Navigating through a range of health fund providers to find the right plan that suits all coverage needs is tricky. Understanding and comparing the differences and available options in coverage takes patience but knowing what to look for can streamline the process. Here are five things to keep in mind when choosing a health fund.
What Type Of Coverage You Need
The first thing to consider when looking for health insurance is what type of coverage is needed. Not all policies are equal and can be customized to suit individual needs. Maybe coverage is needed for hospital visits, general treatments, specialists, ambulance, or birth-related services. Plans also vary based on family size (singles, couples, families, or single parents) as well as age, lifestyle, and budget.
How Big Your Budget Is
Health insurance providers offer different policies to suit different budgets. Typically speaking, higher premiums come with more claimable benefits. When looking for a health plan, consider if it is better to pay lower premiums with higher co-pays for hospital visits, or pay higher premiums and no co-pays.
Consider what deductibles will need to be paid before the policy pays. Know what percentage a plan will pay after a deductible and what percentage a plan pays for out of network treatments. Some policies have lifetime limits regarding how much a plan will pay over the life of the policy in addition to annual limits.
It’s important to shop for different health funds to find the best fit. Customers can compare hundreds of health insurance providers with iSelect. With partners across a range of Australian health funds from the country’s biggest brands, select allow customers to compare policy benefits side by side to find the right provider to suit any healthcare needs.
What Networks Can Help You
Most insurance policies require customers to use their networks of participating providers. Check if current physicians are part of the network of doctors of the plan under consideration if it is a priority to remain with the same doctor. Using a physician out-of-network may end in higher co-pays or denied claims. Take the time to research the available in-network doctors before committing to a health care plan. Find out if they are conveniently located, their availability, confirm their credentials, and look for patient testimonials if possible.
Becoming comfortable with a specialist for unique treatments, such as a Tinnitus doctor, takes time. The expert team of audiologists at Sound Relief practice evidence-based treatment using technology to help patients find relief from tinnitus. Sound Relief accepts most insurance plans and can help patients find out if they are covered before starting treatment.
Out-of-Pocket Expenses To Consider
Despite the coverage benefits and perks that health funds come with, most still have several out-of-pocket costs. Some preventative care services may be exempt from deductibles, and co-pays and coinsurance may be charged once a deductible is met. Understanding out-of-pocket costs can be challenging, but an insurer can be contacted directly to clarify any questions. Look at each health plan’s exclusion list to see what is not covered to avoid any surprises.
If there are specific additional services that need to be included with coverage, it may be necessary to consider supplemental health insurance. Services like rehabilitation, mental health care, experimental treatments, alternative treatments, and home health care may not fall under a standard coverage plan.
Prescription Drug Coverage And Cost
Get a thorough overview of a plan’s prescription drug coverage to avoid paying out-of-pocket for expensive medication. If it is known that specific medications need to be covered, research to see if they are covered. Generic drugs tend to have a lower co-pay than brand name drugs. Some health fund providers require patients to use generic drugs first before considering paying for more expensive name-brand medications.