Friday, March 18, 2016

Making the most of Family Health Insurance Cover

Now that we're looking to add to our family again the topic of taking out family health insurance has come up a lot. The problem is we really have no idea where to start and there are so many policies out there, so I've invited Health Insurance Comparison to guest post to help explain it all.

Family health insurance policies tend to be the most cost effective option if you have children as they include a lot of the services that are of most importance as your kids get older. However, not all family cover is the same and with the premium increases about to come into effect, this is the ideal time to look at your situation and see whether your family’s health insurance is really ticking all of the right boxes for you.

What is Family Cover and What Can It Cover?

In a nutshell, family cover is aimed at couples who have children or are planning to start a family in the near future. It therefore goes a step further than couples cover in also covering newborn babies straight after the birth and it’s also often designed to cover Extras services that the typical family is likely to use such as general and major dental, orthodontics, optical, physiotherapy, chiro, osteo and pharmacy.
Not all Family cover necessarily includes pregnancy and birth services as part of the Hospital component of the policy; with some health funds, you can choose for this to be restricted or completely excluded to keep costs down if you are not planning to have any more children.
Depending on your cover level, the Hospital side of things may include a range of services such as cardiac procedures, rehabilitation, psychiatric services, dialysis, joint replacements, cataract procedures and obesity services. For Extras services, broader cover may include the likes of podiatry, psychology, speech therapy and natural/complementary/alternative therapies.

How Long to Keep Family Cover for?

You might assume that Family cover will be redundant once your children are considered to be adults but some health funds will allow you to keep dependent children on your policy up to 25 years old - as long as they are in full time education until this point.
Once your children have left home or are better placed to buy their own health insurance policy, it can make more sense to switch to Couples cover for yourself and your spouse but exactly when you might look to do this will depend on when your health fund no longer includes dependent children on Family cover.

How to Get More from Your Family Cover

Some health funds include a number of benefits that can help you to get better value for money from Family cover and reduce out-of-pocket costs, including:
  • No out-of-pocket expenses for kids on dental services
  • Covering dependent children until they’re 25 years old
  • No hospital excess for kids
One of the best ways to get more from your health insurance cover is to make sure that it’s right for your current and future health needs and taking steps to change this if you find that there is room for improvement:

Reviewing Your Family Cover

Your family’s health needs are likely to change as your children get older and this can be important if you’re on a budget level of cover that only includes a limited number of Extras services. It’s therefore best to review your family’s health insurance needs at least once a year so that you can make sure that you’re covered for the services that may become important over the coming year. Orthodontics generally has a 12 month waiting period and many other Extras services  can have waiting periods of up to 6 months.

Shopping Around for a Better Deal

If you’re not sure whether you’re currently getting good enough value for money from your current health fund, now is a great time to shop around and compare your options before the rate rises kick in. You might find that you can get additional benefits elsewhere or broader cover that better suits your family’s circumstances for the same kind of price. Shopping around doesn’t need to be a daunting or time consuming experience; using a comparison tool such as www.HealthInsuranceComparison.com.au makes it quick and easy to compare a range of health funds.

Focusing on the Most Important Services

Regardless of whether you decide to switch or stay with your current health fund, you can get more from your cover by making sure that it only includes services that you’ll use. On Family cover, pregnancy and birth services are an obvious one to look at once you decide that you don’t want to have any more children. You can then look for Family cover that doesn’t include pregnancy and birth services to cut your premiums. Depending on your health fund, you might just need to change to another level of Family cover or make an effort to shop around for a Family policy that excludes pregnancy and birth services but still includes other services that are important for you. Either way, taking this step can make your policy much more cost effective without affecting any other aspects of your cover.

18 comments:

  1. My son doesn't have private cover, interested to have a look if there is a policy that may suit him. I am guessing he will need a few extras!

    ReplyDelete
    Replies
    1. Hmm yea that would be a tough case I imagine :(

      Delete
  2. I have looked at health insurance a few times but there are so many things to consider.

    ReplyDelete
    Replies
    1. So many things! I think that's why it confuses so many people.

      Delete
  3. We have had extras cover for years mainly for dental, orthodontics and glasses. Lately we have noticed we get very little back and have been thinking about ditching it; yet at the same time hubster and I are both at the age where we should probably upgrade to full cover. When we were raising our family we just couldn't afford it! Probably can't really now either but it does seem like a smart choice ... even with the extra loading because we've waited so long ...

    ReplyDelete
    Replies
    1. My mum had it for me up until I moved out of home and I hadn't bothered with anything after that, but now we're considering it with bub having so many medical issues, but again it comes back to cost vs benefit. That's why I love insurance comparison sites :) P.S. I had no idea there are extra loadings because you haven't had it before {that seems a bit unfair}.

      Delete
  4. We reviewed our health insurance last year I think it was. We're now paying much less but it's still a lot. It's just gone up now too :(

    ReplyDelete
    Replies
    1. Yea I'm pretty sure most of them are going up in April so its always good to review them and make sure you're getting the best deal.

      Delete
  5. We reviewed our insurance last year and were able to drop obstetrics which made a difference for us. It would be great if everyone could have a little more choice about the extras they have on their policy - maybe that will be introduce as an option one day!

    ReplyDelete
    Replies
    1. Hopefully. It would be really great if we could make our own policy to include all the extras we want and exclude all the ones we don't need.

      Delete
  6. It’s really such nice information to get advantage from. Cheap business insurance in Houston

    ReplyDelete
  7. The rising maturing populace, expanding cost of cutting edge medications, and contracting human services costs by governments have induced medicinal services suppliers to search for supplementing answers for manage future social and social insurance frameworks. Meine Rezension hier

    ReplyDelete
  8. In the event that you are having a child, Aetna Family Health Insurance Company has intuitive apparatuses to help you arrange the up and coming costs, in light of what the Aetna Family Health Insurance approach will cover, and what you will be in charge of. crazy bulk testo-max

    ReplyDelete
  9. There are number of insurance policies we offer by different health insurance providers on our web sites. Progressive Insurance Brandon FL

    ReplyDelete
  10. This is to decide the degree of the issue, to perceive how far out of its legitimate position the circle in the spine lies. trigeminal neuralgia

    ReplyDelete
  11. Herbal medicine is an approach wherein medicinal herbs are used in the treatment of health problems. TinleyParkChiropractic.com

    ReplyDelete
  12. This data makes it more straightforward for you to make an examination of their costs and administrations. It will likewise be simple when settling on your ultimate conclusion Mark

    ReplyDelete
  13. One example is how private specialists will give you appointments just outside of their regular working hours, occasionally on weekends also. MyHealth Mississauga

    ReplyDelete