Gold Cover: Understanding The Highest Health Policy Tier

In an effort to make private health insurance more accessible to all Australians, a new four-tiered system¹ for all hospital products will be introduced on April 1st 2019. You will have to wait until next year to find out exactly how your insurer will implement each of these reforms, but here’s a guide to what a Gold policy will offer.

What is Gold cover?

A Gold policy is the highest level of cover available. It covers you for a diverse range of treatments and offers you the ultimate level of care. Although Gold cover will cost you more than a Basic, Bronze or Silver policy, it will cover you for wider range of treatments, and can potentially save you money down the track.

What does Gold insurance cover?

Private health insurance general treatment cover (also known as ancillary or extras cover) can offer out-of-hospital services that are generally not funded by Medicare such as:

• Dental treatment
• Ambulance
• Chiropractic treatment
• Home nursing
• Podiatry
• Physiotherapy
• Occupational therapy
• Speech therapy
• Glasses and contact lenses

Gold cover will provide you with unrestricted cover for all medically necessary in-hospital treatments and procedures. Things such as rehabilitation, hospital psychiatric services, and palliative care, plus all of the treatments covered under Silver and Bronze policies. If you take out a Gold policy, you’ll also have unrestricted access to the following clinical treatments:

• Cataracts
• Joint replacement and spinal fusion
• Dialysis for kidney disease
• Pregnancy, birth, and neonates
• Assisted reproductive services

Who is Gold cover suitable for?

Gold cover offers the ultimate level of protection against a diverse range of health issues. It may be suitable for anyone who suffers with chronic conditions, or ongoing health issues.

If you’re planning on getting pregnant and want to give birth as a private patient in a private hospital, and you want the option of choosing your own obstetrician, then Gold cover is for you¹. Gold hospital insurance also provides women who are having difficulty conceiving access to in-hospital IVF treatment, as long as it’s medically required.

Gold cover will also be of benefit to women who suffer from breast or cervical cancer, as cancer treatment and all medically required breast surgery will be included under a gold hospital policy². If you need dialysis for chronic kidney disease or access to insulin pumps, you can potentially save thousands of dollars if you take out Gold hospital cover.

Active Australians who are prone to injury will benefit from Gold cover as neck, back and spine treatments, and all medically required plastic and reconstructive surgery, will be covered under a Gold policy. It’s also the perfect choice for older Australians who may require joint replacements, hearing implants, or treatment for cataracts.

When will Gold cover be introduced?

Gold cover will come into effect on 1 April 2019, along with Bronze and Silver cover, as part of the government’s new four-tier hospital cover classifications¹.

The new hospital cover tiers will help you understand exactly what is covered by your health insurance policy, and will make it easier for you to shop around for a better deal.

What will happen during the transition period?

During the transition to a four-tiered system², the Private Health Insurance Ombudsman will be given extra power and have access to a greater pool of resources. This will ensure that your rights and best interests are taken care of while the changes are implemented, and will help to ensure that the process runs as smoothly as possible.

How can I compare Gold cover policies?

Choosing a health insurance policy can be a difficult process and requires a great deal of time and research. While some policies initially look good on paper, they can come with a wide range of exclusions that you need to be aware of.

Before you decide on the type of cover you need, it’s important to ask questions and be confident that the policy you’re purchasing is right for you.

At iSelect, we know that the type of cover you choose will often depend on your budget, but there are other factors you need to consider such as your age, health, and lifestyle. We work closely with you to find the right cover to suit your health and lifestyle needs.

To find out more about private health insurance, feel free to call us 13 19 20 and speak to one of our expert health advisors.

iSelect does not compare all products in the market. Not all products are available at all times.

Sources:
1. http://www.health.gov.au/internet/main/publishing.nsf/Content/private-health-insurance-reforms-fact-sheet-gold-gilver-bronze-basic-product-categories
2. http://www.health.gov.au/internet/main/publishing.nsf/Content/private-health-insurance-reforms-transition-fact-sheet