Is choosing hospital cover giving you a headache? Perhaps you’re considering a basic level of cover to avoid paying the Medicare Levy Surcharge, or you want to review your cover as you no longer need to factor in pregnancy and birth. Or maybe you’re older and aware you may need a joint replacement in the future, but your current policy doesn’t include that.
All hospital insurance policies have 4 tiers of cover and you’re able to switch between tiers as you age or your needs change. But how do you work out which level of cover is right for you, both right now and into the future?
To take the confusion out, we make it easier by breaking down and explaining the options.
What are the different tiers of hospital cover?
There are 4 tiers of hospital insurance in Australia. The government mandates that all policies be classified as Gold, Silver, Bronze or Basic. Because all health insurers must have certain clinical categories included in each tier, it makes it easier to shop around and compare different hospital policies to find the one that best meets the needs of you or your family.
Whatever cover you choose, private health insurance may provide access to shorter wait times, your own room in a private hospital and the ability to choose your doctor. It can also give you access to additional services such as Medibank’s health programs, which range from 24/7 Nurse Support to a Health Concierge, which can help you prepare for and recover from surgery.
Health insurance tiers explained
Hospital insurance packages range from Basic to Gold. Basic offers the lowest tier of cover at the lowest price point, while Gold is the highest level of cover available and includes all hospital clinical categories. Silver is the next highest level of cover, followed by Bronze.
There are often cover options within each tier that go beyond the minimum requirements (other than Gold), which are usually indicated by a ‘plus’ in the title.
Do I need hospital cover or just extras health insurance?
Extras cover is another type of private health insurance that covers out-of-hospital health services such as dental, optical and physiotherapy. People often take out extras cover as an add-on to a hospital policy. But if you’re happy to rely on Medicare for hospital treatments provided at public hospitals, you can opt to buy extras cover as a standalone policy.
What is the best health insurance for seniors?
Older people are more likely to require hospitalisation than their younger counterparts, according to the Australian Institute of Health and Welfare.
There is no specific hospital cover for seniors, as health funds must all use the 4 tiers set by the government. Generally speaking, the best health insurance for seniors is comprehensive cover that includes the categories heart and vascular; implantation of hearing devices; cataracts; and joint replacements. Both Silver and Gold hospital policies have a good level of benefits for older people.
What health insurance basics do I need to know?
These are common factors that impact your hospital cover. Learn more about them by clicking on the dropdowns below.
How do I choose hospital cover that's right for me?
Choosing the right hospital cover is a personal choice that comes down to your age, general health, budget and individual medical needs.
Get a quote now or call us on 1300 576 282 to discuss which health insurance policy is right for you.
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