Best Value Private Health Insurance for a Couple Earning over $194k

LHomeLoanRefinancer on 02/05/2024 - 11:55

Hi OzBargainers.

I'm usually on top of most ways to save money or get the best deal being in the finance game.

I'm looking for some suggestions on the best way to get a couple's private health insurance with the following in mind.

We are a young couple in good health with low risk jobs / activity. We are intending to start a family soon and the following is important.

  • A good level of basic cover for all the normal stuff like Dental, GP etc
  • Cover for general hospital emergencies
  • Cover that assists in pregnancy etc.
  • Best overall deal, not interested in churning providers.

I'm sure this is a pretty common position and it would be great to get some help to assist in my cover and could also give me the knowledge to point my clients in a certain direction as well!

Thanks in advance!

Financial Health Insurance Insurance

Comments

    • HomeLoanRefinancer on 02/05/2024 - 11:57

      Thanks, I've given that a crack and it's come up with my current provider, was looking to see if I'm maybe missing something etc

      • jv on 02/05/2024 - 12:27
        -1

        I've given that a crack and it's come up with my current provider

        Awesome, you don't need to change…

  • sumyungguy on 02/05/2024 - 12:22

    If you go with Qantas you'll at least get some points, current offer ends 3-May

  • dtc on 02/05/2024 - 12:27
    +1

    have a higher excess, save money

    my wife recently had a knee operation and the surgeon didnt operate at one of the insurer's 'panel hospitals' (whatever they call them) and so the refund was literally like $120 out of a $4000 bill. May as well have had a $3000 excess and saved heaps. if, for example, pregnancy care is of key importance, get a policy with an insurer that covers the hospital you are likely to go to (or understand that you may need to choose your OBGYN based on which hospitals they cover)

    Dental isnt part of health insurance, only extras - its pretty hard to make extras pay off unless you have requirements such as glasses or regular dental care (not 'clean and fix teeth' but 'have known ongoing dental issues). The limits per claim and per year make extra cover often not worth it, just pay out of pocket for these services

    • HomeLoanRefinancer on 02/05/2024 - 12:29

      Thanks for the response, will look at higher excess and good note on the hospital specific point.

    • jv on 02/05/2024 - 12:30
      -1

      at one of the insurer's 'panel hospitals'

      You are obviously with the wrong insurer then…

      Did you not read the policy?

      • dtc on 02/05/2024 - 20:19
        +1

        The surgeon didn’t read the policy, no.

  • MS Paint on 02/05/2024 - 12:42
    +3

    A good level of basic cover for all the normal stuff like Dental, GP etc

    Dental is covered under extras and GP's aren't covered by PHI.

    • jv on 02/05/2024 - 12:56
      -2

      OP seems not to have done their homework.

      Might explain the low wages…

      • MS Paint on 02/05/2024 - 12:56
        +1

        Definitely more of a whirlpool combined salary.

        • Sal in SA on 02/05/2024 - 13:27

          Or right on the avg - 100K avg full time wage.

  • dp1 on 02/05/2024 - 14:47
    +1

    Multiple factors at play here. Lets deal with the most straightforward, it is illegal for Private Health insurers to provide a rebate towards GP visits so that part is not relevant. However, some of the PHIs have partnered with the dodgy 'dial-a-script' companies and offer discounts to use them. Do NOT use them unless you also have an actual GP and this is just an emergency stopgap.

    Dental, glasses, physio, psychology, podiatry and other allied health is provided by 'Extras' policies. These can be bundled with 'Hospital' policies or purchased separately from a different insurer. Extras may or may not be worthwhile for you as a family in future. Very basic policies sometimes provide good optical and dental cover but nothing else, others cover a lot of things but with very low rebates (for example I have a basic HCF policy which covers $200 per person optical, $58 per session for 10 sessions of physio and $650 dental annually for a bargain premium of less than $700, but upgrading it 2 tiers to cover psychology would only give that a rebate of $16 per session or 5% of the cost).

    Hospital policies are graded Gold/ Silver/Bronze/Junk level (where junk=public cover only). Junk policies get you out of paying the Medicare levy surcharge but have minimal to no practical use, they are a giant rort blessed by the ATO. You then have a greater range of procedures and conditions covered as you move up the levels of cover. Obstetric cover usually is included in Gold policies only. Many companies are doing bait and switch on polices so you need to be eternally vigilant rather than 'set and forget' (a classic was when someone was switched from a combined policy to extras-only for the same premium, they sneakily kept the policy name the same so he never noticed until he tried to book private surgery some years later).

    Finally if you are regional you may end up on the same waitlist with the same specialist treating you whether you go public or private so it might not even be worth it anyway. Also watch out for Catholic hospitals who are not allowed to discuss contraception after the birth, have a back up plan to avoid Irish twins.

    • Adredocto on 02/05/2024 - 17:20

      Great write up.
      Highlighting key point for OP. Pregnancy stuff usually requires top cover, which is approx 3 times more expensive than basic hospital.

    • HomeLoanRefinancer on 03/05/2024 - 09:22

      Thanks for the great explanation, this isn't my area so its awesome to have someone take the time and explain this!!

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