Make sure that you're not paying for expensive cover that you may not need such as pregnancy or weight loss surgery. Always check the limits in your extras policy to see how much you can claim each year.
Do you have the best health insurance?
These policies from Finder partners all offer great value for money. All picks are based on a single person living in NSW. We looked at a mid-range level of cover and price with inclusions for common treatments such as dental.
Fund
Policy
Summary of inclusions
Excess
Price per month
Apply
Lite Flexi Bronze Plus
For less than $120 a month, this policy includes 20+ hospital services. You also get $800 per year to spend on extras like dental and physiotherapy.
This mid level policy includes 26 hospital services. You'll also get a very high level of extras including massage, major dental and natural therapies.
This is a mid level of hospital cover with 26 categories included. Extras include a $600 dental limit, $300 back on therapies,$300 back on chiropractic and $250 for optical.
This mid entry-level option covers 30+ hospital procedures including heart-related conditions and chemotherapy. You'll get unlimited preventative dental & 60% back on extras.
This silver level of hospital cover includes 26 treatments. Extras include a $650 dental limit, $350 back on therapies,$150 back on chiropractic and $200 for optical.
Finding the best health insurance doesn't have to be hard but it does require you to answer a few questions. You need to work out what's most important to you. Are you:
One of the sad realities of the Medicare Levy Surcharge (MLS) is that some people get health insurance just to avoid getting slugged with the levy, which is between 1% and 1.5% of your annual income. This leads many people just grabbing the cheapest complying hospital option.
But just because you're being "forced" to get cover doesn't mean can't find the best option that both satisfies the MLS requirements and is more than just a junk policy. I mean, if you're paying for a policy, why not get something for all that money you're spending?
So, if minimising tax is the name of the game, select the "Reduce tax and paying lower premiums" from our comparison tool and it will search through policy options from over 30 Australian health funds. All you'll need to do is choose which option is the best health insurance for you.
The LHC is a 2% loading that comes into effect from 1 July following your 31st birthday. Unfortunately, this loading doesn't stay at 2% but increases by that amount each year you don't have cover. So, if you wait until you're 40 to get cover, you'll end up paying an additional 20% on your premiums.
If this is the reason you're looking for cover, finding the right policy will depend on whether you just want to avoid the LHC or if you want a little extra. Use our quote comparison tool to weigh up your options so you can get the best policy at the right price. If you're just after the basics you might want to select "Basic cover with low premiums".
If you're thinking about starting a family then private health insurance is probably on your list of priorities. Private health insurance is more than just a nice to have for expectant mothers as it provides you with cover for obstetrics, private rooms and other benefits not covered by the public healthcare system. You will need to get cover in advance, as most policies will have a 12 month waiting period for pregnancy-related benefits.
If cover for pregnancy is what you need, enter your details into our tool and select "Cover for pregnancy and childbirth" and see which health insurance best suits your needs.
Don't need a policy with cover for hospital but still want to claim for benefits like dental and optical? Maybe a little massage? Hey, why not? Extras policies can be great value and cover you for items not covered by Medicare.
Finding the best extras policy is all about working out what you need covered and making sure you're getting the most out of your policy (Our very own Alex Holderness wrote an article on how she got $600 worth of value from her extras policy).
If you're after the best extras cover for you, select "Extras only" from our quote tool and see which extras policy fits you the best.
As you get older your situation changes and it's important to find the option that suits your changing need best. Whether you're looking to switch from a family policy to something with less coverage or looking to increase your cover for services such as cardiology, it's important to review your options.
Our quote tool can help. Since you're going to be needing higher levels of cover as you get older, selecting "Better cover" might help you find the best option for you.
"According to finder's algorithm, Bupa's Ultimate Health Cover policy came out on top for comprehensiveness, including its excess/co-payment amount and its range of associated hospitals."
Winner 2017 Best Health Insurance (Comprehensive):Bupa Ultimate Health Cover
Finalist 2017 Best Health Insurance (Comprehensive):Peoplecare Health Insurance Premium Hospital + Premium Extras
Finalist 2017 Best Health Insurance (Comprehensive):Phoenix Health Fund Top Cover
Best health insurance (Value) 2017
"Health Care Insurance's Premier Package presents the best value for money based on policy pricing and features."
Be aware that health funds may require you to visit a hospital in its affiliate network in order to be covered as a private patient. You can check that the hospital you choose to be treated at is covered by your fund prior to admittance.
Private or public?
What is or isn't covered?
Private health insurance
Choice of public OR private hospital
Choice of your own doctor
Choice of hospital
Choice as to when you are admitted to hospital
75% of the Medicare Benefits Schedule (MBS) fee for associated medical costs
Medical services that are cosmetic, not clinically necessary or incurred overseas
Medicare
Treated at no charge
Treatment in a public hospital by a doctor appointed by the hospital
Treated as a public patient
Private patient hospital costs
No choice of doctor or hospital
Medical services which are cosmetic, not clinically necessary or incurred overseas
Extras
Medicare will reimburse 100% of the MBS fee for a general practitioner and 85% of the MBS fee for a specialist if you visit a doctor outside a hospital. If your doctor bulk bills, then you won't pay a cent.
Private or public?
What can you get benefits for?
Private health insurance
Acupuncture
Chiropractic services
Eye therapy
Most physiotherapy
Speech therapy
Most dental examinations and treatment
Glasses and contact lenses
Occupational therapy
Hearing aids and other appliances
Podiatry or psychology services
Medicare
Consultation fees for doctors
Most out-of-hospital surgery
Tests and examination
Initial eye tests
Specific items under the Cleft Lip and Palate Scheme
Specific items under the Enhanced Primary Care Plan (EPC)
Some surgical procedures performed by approved dentists
Other therapeutic procedures performed by doctors
Ambulance
Emergency ambulance services are provided free by the state governments of Queensland and Tasmania, but in other states only certain people, such as veterans and pensioners, are eligible for free services. You can find ambulance cover in both hospital and extras policies.
Private or public?
What's covered?
Private health insurance
Emergency ambulance transport fees
Non-emergency ambulance transport (depending on the policy)
Benefits apply anywhere in Australia
Medicare
Not covered
Pharmaceuticals
Under the Pharmaceutical Benefits Scheme (PBS), you only pay a portion of the cost of prescription medications. The amount varies depending on the medication up to a standard maximum. However, not all medications are included on the PBS, which is where health insurance comes in.
Private or public?
How are pharmaceuticals covered?
Private health insurance
Non-PBS prescription medicines can be covered but a co-payment may still apply
Medicare
Benefits are paid only towards those listed on the PBS
Ways to get value for money
Pay your premium in advance to avoid the administration fees associated with monthly payments.
Picture: Philipe cavalcant, Rawpixel, Kyle Loftus, Andrew Neel - Unsplash *Disclaimer: The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.
Richard Laycock is Finder's insurance editor, and has spent the last five years wrangling insurance product disclosure statements. His musings about insurance have appeared on Money Mag, Yahoo Finance, and Travel Weekly. When he’s not helping people make sense of insurance fine print, he is testing the quality of cocktails in his newfound home of New York. Richard studied Media at Macquarie University and The Missouri School of Journalism and has a Tier 1 Certification in General Advice for Life Insurance.
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finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
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Which private health insurance companies offer the best reimbursement of the cost of hearing aids?
Hi Michael,
Thank you for your question.
If you would like to review the cover limits of Australian funds for hearing aids please head over to our health insurance for hearing aids article.
Cheers,
Zubair