Ask anyone that works at a reception desk in the health industry what the most frequently asked question they get asked by patients is. At the top of the list should be “Who is the best health insurance?”.
It’s a very good question and we wish there was an easy answer. The fact of the matter is that it’s a redundant question with too many factors and variables to give a single, straight forward answer. We can certainly try and break it down though.
The best health insurance myth
Consider that there are over 40 private health insurance brands in Australia and that each fund has a unique set of policies that include, and exclude, different things. Fund A might include Pregnancy on their Top level of hospital cover but Fund B might exclude it. Fund C might have really high annual limits for Major Dental but poor dental payouts, and vice versa.
There are so many variables across hospital and extras, it’s almost impossible to spit out an accurate answer to the question of who is the best private health insurance fund without first getting to know who is asking the question.
The Barefoot Investor, Scott Pape, recommended South Australian-based health insurer Health Partners as the best health insurance fund for hospital cover. They are a great health insurer, we agree, but can they be said to be the best? Perhaps the cheapest health insurance as it stands now, but that is likely to change with time.
Portability
Don’t re-serve waiting periods when you switch to a new health fund or policy
“John was immediately covered for a hip replacement in private hospital because he had already served his waiting periods for joint replacements on his old policy”
An analysis of your health needs
As an experienced team of health insurance advisers, we know all the right questions to ask in order to efficiently map out our customers’ health needs. We ask a series of questions that seek to pinpoint exactly what level of hospital cover suits your age and health requirements. We ask the same questions about extras needs and lifestyle. Example: do you go to the Physiotherapist? How often do you go? Do you know how much they charge per session? We ask this kind of questions for all the variables across private hospital and extras so that we might match a policy to your unique needs.
There are 38 different private hospital clinical categories and almost just as many different extras services that can be covered. With so many variables, it’s just not possible for any single health fund to cater to every different person’s health needs.
Different shapes and sizes
Australians come in all different shapes and sizes, with personal and unique health requirements and lifestyle needs. Private health insurance policies also come in all different shapes and sizes too. You’re starting to see that our role as health insurance advisers is to help our customers best match to a policy based on our analysis of your current set of needs and claiming habits.
So who is the best health insurance in Australia?
The best private health insurance company is the one who has a policy that best matches you and your family’s current set of health needs. Health insurance changes like the wind with health funds launching a new suite of policies almost biennially. Considering that your health needs change almost as often, it’s essential that Australians compare health insurance every so often.
