels of this all-inclusive policy, namely the Fit Entry Package, Fit Standard Package, Fit Top Package and Fit Ultra Package. Naturally the Fit Ultra Package is ideal for those who need complete peace of mind.

For people who have an active lifestyle that revolves around sports and fitness but don’t necessarily want to pay a whole lot for a great health insurance package, GMBHA’s Fit Entry Package is the best choice. It offers just enough benefits to give you peace of mind in case of any unfortunate events. The Fit Entry Package even covers for elective surgeries like knee, ankle and shoulder reconstructions and repairing fractures. It also offers an extensive range of extras cover to keep your body and mind in top condition as long as you are covered.

The type of health cover you choose depends largely on your own personal circumstances such as what stage of your life you’re in; whether you’re single, married or with dependents; your financial situation; your lifestyle; and your appetite for risk. You can also always choose Hospital Cover from one provider and Extras Cover from another if they have the best health insurance policy terms for your needs. No matter which plan of action you take and which private health company you choose, comparison shopping and knowing all your options is of utmost importance to get the most out of your insurance payments and avoid financially crippling medical expenses in the future. GMHBA is one of the best health funds in Australia and offers a wide variety of different policies to suit everyone’s needs.