More Australians should re-asses their health insurance before the New Year so they can start 2013 with real peace of mind.
Medibank encourages people to have a health insurance review at least annually or when they experience a life changing event - or face the very real risk of not being covered adequately when a health crisis hits.
In 2012, some 200,000 of Medibank's 3.8 million members changed the type of cover they have with the insurer but Medibank says it's not enough.
"Life changing events and new years are the ideal times to have a fresh look at your insurance cover," says Medibank's Laz Cotsios, Group Executive - Private Health Insurance. "Circumstances like getting married or divorced, having a baby or kids leaving home, an increase in income or losing your job can all affect the type of health insurance you need and the premiums you should be paying.
"Most of our members who review their cover maintain equivalent cover or revise their cover down, so it's not just about them spending more money on premiums. We'd like all of our members to get the absolute maximum value from their health insurance."
Medibank's top five tips are:
- Consider your life stage. Health cover can, and should, change with your life stages. Review your policy at key life events to make sure you're getting good value.
- Beware the hidden commission. Deal direct with a recognised health insurance company. They are the experts after all and you don't pay commissions on things like comparison websites.
- Remember size matters. Choose an insurer with a comprehensive range of policies. Not all families, circumstances or lifestyles are the same. Don't settle for a policy which doesn't offer exactly what you want.
- Ask the question: What extras am I entitled to? Larger, more established insurers, like Medibank, offer extra member services such as health and wellbeing programs, and telephone and online counselling services such as the 24/7 Health Advice Line, Smartphone apps to source information and the Online Health Hub, all through member service Mi Health.
- Use a preferred provider network. Depending on your policy, Medibank has doctors, dentists and other healthcare professionals all over Australia.
"A cover review allows people to consider their situation and to check that their cover still suits. It might actually mean no nasty surprises when it comes time to claim. Medibank's expert staff can help to recommend the right cover based on the stages of your life to give you real peace of mind," says Laz Cotsios.