Ever find yourself thinking, “Is my health cover a waste of time?” You’re not alone. It’s a common question.
Before we go any further, let’s be clear about one thing. Here at iSelect, we don’t think that health cover is a waste of time. You can read more about why health insurance is a good thing here. But, too often, we see people wasting time with the incorrect health cover.
In this case, time is money. Think about it. For the last few years, you may have been paying too much for your health insurance, having signed up for a whizz-bang policy with bells and whistles that you don’t actually need.
The classic example is if your kids are now in their teens and you are 100% certain that you don’t want to have any more children. Yet, you’re still paying for pregnancy cover. You could be saving a decent chunk each week on your health insurance by downgrading from a top level of hospital cover that includes obstetrics, to a standard cover more suitable to your current needs. Just think how useful that extra cash could be in your weekly budget!
On the flip side, if you’ve got a very basic level of health insurance but are getting older, you could be wasting time with your cover because it won’t protect you when you need it most. As you age, you may face an increased risk of things like hip and knee replacement, heart disease, or eye surgery. Major dental procedures become more common, too.
Imagine if you’ve been diligently paying your health insurance for a few decades now, only to discover that you don’t have the right level of cover when you get told you need a new hip.
Try not to waste time – and money – with incorrect health cover
Research suggests that on average Australians change their private health insurance around once every 4.5 years*. That means there are plenty of people who leave it a lot longer to review their insurance – which means there are probably things on their policy that they don’t need, or there are things missing from their policy that they now need as they get older.
It’s up to you to make sure that the health cover you’re paying for is the best value for money for your current circumstances. With so many policies out there, this is often easier said than done.
Help is at hand! Contact iSelect to review your health needs, so we can help you find the right health insurance for you. We won’t waste your time, promise.