Health Insurance Guides

Health Insurance Guides 

Guides or guidance for health insurance sounds like a pretty good idea when you look at the mountain of material out there. It can be confusing even to someone with experience in the field. So if you’re new to finding health insurance or still feel as if you need a helping hand, here are some tips and guidance to help you choose the cover which is just right for you. Of course money is a factor for many of us and this article touches on the financial aspect as well.

Get help and be flexible

There are many brokers in the market place and to use them may cost nothing. Their fee can come from the insurer when the broker hands them your business. Good brokers are just that. They know the business, they know which policies will best apply to your needs and their service is sometimes free.  You would be silly not to at least explore the possibilities afforded by using a broker.

Health insurers are treated by some people as they would treat a bank. They’ve signed a contract with Bank X and then stay a customer there forever. That may not be in your best interest. There might be a better health insurance policy out there for you and your family. Be willing to change insurers if a better deal comes along. And your broker is the ideal person to help you out in this regard.

Tailor your needs

One mistake many people make is to pay for cover they don’t need or not pay for cover they may very well require. I mean if your 25 it’s not really likely you’ll have bone decay and need a hip replacement. But if you’re 65 you’ll probably never need cover for a new baby. Look carefully at your policy and add or delete items according to your stage in life.

And choosing the appropriate cover doesn’t have to be with the one insurer. Now there’s a thought from out of left field. Two different health insurers for the one person or family can make a lot of financial sense. If you can get a better deal on say your hospital cover from insurer X but a better deal on your extras from insurer Y, then take the best of both policies. Mix ‘n match so to speak.

Financial tips

By increasing the amount of excess you will pay – it will be higher for a family than for a single – you will reduce your premium. Insurers take the risk that you might need only a minor issue in hospital and thus your excess will cover most of the cost. Examine the possibilities this could mean to your lowered premium. And of course if you stay healthy you’ll be paying less for the same cover.

And remember the tax thresholds. If your income, single or combined goes above a certain level, the tax department will deduct more from your wage packet. It’s handy to know even if not palatable to the hip pocket.