Home Additional Reading How to Choose a Private Health Fund That’s Right For You

How to Choose a Private Health Fund That’s Right For You

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There a lot of benefits to Private health funds. You can visit the healthcare practitioner of your choice, receive reimbursement for healthcare services that you’d otherwise pay for out of pocket, and you're guaranteed care in private hospitals. It also opens up a number of treatment options that may not be covered for you by Medicare. But how do you choose from the many private health insurance options available?

Understand the Type of Coverage You Need

Firstly, you need to understand what type of coverage you need. Start by asking yourself a series of questions:

  • Are you looking for private health insurance that will allow you to visit excellent private hospitals?
  • Do you want basic private health insurance coverage, so you can visit specialists and private emergency rooms without waiting?
  • Do you need extra coverage for chiropractic visits, dental care or physical therapy? Be aware that these extra health services will cost you extra if you want to utilize these benefits beyond the limit covered by most health insurance policies.

Then take a look at the levels of coverage. Health insurance ranges from basic coverage to comprehensive coverage. Basic coverage is cheap, but it only covers basic health services and emergency situations. This is the best choice for young adults or those who consider themselves to be in excellent health.

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Medium coverage costs more, but it offers more coverage. For example, medium coverage will cover both general dental care and major dental work like orthodontics. It will also cover physiotherapy, podiatry and psychological treatment. This is suited to individuals who are in good health, but may be at  risk of needing to see a specialist due to family or personal history of serious illness. It is also ideal for families, since you never know when kids will need braces or treatment after an accident.

Comprehensive coverage covers a wide range of medical services. For example, only comprehensive coverage will cover natural therapies, medical aids like hearing aids and nearly every dental treatment, though benefit limits may vary.

Determine Your Budget

A general rule of thumb is that the cost of the insurance policy will depend on what it covers. The greater the insurance policy coverage, the more you’ll pay out of pocket. The higher the benefit limit, the higher your policy. Benefit limits can take the form of individual limits, family limits, or a limit on the number of times you can file claims in a given year. Conversely, you can find insurance policies that give you incentives for making healthy living choices. For example, you could be paid for breaking your tobacco habit or losing weight. Compare Health Funds to find one that suits both your budget and lifestyle. And run the numbers a variety of ways. For example, as a couple you could get quotes together, or as individuals.