Is there a ‘cheapest health insurance’?

We all like a good deal. There’s no doubt about that. But one of the biggest things to remember, is that a good deal doesn’t necessarily mean the cheapest deal.
Older couple looking at bills at kitchen table

*iSelect does not compare all providers or policies in the market and not all policies or special offers are available at all times, through all channels or in all areas. Not all policies available from our providers are compared by iSelect and due to commercial arrangements and customer circumstances, not all policies compared by iSelect are available to all customers.  Learn more.

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I need cover for…

Depending on what stage of life you’re at, you may need a different level of cover when it comes to your health insurance. So, it’s not only about the price, but what’s included and excluded in your policy. To help you find a suitable deal, we’ve broken down a list of steps to help you get started.

Step 1: Do you need hospital and/or extras cover?

First things first; what type of private health insurance policy do you need? In Australia, we have two different types: Hospital and Extras Cover.

Hospital Cover

Hospital cover could help with the cost of treatments inside the hospital when admitted as a private patient. When you sign up to a provider, you’ll generally have the choice of four tiers: Basic, Bronze, Silver and Gold. Basic will provide you with a limited level of cover that allows you to choose your own doctor for psychiatric, rehab, and palliative care in a private hospital.

Whereas a silver policy will provide you with cover for items including heart, and lung and chest. If you want to be covered for all clinical categories you can opt for Gold which will provide you with the most coverage, including everything in Basic, Bronze and Silver, as well as additional treatments, such as pregnancy and birth, assisted reproductive services and psychiatric.

Extras Cover

Extras Cover, on the other hand, could help provide you with support for services that happen outside of the hospital. This stuff is typically not covered by Medicare, like physiotherapy, dental and optometry.

Step 2: What are your non-negotiables and Budget?

Next, you’ll want to consider your non-negotiables which could help you understand your budget. The must-haves for your insurance could depend on where you’re at in life. For example, if you’re a young family, having child-related procedures covered privately (eg: accidents, tonsils, and grommets) could help you avoid lengthy public waiting lists. If there’s regular treatment you receive, like physio, acupuncture or dental, look for an extras package which makes the most of the benefits you’ll actually use. Every policy will include and exclude different procedures.

Understanding your needs will help you gain an idea of your budget.

Step 3: Compare policies

When you know your budget and what you need from your health insurance package, the next step is to compare a range of different providers and policies*. Good news is, we can actually do this for you! At iSelect we compare a whole range of different providers and policies to help you find a suitable option. Go online here or give us a call on 13 19 20 and someone from our team will be ready to help.

Step 4: Waiting Periods

Finding the cheapest health insurance is often at the top of people’s list. But something that people quite often forget are the waiting periods. All policies have waiting periods, however some may have shorter or no waiting periods on some extras services, such as dental check-ups and cleans. If you’re switching from one provider to another, for benefits you currently have, your hospital waiting periods you have already served, can be honoured, which gives you the peace of mind that you can swap your hospital cover. 

Step 5: Pick the policy that works for you and make the switch

It’s easy to get drawn into the ‘what if’s’ when you compare policies. What if I need major dental work this year? What if I need surgery? Go back to the start and look at your budget and your non-negotiables.

And if you’re stressed about switching policies - don’t be! iSelect can help you with the switch. All you have to do is give us a call on 13 19 20 and we’ll sort it all out.

Step 6: Review your policy to see if it still meets your needs and budget

A regular check in on your health insurance is always a good idea. As you get older or your lifestyle changes, cardiac cover, pharmaceutical benefits, and private hospital rooms may become more important to you. And at the end of the day, there’s nothing to lose by doing a quick comparison on your policy.

Get started on finding your health insurance policy

Use iSelect to find a suitable health insurance policy from our range of providers. We’ll help you weigh up not only the price, but what’s included, so you can make an informed decision. Compare health insurance policies online, or call us on 13 19 20 today.

Last updated: 8/12/2021

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