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Choosing the right health fund policy

Choosing the right health fund policy

We often get asked “which is the best private health fund?”

Choosing the right health fund policy can be a hard. There is almost 35 health funds in Australia. Most offer three options, single, couple and family policies. Let’s break this down further, we will be given a choice of hospital, extras or hospital and extras cover. Following this selection there will be a tier level choice, usually top cover, middle cover and low cover. We don’t know about you, but we’re already lost. If we try to work out the maths, we have a minimum of 105 choices of policies! 105!

So how do we find the ‘right’ health fund policy for us?

When our patients ask us “which is the best private health fund?” we normally give a handful of health fund recommendations which is dependent, on our experience, of our patients rebate however, we too are misguided as we do not know the level of policy every patient has.
The Australian Dental Association (ADA) has articles on their website trying to help us, the public, the patients, make an informed decision. In our opinion, the most important paragraph in the article is the last one,

“Regularly review your policy. Your health needs change over time and so once you take out a policy, it’s always a good idea to check whether it remains a good fit for you and whether you should seek out a new policy, a new fund or both.”

Health funds make it so confusing for us that we don’t even bother reviewing our policy or health fund. We advise taking the time to do your research, it may get frustrating but persevere. You may decide your policy is right for you, but you may just find you are paying for cover you do not need or worse you are paying for a policy that doesn’t cover you for what you do need.