“What do you know from your parents or grandparents or relatives and what did they suffer from, now, and at a young age? Those things are really important to understand, so you can make sure they’re covered,”—Radeyan Sazzad, Manager—Health Management, Australian Unity
Key points
- Identify your health needs and review existing cover to ensure you have the right cover for those needs.
- Consider the needs of everyone who will be included in the policy—teenagers and young adults -may require different cover to you.
- Think about the long term and tap into the preventative extras that can support your wellbeing in the future.
Private health insurance is designed to give you peace of mind. Covering all or some of the cost of treating many illnesses and accidents, as well as offering many other important services that aren’t covered under Medicare (think dental or optical, for example), it means there’s one less thing to think about if a health issue comes up.
But, with the average cost of family health insurance for Australian women in their 40s and 50s estimated at about $5000 per year, it’s not an insignificant expense.
So how can you be sure that you are securing value for money with your health cover, while still supporting the wellbeing of your family?
We asked Australian Unity’s health insurance experts to share their advice for making the most of hospital cover and extras.
Take a personalised approach
You, your partner and your kids are all unique—and so are your insurance requirements. That’s why it’s so important to take out a policy that’s suited to everyone’s specific needs.
“We help people do this by asking lots of open-ended questions,” says Swati Kakkar, Customer Solutions Team Leader at Australian Unity, “as this helps us determine what they need so we can tailor our recommendations to them. Private health insurance is a very personal thing.”
Swati recommends kickstarting the conversation by identifying the key hospital cover and extras inclusions that are important at your age. “There are various factors that come into play for women who are in their 40s, 50s and 60s, so prioritise your gynaecological needs and ensure that any cancer-related treatments are covered.” In addition, think about your heart health and the likelihood that, as you grow older, that you might require things like joint replacements or cataract surgery to support your eyesight.
Radeyan Sazzad, Manager—Health Management at Australian Unity, suggests digging deep into your family history. “What do you know from your parents or grandparents or relatives and what did they suffer from, now, and at a young age? Those things are really important to understand, so you can make sure they’re covered.”
You should also review any existing cover to ensure it is still right for you. As Swati says: “Having ‘top cover’ might not always be the best cover, because you may be paying for something that’s not relevant to you.
Tailored cover for teenagers and young adults
So how can you ensure your health insurance policy also works for teenagers or young adults? Have a think about their health needs and the “risks” they might face, as these will likely be different to your needs.
“In this age group, we tend to see a lot of claims involving dental emergencies, wisdom tooth extraction and impacted teeth, or things like broken bones and torn muscles which have occurred while playing sports,” says Radeyan. “By ensuring these things are covered by your policy, you’ll know that—if an accident arises—you don't have to deal with the waiting list that can be associated with the public system.”
Consider your “why”
Think about why you are taking out private health insurance. Is it for peace of mind and the security of knowing that, if something should happen to you or your family, you have a safety net? Perhaps you want to know that you can reduce your waiting time if you decide to have elective surgery? Or maybe you have a pre-existing condition that you want to cover? This will help you to prioritise what you want to include in your cover.
“To maximise your cover, I recommend that you understand your own health and consider the needs of any other people who will be covered as part of your policy,” says Swati. “In addition to hospital cover, consider extras that can support you and your family through ongoing services such as physiotherapy, chiropractic services and remedial massages.”
Think about the long term
According to Radeyan, not utilising all the programs that are available to you as part of your policy is one of the main ways people fail to maximise their health insurance. “There is plenty of value in the preventative extras that can protect your health from deteriorating, even if you don’t necessarily need surgery,” he says.
When assessing your policy and the cover you require, think of private health insurance not just as protection for when you suffer ill health in the future, but also as a way to prevent ill health in the first place. As Radeyan says: “That’s really the best way to extract added value from your insurance.”
Disclaimer:
Information provided in this article is not medical advice and you should consult with your healthcare practitioner. Australian Unity accepts no responsibility for the accuracy of any of the opinions, advice, representations or information contained in this publication. Readers should rely on their own advice and enquiries in making decisions affecting their own health, wellbeing or interest.
