How to choose health insurance in Australia

Finding the right health insurance

It’s not uncommon to hear people say that health insurance is a necessary evil. Necessary? Absolutely for your peace of mind. Evil? Not at all when you choose the policy that best represents you or your family. 

Today, we’re helping you make the right decision when it comes to health insurance – one that gives you the most comprehensive healthcare for the least impact on your wallet. There is no one-size-fits-all approach to insurance, so a bit of research and a ponder on your unique situation is the key to unlocking incredible value.

Let’s jump right in.

Five keys things to consider when choosing the right health insurance policy

1. Who the cover is for?

Most health insurers offer different policies and cover for different familial situations. So, whether you’re looking for cover just for you, you and your partner, or your entire family (including the little ones), seek out the range of policies that exactly portrays your needs.

We understand that your furry friend is part of your family too, but unfortunately, they are not included in health cover. However, pet insurance does exist! Much like health insurance for us, pet insurance allows you to construct a buffer for medical expenses and ensure they get the best care. Make sure to look into ExtrasJar’s pioneering approach to pet cover here if you’re looking to secure your companion’s health.

2. What does your current health situation look like and what might it look like in the foreseeable future?

As we touched on before, your health insurance policy should be reflective of the unique needs of you or your family. This means taking into account current health requirements or future services you might benefit from. Otherwise, you might find yourself in a tricky situation where you’re faced with an emergency you’re not covered for, or you might end up paying for an array of benefits that you’ll never use.

For example, is there a baby on the way? Some policies don’t cover pregnancy and birth-related assistance, so it’s best to look deeply into that when comparing policies. At ExtrasJar, we’d recommend noting down a few “non-negotiables” like this to make the selection process a bit clearer.   

All around Australia, hospital health insurance policies are categorised into four different tiers that each covers different aspects of clinical care. This can also make the choice easier. They are known as:

  • Basic = 3 clinical categories
  • Bronze = 21 clinical categories
  • Silver = 29 clinical categories
  • Gold = 38 clinical categories

You can explore ExtrasJar’s here.

By noting what clinical categories each tier holds, you’ll be able to see the features that are most important to you. Being in the wrong tier may be the reason you’re paying more than you need or losing the support for the care that you need most. Make sure to look into the cover review process too so you’re aware of the steps involved in movements tier to tier.

3. How much are you willing to spend?

Insurers usually offer a range of policies that vary in costs and cater for different budgets. The aforementioned tiered cover system is usually a great indicator of expenses, with the cost increasing relative to the amount of clinical categories included. Keep in mind that if you’re requiring more clinical care, you may benefit from paying more as you’ll be covered for more. 

There are also ways to make your insurance premium more affordable. This includes customising your excess or looking into co-payment models. You may also decide that hospital cover isn’t what you require at this time in life and choose to focus on health extras cover as it offers more things you do.

Just remember, those who don’t take out hospital insurance before their 31st birthday will be stuck with a lifetime health cover loading that will, from that point forward, always make cover more expensive.

4. How much freedom do you want?

Also known as general treatment or out-of-hospital care, extras include an array of services both conventional and complementary that are not supported by Medicare. This encompasses things such as physiotherapy, dental care and hearing aids. Extras cover is a kind of health insurance that offers financial support when accessing these kinds of healthcare and is separate from hospital cover.   

Traditionally, freedom of choice in extras cover hasn’t been synonymous with the insurance industry. A tiered system similar to hospital cover policies is typically used, which includes a set selection of extras at each level. The team here at ExtrasJar saw that this posed a problem. Too many people were stuck paying for a tier of extras cover that included things they didn’t even need and were left watching their health investments disappear year after year. So, we created a solution. 

ExtrasJar offers flexible and effective extras cover that lets you access the support you need, without paying for the things you don’t. We do this by basing our tiers on your investment amount, not extras inclusions. If these don’t quite suit, create your own!

Personalised cover begins from the moment you open an ExtrasJar account and receive a digital Health Extras Card. Just tap that at the point-of-sale instead of dipping into your savings. If you don’t tap into your fund in a given year, it’ll not only rollover, but likely expand thanks to our pioneering investment mechanism. 

We’re all about freedom, personalisation and funds that don’t expire.Learn more about why we’ve taken this revolutionary approach to extras cover here.

5. Do you value discounts and benefits?

Some insurance providers leverage their partnerships with a variety of healthcare professionals and providers to offer their customers exclusive discounts, benefits and much more. This is a great opportunity to not only save money, but connect with a holistic network of providers committed to your health.

At ExtrasJar, we’ve fleshed out a comprehensive directory of trusted providers for our customers to get in contact with. But again, freedom of choice is at the heart of the ExtrasJar mission, so whether you’re connecting with a provider from our network or elsewhere, we’ve always got your back.

Insure the care that’s important to you - and only you

At ExtrasJar, we understand there’s no one-size-fits-all approach to extras cover, so we revolutionised the system. Whether you want to spend it all on mental health support, dental or physio, we’re here to make that a reality. 

Find versatility, discover true control and grasp the healthiest version of yourself, inside and out, with ExtrasJar today.

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