Health Insurance Explained | Here Are the 5 Things You Need to Know

Health Insurance Explained,  Here Are the 5 Things You Need to Know.

On April 1st, the cost of your health insurance will rise again, but this time there are a few changes that might impact you.

Health Insurance Explained | Here Are the 5 Things You Need to Know

1. Health Insurance Prices Are Going Up

Every year on April 1, health insurers raise the price of your health insurance to offset the rising costs of healthcare. This year the average increase is going to be 3.25%, which is actually the lowest in 18 years but it still means that your monthly premium will be increasing. But here’s a tip, if you prepay this years cover before April you’ll dodge the price rise and pay last years rate.

2. There Are Brand New Tiers (Gold, Silver, Bronze and Basic)

In an attempt to make health insurance a little less confusing, the government has introduced four tiers of hospital cover to help you compare your options.

For example, a gold hospital policy will cover you for 38 treatments, where a bronze policy will cover you for only 16. There can still be major differences within each tier, so compare each policy carefully because it’s not always apples to apples.

3. Some Natural Therapies Are Being Cut

In another move to keep health insurance premiums down, a number of natural therapies will be cut from your extras. 17 natural therapies
are getting the chop this year, including: aromatherapy, yoga, kinesiology and pilates.

4. There’s a New Discount for Young People

If you're between 18 and 29, you are going to have access to a range of brand new discounts. If you're 18 to 25, you'll be able to save 10% a year on your hospital cover, but watch out because that figure will decrease by 2% every year you get closer to 30.  Be aware, not all health funds will offer this discount, so make sure you compare your options.

5. You Can Make Your Hospital Excess Higher in Return for Cheaper Premiums

In the past hospital excess was capped at $500. But from April 1st a new $750 option is also available, at a lower monthly cost. Should you ever actually need to visit a private hospital - you would end up with a higher bill. Before deciding your cover, think about the trade-off.

Remember that these changes will come into effect on April 1st. So now is the perfect time to review your cover and make sure you are getting the best value for your money.
Health Insurance Explained | Here Are the 5 Things You Need to Know Health Insurance Explained | Here Are the 5 Things You Need to Know Reviewed by IIS Daily on March 25, 2020 Rating: 5


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