Health Cover Explained
Health Insurance is comprised of two components, hospital cover & extras cover. Hospital cover will cover you for all medically necessary procedures with a Medicare Item Number in a participating private hospital as an in-patient. Hospital cover won't cover you for any procedures without a Medicare Item Number, or for any procedures which are excluded on your plan, so it's best to check that you're covered for the procedures you need. Extras cover is used to claim benefits on services which generally aren't covered under Medicare such as:
- General Dental
- Major Dental
- Remedial Massage General Dental
- Hearing Aids
- Yoga / Pilates
- Ambulance Cover
- And much more
Each service which you are covered for will have a set yearly limit on how much you're able to claim, for example a policy may limit people spending $300 on physiotherapy each year or $200 on optical. Unfortunately though, just because your yearly limit is $300 on physio, that doesn't mean that you'll get 100% off the physio bill until you hit $300. This is because health funds will pay a certain amount out on each visit, these are known as "rebates".
Why Compare Health Cover?
There are over 36 different health funds in Australia and a myriad of different health cover options. Each health cover policy will have different premiums, different yearly limits, different rebates and will cover different services. This makes it important to compare your health cover on a regular basis to make sure you're still on the right plan. You don't want to be overpaying for a policy, when you can get a lower costing plan with better benefits!
Plus don't forget, when you switch from one health cover to another, you won't re-serve any wait periods for anything you've already served with you existing health fund.