How do I compare cheap health insurance plans to find the one best for me?

Why do I need health insurance?

We get it, you’re young and you probably think you are untouchable. The scary thing is you are not, and Frank gets that as well. You might think that prolonged health treatment or hospital care is the last thing you will ever need, but the results are in and they are scary.

* The price shown is per week and applies to a {LIFESTAGE} living in VIC with a $500 excess. It excludes LHC loading and includes a Base Tier Government Rebate

In 2015, the top 30 high claims for health cover members under the age of 30 exceeded payouts of $10,000. The highest claims for young people were for mental health conditions or cancer. A 26 year old male claimed almost $450,000 after treatment for an aneurysm, and a 20 year old woman claimed more than $100,000 for schizophrenia. A woman aged between 25 and 28 was covered for almost $95,000 for 238 nights in hospital.

We get that these cases are not the norm, but hopefully reading them is the first step for you to compare cheap health insurance plans. As you can see form the stats above, they can save you a lot of money, and not just later in life.

Health cover doesn’t just include hospital stays and treatments, but can also include things what we call extras. Extras cover is for all those treatments you get outside of hospital such as dental, physio, chiro, optical etc. While they don’t cover you for 238 nights in hospital, they can still save you a lot of money, and a lot of stress.

Saving you a lot of stress is important to us and we offer simple health cover for you to make it easy for you to compare cheap health insurance plans.

How do I compare cheap health insurance plans?

If you are single, at any one time there can be about 200 health insurance plans to choose from, from almost 40 companies. That doesn’t include the professional health funds. We know, we know, more scary facts and figures. But don’t stress, we’ve got your back on this one, too. We offer three hospital plans, two extras plans (with a couple of price options for each) and two hospital and extras packages that we think will make it easier to compare cheap hospital insurance plans and choose the right one.

On top of this, there are also a couple of websites you can use to compare cheap health insurance plans. The best place to start is the Federal Government’s own private health website. They can give you unbiased advice on what to look for and where to find it.

But there are a few things you need to think about before you start looking anywhere.

You need to start by working out what you want versus what you can afford. Our options are designed to be simple and flexible, but other health funds may offer cover that is harder to get your mind around. Either way, work out how much you are willing to pay, and what you expect to get back, or be covered for, and start looking.

If you have glasses, obviously optical extras cover is a good idea. If you play sport, having access to a physio or chiro could come in handy most weeks, as could remedial massage.

If you intend to travel overseas in the next little bit, finding cover that includes travel vaccinations, like some of ours do, is also important.

Don’t just think about the short term, either, when you compare cheap health insurance plans. Think about where you will be in the medium term and what cover you might need. And don’t just think about your physical health. Those scary stats at the start of this article show how important being covered for your mental health can be.

What should I look for?

We think when you compare cheap health insurance plans, simplicity is important. On top of that, having both hospital and extras cover through the same health fund can also be a winner. That can make it cheaper, and it can also make it easier when claiming or changing your cover.

With all that in mind, remember that all that glitters is not gold. Check out the details as you compare cheap hospital insurance plans. Having a cheap plan doesn’t mean you have to sacrifice quality care or quality cover, but there can be some traps. Look for the difference in how much you can claim back, and what the yearly claim-back limits are on certain treatments and services. This is important, especially with extras cover, as they can be very different.

The same goes for waiting periods, which is the time between taking out health cover and making a claim.

Also – and this is important – don’t be afraid to shop around or shift insurers. While we really want you to stay with us, and think you will. There is no penalty for chopping and changing to get the best deal.

Get 1 month free + skip 2 & 6 month waits on extras* when you join on combined cover by March 31.

*For new members (if you have been a Frank Health Insurance member in the last 12 months, sorry you don’t qualify). Must pay first month to receive second month free. 12 month waits, annual and sub limits apply. Offer ends 31 March, 2018.