What do I need to consider when comparing family health insurance plans?

When it comes to family, compromise is a word no one likes to use. At Frank, we don’t want you to have to compromise when it comes to cheap health insurance. Having a family means you have a lot on your plate, and finding time to compare health insurance can be tough. Here’s a few ideas to help make it a little easier.

* 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

Consider what you want.

It might seem obvious, but it is important to work out what you want, need and expect from your cheap health insurance. Families have a lot of options when it comes to health cover, so there is a lot to compare, which is why you can afford to be a little bit picky if you want. Think about the health of you and your family, and whether or not there is any history worth noting.

That may give you an idea of what kind of treatments you may need in the medium or long term. Make sure you try and think of everything, and maybe even ask your doctor. They will know a fair bit about private health cover and what you may or may not need. Don’t forget the big question – children. Are you thinking of having any more? If you are, then there is a heap of hospital and extras options you need to think about. Our Best Hospital plan is the one to choose if babies are in your future, but make sure you get in early, with most pregnancy cover coming with a 12-month waiting period. If you don’t want or need cover for pregnancy, you can remove the pregnancy option from our Best Hospital cover, which can give you even more flexibility.

Once you have worked all that out, consider any lifestyle factors that might help you compare health insurance options. Does anyone in the family play sport? Do they ride bikes on weekends or run every morning? Is there anyone in your family who think they're tougher than they are?

Once you have worked out the kind of treatments you might need, ask yourself what you expect from cheap health insurance. The answer should help paint a picture of the type of services you think you should be covered for. Now it’s time to check out what is available.

Consider the policies

The great news about cheap health insurance is it doesn’t have to be poor. Cost is obviously a big factor when you compare health insurance, but it doesn’t have to be an indicator of its quality, or whether or not it is right for you and your family. If you have decided that having more kids isn’t in your plans, then you can keep it out of your hospital cover if you wish, which could make things more affordable.

Tailoring your health cover as best you can is one way to get value out of your cheap health insurance, but they key is understanding how it works. At Frank, we reckon simple and easy is the best way to help you reach that understanding. Frank has 4 hospital cover options, 2 extras covers and 2 bundles to choose from. Bundles are a combination of hospital and extras cover, to make it even easier for you. Our 2 extras covers allow you to choose between two levels of benefits – 50% or 80%. This gives you the flexibility to weigh up paying more for premiums or claiming higher benefits when you need them. Our hospital covers give you a range of options at both ends of the spectrum. You can choose to have the bells and whistles if you want, or choose to exclude services to keep costs down – or both! 

Our Basic Hospital (Some Private) cover gives you the option of having selected common procedures in a private hospital with others in a public hospital; a nice little compromise. Whatever your wishes, we reckon being able to compare health insurance options like this in one spot is pretty cool.

Consider the cost

We all know our families are priceless and we wish cost wasn’t an option when it comes to peace of mind. Don’t stress, that is why we are here. Our cheap health insurance options are designed to help make it easier for you to choose the best cover you can. Compare health insurance plans with other funds and you will see what we mean. But it’s not all about the premiums when it comes to the cost of health cover.

Knowing it is there when your kids require an expensive visit (or 5) to the dentist is value in itself. Also being able to claim benefits from things like regular dental check-ups is also a good way to help you get the best from your cover. In fact, having extras insurance that includes both major and general dental can be a key factor in the affordability of your cheap health insurance.

The Federal Government really wants people to take out cheap health insurance, to help ease as much pressure from the public system as possible, so there are also possible rebates and surcharges to consider when weighing up the costs of private health cover.

Consider the company

The last thing to weigh up when you compare health insurance options is to consider the company itself. At Frank, we are a not-for-profit company, which means we only have your interests at heart, not that of shareholders. Being an online-only company also allows us to keep costs down, efficiencies which can be returned to you through our great policy options.

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.