Gold Cover: Understanding the Highest Health Policy Tier

Like all Hospital Cover policies, Gold Cover helps cover your medical costs when you’re admitted to hospital as a private patient. It also gives you greater ability to choose your own doctor and hospital.

But wait—if all Hospital Insurance gives you this kind of coverage, then why does Gold Cover get to sit atop the podium? Put simply, it’s because gold policies have to cover you for every clinical category of treatment. This includes certain things that are only optional for the other tiers such as: 

• Pregnancy and childbirth 
• Weight loss surgery 
• Joint replacements 
• Cataracts 
• Sleep studies 
• Assisted reproductive services 
• Dialysis for chronic kidney failure 
• Devices for pain management 
• Insulin pumps 

Gold Cover also insures you for every kind of medical treatment that the lower product tiers cover. This means you’ll also be covered for the digestive system, the back, neck and spine, cancer treatments, in fact, it covers you for all 38 clinical categories of treatment.  It’s the bells and whistles of hospital cover!

There certainly is! While you don’t have as much wriggle room here as you might for, say, Car Insurance, most insurers will still provide some options that can help reduce your premiums. Some ways to save might include:

• Increase your excess
  Most insurers will charge you an out-of-pocket cost whenever you make a claim called an excess. Selecting a higher excess can result in lower premiums, which can be a great option for those who think they’re unlikely to claim on their policy.
• Pay with direct debit
  Some health insurers will apply a discount to regular premiums if you pay by direct debit instead of BPAY or via credit card. Over time, this could save you quite a bit of money on your policy.
• Compare regularly
  It can pay to keep an eye out for other policies—especially if you’ve held onto your cover for a while. Just because your Gold policy was the cheapest option a few years ago doesn’t mean it will stay that way. It’s a good idea to compare what’s out there and see if another policy offers more value. 

Even if your Gold Cover costs a bit more than other policies, these little strategies can quickly add up and help your money go even further than usual. 

Gold Cover has the same maximum limits for waiting periods as other hospital policies. A waiting period refers to how long you have to hold a policy before you can claim for certain conditions. For Hospital Cover, the legal requirements are no more than:

• Two months for psychiatric care, rehabilitation or palliative care (even if it’s for a pre-existing condition) 
• Twelve months for all other pre-existing conditions 
• Twelve months for pregnancy and obstetrics 
• Two months for all other conditions and treatments

Insurers can technically offer shorter waiting periods, but it’s honestly quite rare to find a policy that doesn’t apply the maximum limits. Most insurers—big and small—are the same on this front.  

Because Gold policies cover you for more, they also generally cost you more too.  And while you might be paying higher premiums, you don’t want to be paying more than you need to for Gold cover.

Like with most things, it helps to do your research when you’re looking for Gold Cover. But doing so doesn’t have to be a slog. Comparing policies can be quick and easy with the right approach.

That’s where iSelect can help. You can compare Health Insurance policies (including Gold Cover!) from a range of providers with our online comparison tool. So give it a spin if you’re ready to try and find a great deal—or give our friendly team a call on 1800 784 772.