Managing Your Health Insurance Costs

Managing Your Health Insurance Costs

Once you decide to take out health insurance, you'll need to fit it into your budget like any other necessary expenditure, to help manage your costs.

Here are few things you should consider when selecting your health insurance plan:

Choose your features to keep your costs down

Did you know that you can select the features you want to be covered for under your health insurance plan? At Choosi, we'll show you the most affordable health plan that provides cover for the features you want. Obviously, the more features you choose, the more costly your premium will be.

By choosing a cover that suits your age and lifestyle, you won't have to pay extra for unnecessary cover - for example, if you're young and fit you are unlikely to need cover for hip joint replacements and cataract procedures - you can select a lower level health insurance plan and keep your premium subsequently lower.

Keep waiting periods in mind

In cases where you are eliminating certain features to save money, keep waiting periods in mind for services you may want cover for later on.

For example, you can save money immediately by cutting out pregnancy and birth-related services if you're not looking to start a family now. However, pregnancy and birth-related services have a 12 month waiting period, so you should add that feature to your policy as soon as you start thinking about expanding your family.

12 month waiting periods also apply for pre-existing conditions, so do keep them in mind when selecting the health insurance insurance plan that's right for you.

Choose an excess or co-payment

Excesses and co-payments are a great way to keep your health insurance costs low. An excess is a lump sum of money you agree to pay out of pocket if and when you are admitted to hospital, while a co-payment is spread out over a certain number of days depending on the length of your stay in hospital.

By selecting a higher excess or co-payment, you can lower the cost of your health insurance premium. You should consider whether it is right for your circumstances however, because if you expect to be admitted to hospital soon, then it may be cheaper for you to pay a higher premium and choose no excess or co-payment at all.

Keep in mind that to avoid paying the Medicare Levy Surcharge, you should not select an excess or co-payment higher than $500 for singles or $1000 for couples and families.

Choose a health insurance plan that suits your lifestyle and budget

The best way to manage your costs is to make sure that you balance the health insurance cover you want with a premium you can afford. There's no point choosing a comprehensive health plan that blows out your budget, because once you stop paying your premiums, your cover will also cease. Although we all want the best cover for our families, we also need to be wise and aware of what we can afford.

Read the product brochures for the health insurance policies, and compare the options to suit your lifestyle and budget, you're interested in to make sure you're getting what you pay for, and to eliminate any unwelcome surprises later down the track.

Need Help Choosing? Call 1300 884 384

8am to 8pm (EST), Mon to Fri.

Our team will be happy to help.


These articles are provided as reference material to allow more informed decision making, but are not intended as being a complete source of information on any topic. All readers should make their own independent analysis on the topic to make sure they have considered the aspects that are important to them.

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Choosi Pty Ltd (ABN 15 147 630 886) offers insurance products from a range of Australian brands. Choosi does not provide information, or offer cover, for all products available in the market and there may be aspects to some products that we do not compare. Choosi is not an insurer and cover is issued by various underwriters. Your use of this website is undertaken in accordance with the full Terms and Conditions.

Choosi is owned by Hollard Financial Services Pty Ltd (ABN 53 128 692 884), the distributor of each pet insurance, life insurance, income protection insurance, funeral insurance and final expenses insurance policy Choosi is able to arrange directly for the following brands: ACE Insurance Limited, Australian Seniors Insurance Agency, Guardian Insurance, Prime Pet Insurance, Real Insurance, RSPCA Pet Insurance and Woolworths Insurance. Choosi is also a related company of The Hollard Insurance Company Pty Ltd (ABN 78 090 584 473 AFSL 241436), the issuer of each pet insurance product Choosi is able to arrange directly. Information on this website does not take into account your personal objectives, financial situation or needs. You should consider the relevant Product Disclosure Statement (PDS) for more information and to ensure the product suits your needs. The PDS for each of the pet insurance, life insurance, income protection insurance, funeral insurance and final expenses insurance products sold through Choosi and our advisor partner are available through this website. Health Insurance products are not required to have a PDS, but this website has a Fact Sheet for each Health Insurance product Choosi is able to arrange.


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