How can having a cheap health insurance policy provide me with better medical care?

It’s easy for Australians to take their usual “she’ll be right” attitude and apply it to hospitals and health insurance. After all, we have one of the best health systems in the world, so why should we pay for stuff we can mostly get for free?

* 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

The answer is that cheap health insurance plans can actually save you money in the short and long term, and may get you better medical care than if you do nothing at all.

Surely cheap health insurance equals cut-price hospital care?

The great thing about cheap health insurance plans is they can include most of the same things the expensive funds promote, but also aren’t afraid to let you cut the things you don’t want. While that’s obvious for extras cover, for hospital cover, there are also a lot of frills that you might wantto do without.

Take for example where you get a procedure done. If you need elective surgery, or a hospital admission for an accident, would it matter to you if you are at a private or public hospital?

If your nearest private hospital is yonks away, cheap health insurance plans can make it a heck of a lot easier.

Why not get treated in a public hospital as a private patient? You can choose your doctor or your specialist if you want, and there’s a chance they have also just come from performing the same procedure at a private hospital, on a patient who is paying a higher premium than you.

One thing having a cheap health insurance plan allows you to do in public hospitals is be treated as a private patient, which could stop you hobbling around for months unnecessarily. Elective surgery can also include things like getting your wisdom teeth out, having your gall stones removed, or even a heart bypass. Feeling squirmish? Even if you want all the bells and whistles, Frank can help you with that as well. Maybe you are thinking of having a baby, but don’t want other extras. Most funds can cover all that as well, but a quick reminder about pregnancy cover – most funds require a 12-month waiting period before you can access the benefits.  

Do cheap health insurance plans restrict the type of extras you can get?

The short answer to this is ‘no’, but make sure you check the details with us, as well as other funds. Extras cover can be where your cheap health insurance can really come to the fore. Don’t waste your time signing up for extras you don’t want. Work out where you’re at now and where you think you will be in a few years. If you don’t even know what a naturopath or a homeopath is, then you’re unlikely to ever use one. If you’re eyes are OK at the moment, then paying for optical is probably not needed. There are many ways to tailor your extras cover to include the things you want, and leave out the things you don’t think you will need.

But make sure the razor isn’t too sharp. You never know what is just around the corner.

Cheap health insurance plans that include extras cover, can also give you the chance to claim back things you already use. Dentist’s bills are often a hit on your hip pocket, so why not choose an extras package with dental cover and get refunds for regular checkups and cleans? Having a financial incentive to visit the dentist regularly could also help you prevent more major dental problems further down the track. It’s also a great option for kids, with braces seemingly becoming

I am young and healthy. Why should I spend any money on private health insurance?

Cheap health insurance plans can be the perfect option for someone not wanting to pay too much for health cover, and thinking they may not use it a lot. Cheap health insurance plans could not only lead to better medical care, but they could also lead to better bank balance care when you need it most. The Federal Government wants more people to have private health insurance to try to ease the strain on the public system, and fair enough. As a result, having cheap health insurance can help you reduce your tax.

But there is even more evidence cheap health insurance could help your hip and your hip pocket.

Lifetime Health Cover Loading is a government plan aimed at encouraging you to take out health cover at an early age. It imposes a 2% increase on your premium for each year over the age of 30 you are not covered. So, if you take out coverage when you are 31, it costs you 2% more than if you did it the year before, and so on, until you are 65. If you take advantage of that now, you’re likely to start saving soon enough.

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.