Choosing health insurance: 6 things to consider
1. Your health needs, now and in the future
Are you a 20-something weekend adventurer? A couple considering having babies? A basketball-loving mid-lifer, with the middle-aged knee joints to go with it? Or an empty nester finding that getting older and wiser also comes with increasing medical issues?
Whatever life stage you’re in, you should choose health insurance that helps pay towards the costs of your health needs, and considering any waiting periods for treatments you want to claim benefits towards in the future. And by considering your health needs up front, you can avoid paying for higher levels of cover for care that doesn't align with your health needs.
2. Different types of health insurance
Hospital cover? Extras cover? Or both? Deciding what health services and treatments you want benefits paid towards, can help you figure this out. Here’s a simple breakdown of each kind of cover:
3. Waiting periods
All health insurance policies come with some waiting periods. They’re put in place to prevent people from claiming on their policies immediately after signing up, then cancelling before they pay any premiums (which could drive up premiums for everyone).
If you’re taking out private health cover for the first time or you’ve been without private health cover for more than two months, waiting periods may apply to hospital services and items. We don’t pay towards any services or items you receive while you’re serving a waiting period. You can find out exactly what your waiting periods are in your cover summary.
4. Your budget
With the cost-of-living having an effect on everyone’s budgets lately, it’s important to know how your private health insurance can both help you look after your health AND give you the most value. By choosing a level of private health insurance to fit your lifestyle, health needs and budget, you can balance affordability with confidence.
Here are some questions to consider when comparing policies:
5. How easy it is to make a claim or make changes to your cover
While paperwork is unavoidable for making some kinds of claims, for others, it’s made way smoother and speedier when your provider gives you a few ways to get it done.
If flexibility, control and choice matter to you, here’s some questions that are worth asking your health insurance provider, before you sign any dotted lines:
- Can I make claims how I prefer: online, via smartphone app, in person or via post?
- How long does it typically take for claims to be processed?
- Can I manage my policy myself?
- Is there a Live Chat contact option available instead of calling?
No matter which health service you’re claiming for, our claim guides are here to help make it simple. If you’re an existing Medibank member, we’ve made it easier for you to find out how to manage your cover.
6. Tax implications
Health insurance is health insurance and taxes are taxes, right? Well, not necessarily. In Australia, government schemes mean the two can be related. Here’s how your health insurance could help you with taxes:
Go forth, incredible human
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Things you need to know
1 Healthdirect; Public and private hospitals – an overview; retrieved April 2025.
^ Waiting period applies. For ambulance attendance or transportation to a hospital where immediate medical attention is required and your condition is such that you couldn't be transported any other way. TAS and QLD have State schemes that provide ambulance services for residents of those States.
$ For members with mental health support included in their Extras cover. Annual limits apply. Counsellors must be registered with Australian Counselling Association, Psychotherapy and Counselling Federation of Australia, Australian Traditional Medicine Society. Mental Health Social Workers must hold a mental health accreditation by the Australian Association of Social Workers.
* Subject to hospital resourcing, availability and clinical need.
% Members' Choice providers are not available in all areas and may change without notice.
@ Other out–of–pocket expenses may apply.
< Some referred services may involve out of pocket costs and waiting periods may apply.
± Excludes Healthy Living Extras and select products that are no longer available for sale (for more information check your cover summary or check this page). Applies to prescription glasses and select contact lenses. Some glasses lens coatings and contact lenses are excluded. To find which specific items are included or excluded, call us on 132 331. 6 month waiting period applies.
+ The single parent/couple/family income threshold is increased by $1,500 for each MLS dependant child after the first child. 'Income’ and 'dependants' have a specific meaning for Medicare Levy Surcharge purpose. Learn more.
While we hope you find this information helpful, please note that it is general in nature. It is not health advice and is not tailored to meet your individual health needs. You should always consult a trusted health professional before making decisions about your health care. While we have prepared the information carefully, we can’t guarantee that it is accurate, complete or up-to-date. And while we may mention goods or services provided by others, we aren’t specifically endorsing them and can’t accept responsibility for them. For these reasons we are unable to accept responsibility for any loss that may be sustained from acting on this information (subject to applicable consumer guarantees).