Considering switching your health insurance? Maybe you're approaching a new stage of life or your needs have simply changed. Either way, you want to ensure you have the right level of Hospital and/or Extras cover. Here are some key considerations when switching private health insurance:
Private health insurance coverage
All health funds must ensure their Hospital covers fall within the product tiers: Gold, Silver, Bronze and Basic. The aim is to make it easier for people to compare and choose products across health funds as each level has a standardised set of treatment inclusions.
Extras products also have different levels within a health fund, and usually, the higher the premium, the more services are included, which can mean higher annual limits for claims. Unlike Hospital products, there are no mandatory tiers for Extras, and each health fund chooses the name of the product and the services covered in each Extras product. For example, Dietetics might be called 'Dietary' by Fund A, while Fund B refers to it as 'Dietary Advice'.
When you're looking to change cover, either within your current health fund or to a new one, make sure you are looking at what services you have now and what you want - or don't want - covered in the future. For example, if you currently have "pregnancy" included in your Hospital cover, but are not planning to have any more children, then you may want to look at other levels of cover that don't include it. By doing this, you could potentially lower your premium and save money.
Need help? Contact our friendly team at Qantas Health Insurance on 13 49 60. We can review your current cover (regardless of your current provider) and discuss suitable products that best meet your needs and budget. You're under no obligation to join - in fact, if we believe your current product is better suited to your situation, we'll suggest that you stay with your existing provider.
Health insurance premium increases
Each year on 1 April, all health funds usually make changes to their prices. The price change is often an increase, but some products may remain the same price or decrease. Price changes are influenced by several factors, many of which are out of the control of individual health funds and must be approved by the Federal Government. This is the only time health funds can change their prices each year, so if you switch health funds at any time, you can be assured that your price won't change until the following 1 April.
Tip: Looking to save money? Check how much your Hospital excess is. Choosing a higher excess will reduce your Hospital premium (although it's important to remember that you'll pay more upfront if you're admitted to hospital).
Waiting periods
A waiting period is the timeframe you must wait before you can claim benefits on your cover. Waiting periods apply to both Hospital and Extras cover. For Hospital services, maximum waiting periods are set by the Federal Government. For Extras cover, waiting periods are determined by health funds and most of these are 2, 6, or 12 months.
Typically, waiting periods are applied when:
you first take out private health insurance;
you switch to a higher level of cover (either with your current health fund or to a new one); or
you have not fully served waiting periods on your previous cover (the balance of the waiting period will still apply when you switch).
When you take out private health insurance for the first time, you will need to serve the standard waiting periods for the level of cover you choose. Each service that's covered within the different Hospital and Extras covers will have a waiting period. These generally range from 1 day to 12 months, with a couple of items having a wait of 36 months.
If you're switching to a similar or lower level of cover (either with your current health fund or a new one), the waiting periods you've already served on comparable services will be recognised. That means you can start claiming straight away for those services where you've already served the waiting periods.
If you're upgrading to a higher level of cover with increased limits or additional services, you'll need to serve waiting periods before you can claim. However, these waiting periods only apply to the new treatment types, higher limits, or services you're adding. You'll also need to complete any waiting periods not served from your previous cover.
From time to time, you may see advertising offers that waive 2 and 6-month waiting periods. These offers generally apply only to Extras services and only when you purchase combined Hospital and Extras cover. This type of offer is particularly beneficial for people new to private health insurance, as it allows them to start claiming immediately for those services. It can also benefit existing members who are switching between funds or upgrading their cover.
When switching to Qantas Health Insurance, we'll take care of most of the paperwork with your previous health fund and let you know if you need to serve any additional waiting periods. That way, you'll have the confidence knowing what you are - and what you aren't - covered for.
Private health insurance additional benefits
As an added bonus, some health funds may also provide member benefits such as discounts with partner brands, vouchers and more.
When it comes to rewards, Qantas Health Insurance is the only health insurance that comes with Qantas Points for joining and paying your premium. Additionally, the Qantas Wellbeing App allows you to earn more points through everyday activities such as walking, running, and sleeping. As a Qantas Health Insurance policyholder, you can earn up to 12,000 Qantas Points annually through the Wellbeing App by walking 10,000 steps daily and consistently meeting your sleep goals.
Thinking about switching health funds? Call our Qantas Health Insurance team on 13 49 60. They can help you find the right level of cover to best suit your needs and budget. You can also get a quote online by clicking the link below.
