What is the best cheap hospital health insurance plan for me?

What does hospital health insurance cover me for?

The beginning is always the best place to start, especially when looking for cheap hospital health insurance plans. Hospital cover is what it sounds like; it covers you for when you are admitted to hospital. There may be a gap to cover between what the doctor or hospital charges and what you are covered for, but that information should be pretty clear from the start.

* 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

Hospital cover isn’t always about emergencies – remember that what might be essential to you could technically be classed as elective surgery. One of the best things about finding a good cheap hospital health insurance plan is that it may cover you for elective surgery. If your cover includes services in a private hospital, you’ll get to choose your own doctor, a participating private hospital and not have to worry about waiting lists. We all understand having to wait for months with a painful injury can be, well, painful.

If you’re not too hung up on star treatment and are happy to go public, cheap hospital insurance covers may give you the option. If you’re happy to be treated in a public hospital, you might also save money by choosing a plan that allows you to be treated as a private patient in a public hospital.

Also, if there’s no private hospital anywhere near you, choosing a cheap hospital health insurance plan that gives you options when it comes to hospitals and their locations can make your life a lot easier and a lot less stressful if you ever do need to use your cover. Either way, you will still get what you pay for and you will still be able to choose the doctor you want. Depending on your hospital cover there will be some things that won’t be covered, but this is similar across most funds.

Why do I need it?

Our health system is one of the many reasons we know Australia is the best country in the world. That, and footy. Medicare has been around for pretty much most of your life, so it’s easy to understand why finding the best cheap hospital insurance plan can seem like a bit of a drag. However, there are some things Medicare doesn’t cover, and health cover gives you flexibility the public system doesn’t. For example, with hospital cover, you could choose a doctor that you want, not the one who’s on duty when you are admitted.

You never really know what’s just around the corner. If you play sport or have a family history of bad ankles, or even if you want your tonsils or wisdom teeth removed, having a cheap hospital health insurance plan can make a huge difference. And all this can be yours for less than the price of a cup of coffee a day.

How do I choose between cheap hospital health insurance plans?

When it comes to hospital cover, the differences are really in the detail. We have made it simpler for you by breaking down our cheap hospital health insurance plans into three easy options – Basic, Better and Best.

We don’t believe that having a cheap plans means getting poorer care and our hospital covers reflect that.

We have built in the option of choosing cover for a public or private hospital into some of our cheap hospital health insurance plans to give you even more choice. So if it’s choice, flexibility and quality you want, you’re already on the right place.

We also give you options on mixing and matching cheap hospital health insurance plans with extras cover, so you can pick and choose different levels that suit you.

One quick thing to remember here is that most funds have waiting periods for some treatments. Obviously if you have an accident or emergency then we are happy to cover you straight away, but for some elective surgeries or admissions, there can be a small wait. This is to protect us against people taking advantage of the system, but also helps us offer better prices to you.

Frank also works hard to make health cover cheaper in other ways. We are a not-for-profit company, which means our focus is you, not on shareholders like some of the bigger funds (because we don’t have any). Frank is online only, which means you can quote, buy, manage your cover and submit claims online. We try to limit the unnecessary costs of printing and postage, so the only thing you’ll get from us in the mail is your membership card. With no physical stores we have lower overheads which helps us offer members lower annual premiums.

Having a cheap hospital health insurance plan can also save you money in an office of a different kind – the tax office. If you are a single and have a taxable income of over $90,000 or a couple with a taxable income of over $180,000, the government wants you take out health cover to help minimise your tax. If your taxable income falls over the set amount for a single or a couple, the government will hit you with the Medicare Levy Surcharge if you don’t have eligible health cover. Taking out hospital cover before July 1 after your 31st birthday means that you can avoid Lifetime Health Cover loading (LHC) and it will be cheaper now than if you wait.

Also, if funds put their prices up, they usually do it on April 1, so if you get in early now, and pay your premium up front, you may also save more.

So, work out what you think you will need, what you deserve and what you are willing to pay. Once you have worked all that out, comparing cheap hospital health insurance plans can be simple.

Skip 2 & 6 month waits on extras* when you join on combined cover by April 30

*For new members (if you have been a Frank Health Insurance member in the last 12 months, sorry you don’t qualify). 12 month waits, annual and sub limits apply. Offer ends 30 April, 2018.