If the first thing you think of when you hear the word ‘premium’ is Spotify, this one's for you.
We’ll hit ‘skip recap’ on all the recent events that have caused us to reprioritise what our best life looks like, but if sorting out your health insurance made that hit list, you’re not alone.
Because there’s no training manual on ‘how to adult’, trust us—we checked. So we’ve teamed up with GMHBA and done the hard yards for you.
Here’s a few things beginners need to know when scoping out private health insurance.
Why Take Cover?
While yes, Australian residents are automatically covered for many hospital-related costs (thanks, Medicare), private health insurance hooks you up with the private system, which can reduce wait times for elective surgeries, and it can give you control over choosing your doctor. Better yet, your coverage can extend to the likes of optical items, physiotherapy, and dental to keep your smile pearly white.
Think of private health insurance as an extra-large umbrella in a storm. You might think it unnecessary at first, but when you save your #ootd from getting totally drenched, you’ll be glad you have it. Peep the example scenario from GMHBA here to get the full picture.
Here’s a hot tip—secure your Lifetime Health Cover Loading age and take out your policy before you hit 31 to save some coin on your premium (that’s insurance-speak for a monthly fee).
Excess In A Nutshell
Put simply, an excess is the amount of coin you need to pay first toward any loss or claims. Your insurer then covers the remaining amount up to your policy limit.
Like how you’d choose your phone plan, the amount depends on which policy best suits you. Figure it out from the comfort of your couch when you get an online quote here—snacks and slippers heavily encouraged.
The Waiting Period
When signing up, providers will often stipulate a ‘waiting period’. Essentially, this is the length of time between when you join and when you're covered for certain treatments or services.
Essentially, this is a goalkeeper to stop a cheeky few from cheating the system and to protect existing members. Not to worry though, on the off chance you have a Bridget Jones moment, any accidents occurring after you’ve joined are covered from day dot.
Take Advantage Of The Perks
Find yourself putting off the regular check-up or check-in? What if we told you doing so could result in a gym membership and shopping discounts—yes, really. GMHBA partners with AIA Vitality, a worldwide wellbeing program that rewards you for healthy habits and behaviours.
If the word ‘perks’ caught your attention, other rewards include up to 50% cashback on flights so you can cure your wanderlust, plus discounts on Fitbit and sweet deals on activewear. Yes, please.