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Why you should regularly review your cover
Posted 4 February 2020
It’s a good idea to check in on your health insurance to make sure it still matches what’s happening in your life. After all, you don’t want to be paying for things you don’t need, or missing out on the things you want.
Make sure you’re not over or under covered
At each new stage of life it’s worth running over your current health insurance cover. Think about the therapies and healthcare practitioners you currently use, or the sorts of things you might need in the near future, and whether these line up with your cover.
Leading an active life
Hitting the gym, taking up hiking or even getting out into the garden more often are all great ways to keep active and healthy. But there will be days when your muscles are crying out for a little love and care. If this sounds like you, then make sure you’re covered for therapies like physio, massage and chiro. These therapies can help you enjoy your ideal lifestyle.
Growing your family
Starting a family is a big, important step in many people’s lives, so don’t skimp on the prep work. Instead, think about what services and options will be important for you during pregnancy and beyond.
Many couples assume they can simply move on to pregnancy and birth cover once they fall pregnant. However, there is in fact a 12-month waiting period on maternity services, so if you’re thinking about starting a family, you should review your health insurance early.
As your family grows up
Kids are expensive, and more so as they grow older and become involved in hobbies and sports. Consider the need for increased dental cover with protective gear such as mouthguards, as well as orthodontics for braces or other corrective aids.
Or, if you’ve finished growing your family you might want to consider dropping pregnancy and birth cover to save on your premiums.
As we grow older, there are health conditions which become more likely. Joint replacements, heart and vascular system concerns, and major dental, are all areas that you might want your health insurance to cover.
Weighing up your excess
Your excess is the amount you nominate to pay towards a hospital claim. You pay this amount directly to the hospital upon your admission. Your policy allows you to choose excess options from $750 – $0, but a higher excess amount can help you reduce the cost of your hospital premium. So if you’re with Health Partners and a hospital stay is unlikely, then think about choosing a higher excess to help reduce your overall costs.
How often should you review your cover?
No one likes paying for things they don’t need, so if you’re making changes to your lifestyle then consider whether you should also make a change to your health insurance cover.
And, if things have stayed the same for a while, it’s also a good idea to review every few years to make sure you’re on the most suitable cover for your circumstances.
Together, we can work out if your cover is a good fit, or if there is a better suited Health Partners product for you.