Best value health insurance, what do I need to know?

Being inquisitive when choosing the best value private health insurance policy is necessary and will lead you to utilize and maximize your benefits. Understanding everything about the type of health insurance you have ensures you will be covered with fast and effective medical services and treatments. You will also understand any restrictions and limitations that are stated on your health insurance policy. Often, a health insurance provider will give you online access wherein you can browse and compare the health coverage’s and programs that they have. This will also give you the ability to be able to switch, upgrade or combine your health insurance policy with your current private health insurance provider.

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.

Understanding what is the best value health insurance can be tricky. The following article contains some important information about policies along with explanations of terms you may not be familiar with. It also gives you an overview of some key rules. Private Health Insurance companies recommend that you should carefully read the fund Rules, the information on the website and any brochures or Standard Information Statement available to you and you should retain this information for future reference. It is important to do your research when trying to find the best value health insurance policy for you.

The Most Significant Things you need to Know When Opting for Private Health Insurance

If you are new to Private Health Insurance below are some important things you should know.

Waiting Periods

All health funds have waiting periods. In short, a waiting period is a period of time you need to wait after taking out your cover before you can receive benefits for services or items covered. You’re not able to receive benefits for any items or services you might have obtained while you’re serving a waiting period or before you have joined a Private Health Insurance policy. Waiting periods will apply if you're a new member, you're rejoining a health insurance policy after not having health cover for some time or you're changing to a higher level of cover. If you're changing to a higher level of cover, you'll still be entitled to benefits at the level of your former cover while you're serving any waiting periods on your new cover as long as those services were included under your old cover; and you've already served the waiting periods that applied under your old cover. The time of the waiting periods included in each policy depends on the types of services or items included in your cover.

What is Lifetime Health Cover?

This is a Federal Government initiative where a loading can be applied to your premium if you take out hospital cover later in life. It’s aimed at encouraging people to take out hospital cover early in life and maintain it. The loading generally applies if you don’t have hospital cover on the 1 July following your 31st birthday. This means for every year you don’t have hospital cover, you’ll pay a 2% loading on top of a base rate on your premium (or on your share of a couple or family premium) up to a maximum loading of 70%. The loading applies only to hospital cover or the hospital component of your cover – not to extras covers. Any loading that applies to your premium will be removed after you’ve held hospital cover continuously for 10 years. However, the loading may be reapplied if you then cease to hold a hospital cover and subsequently take it up again.

Pre-Existing Conditions

By pre-existing condition, we mean an ailment, illness or condition where signs or symptoms existed at any time during the six months before you either took out your new cover, or transferred to a higher level of cover. The private health insurance fund will often appoint a medical or health practitioner to determine whether you have a pre-existing condition, based on information provided by the practitioner(s) treating you. If you're a new member, you'll have to wait 12 months before you can receive benefits for items or services related to a pre-existing condition.

Out-Of-Pocket-Expenses

An out-of-pocket expense is any expense for a hospital or extras service or item for which you won't be reimbursed – by either your health insurance fund or Medicare. Although hospital cover helps reduce the cost of your private hospital visit, you'll still have out-of-pocket expenses for things like your excess and any difference between what the hospital charges and the benefits your policy includes for the hospital services. You can also expect to pay the difference between the charge for in-hospital medical services (eg. doctors' services, pathology and radiology) and what you receive from your health insurance policy and Medicare. To explain it further, the benefits you're entitled to for the medical services you receive while you're in an overnight or day hospital facility are based on the Medicare Benefits Schedule (MBS) fee. The MBS is a list of all the services Medicare pays benefits for and the rules that apply to payment of those benefits - Medicare pays 75% of the MBS fee and your health insurer will pay some of the extra.

The Essence of Being New to Private Health Insurance

At GMHBA Private Health Insurance we are able to offer you a variety of the best value private health insurance policies to suit your needs and requirements. If you are new to Health Insurance our qualified staff are always available to answer any of your questions and lead you in the right direction. Make sure you call the best value health insurance company today, GMHBA Private Health Insurance.