Time to review your private health insurance?

Review your private health insurance is important. Photo of man using a computer to review his private health cover

Any new year, new season, new life change is a good reason to check in on your private health cover.

Life’s a journey. Things change. So, it’s important to take the time to review your cover so it keeps up with your lifestyle and healthcare needs. You want to be sure you’re covered for everything you need – and not for the things you don’t.

You should review your health cover periodically throughout your life to keep yourself, and those you love, protected. Your private health cover is there to protect you, so it’s important you update it when things change.

Does your health cover match your needs and lifestyle?

Making sure you’re getting value from your cover means there’s no ‘set and forget’ approach to private health insurance.

A new partner, a new job, your first baby. These are all pivotal moments when you need to consider your private health insurance to make sure it changes with you.

All that aside, it’s ideal to look at your cover every couple of years to make sure it’s doing its job. Because even if your circumstances haven’t changed, your health needs or finances may have.

We’ve pulled together this guide to life’s big moments and the reasons why it’s important to review your health cover to suit your life stage.

Young and single

When you’re young and single, you may not think you need health insurance at all.

But, unforeseen events can happen, so it’s always good to have the peace of mind that hospital cover provides.

The young adult years are also when you establish good health habits and extras cover helps you to be in the driver’s seat when it comes to your health and wellbeing. Being able to schedule regular trips to the dentist and optometrist to keep on top of things is a plus. Access to benefits for services like physio, chiro and remedial massage come in handy, too.

You couple up

When you become part of a couple, you’ll think again about your health cover.

You might both have your own policies, or you’ll be looking to start your own together. Whatever your circumstances, having couples health insurance can cut down on admin and costs.

Whether you’re an active, outdoors couple or prefer to spend time together in the gym, extras benefits like physio and chiro (as well as good dental and optical) are a must. You may also want to claim those gym memberships, so a higher level of extras cover may be best for you.

While you may be in good health, it makes sense to keep hospital cover – just to be sure you’re in good hands if the unexpected happens. Hospital cover also safeguards you against long waiting periods in the public system, helping get you back on your feet quicker when you need it.

And, when you start thinking about starting a family, you’ll want to make sure you’re covered for pregnancy (and maybe IVF).

Even if you’re not part of a couple, you might want to start a family. Taking the time to make sure your new little family is protected and that you’re covered for the care you need will give you a good start.

There’s usually a waiting period for pregnancy and birth-related services (because they’re usually a higher level of cover), so if you’re thinking about starting a family it’s best to plan ahead and make sure waiting periods are served before you need to claim.

Putting your new family first

A new life means new responsibility. Once a child (or children) arrives, you’ll be keen to protect them with cover that helps you get the best care you can.

You’ll need family cover for common childhood conditions like tonsils, adenoids and grommets.

And, establishing the regular cycle of dental and optical check-ups in the early years will help you get the kids on the right track from the start. Benefits like speech pathology, audiology (hearing checks) and maybe even occupational therapy will help you make it through those busy years of childhood.

All families get older

Again, as the kids get older, things will change. Make sure your cover grows with your family and their healthcare needs.

The teenage years often need some tender loving care. Dental and optical visits will become routine, and you may also need to consider orthodontics.

Good general health is important for busy families, and everyone will be able to access benefits for gym membership, psychology and dietetics if you select the right level of cover. You may also want to claim prescriptions and medications.

Your own young adults

Kids stay at home longer these days. Many study, many get their first jobs – but for the most part they’ll live in the family home for longer.

We were one of the first private health insurers to offer cover to adult dependants – whether they’re students or working – right up until they turn 31.

Full-time students can stay covered for free and working kids can be covered on your policy for an additional premium (less than the amount they’d pay for an equivalent single person cover). You’ll need a Family Extension policy to keep adult dependants on your cover.

With more ‘grown ups’, you’ll need good extras cover to make sure everyone has access to the services they need. These could range from dental and optical, chiro and physio as well as gym memberships.

Alternative therapies, like acupuncture, remedial massage and health aids may also come into the picture. Your hospital cover will need to support an adult family to provide you with real peace of mind.

Back to a couple

The ‘empty nest’ may feel a long way off, but it will be here before you know it.

The kids (probably with your expert help) have moved onto their own health cover and you’re back to life on your own or as a couple.

Still, you’re older now so quality cover will help you take on whatever life throws at you. It’s later in life when we see the most demand for new hips and knees, so maintaining hospital cover for joint replacements is wise. And, it’ll help you dodge those public hospital waiting lists.

Extras remain important, depending on your lifestyle. Staying on top of your general health and wellbeing with chiro, physio and alternative therapies will help you stay at your best.

You’ll more than likely need those optical and dental benefits. Plus, you can take advantage of claiming on gym memberships and prescription medications.

Other reasons to review your private health insurance

Your health: You, or someone you love, may need treatment for a health condition. Often, it’s worth considering a higher level of hospital cover if you need ongoing care and support. If you upgrade your cover you may need to serve waiting periods, but it’s worth considering as you navigate your health journey.

Your income: As your pay goes up, so does the chance of you paying the Medicare Levy Surcharge (MLS). The MLS is just one of the various incentives and rebates that can financially impact your decision to take out hospital cover. Sometimes, it may be cheaper to take out hospital cover than to pay the extra levy. Everyone’s situation is different, so it’s best to check the rules and guidance on the ATO website or check in with your accountant or tax agent to talk about how this might impact you.

Times get tough: Cost of living pressures are impacting Aussies. We’re here to help. Whether it’s access to our Involuntary Unemployment Assistance program, or helping you take out a lower level of cover for a while, we’re behind you every step of the way.

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