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Silver Cover: Discover What’s Covered, & If It’s Right For You
On 1 April 2019, the government will introduce new product tiers for hospital cover. The aim of the new tiered system is to make it easier for you to understand exactly what your health insurance policy covers, and to simplify the health insurance in general for Australians.
Under the new system hospital products will be categorised into four product tiers – Gold, Silver, Bronze and Basic. Here’s what a Silver policy includes:
What is Silver cover?
A Silver policy is the second highest form of cover available. While it may not offer you the level of protection you get with a Gold policy, it does provide you with the same level of cover found in Basic and Bronze policies, plus seven additional clinical categories.
What does Silver insurance cover?
If you buy private health insurance hospital cover, you’ll be covered for some or all of the costs of being a private patient in a public or private hospital1. To find out exactly what’s covered by your private health insurance policy, check with your insurer.
Private health insurance general treatment (Extras) cover can offer out-of-hospital services that are generally not funded by Medicare such as:
• Dental treatment
• Chiropractic treatment
• Home nursing
• Occupational therapy
• Speech therapy
• Glasses and contact lenses.
A Silver policy will pay a benefit towards your hospital treatment as a private patient for the categories included under the cover. It’ll also cover you for the same hospital treatments found in the Basic and Bronze policies, plus the following treatments on an unrestricted basis:
• Heart, and vascular system
• Lung and chest
• Back, neck, and spine
• Plastic and reconstructive surgery (medically necessary)
• Dental surgery
• Podiatric surgery (provided by an accredited podiatric surgeon)
• Implantation of hearing devices
If you decide to purchase a Silver cover policy, your insurer may offer you additional cover for some of the clinical categories found in Gold cover. These policies will be referred to as Silver plus [+] policies.
Who is Silver cover suitable for?
If your health is a priority, and you’d like to be covered for a large range of hospital treatments, then Silver cover may be the right choice for you. It covers you for a diverse range of treatments, and will give you peace of mind when it comes to protecting your health.
If you live an active life or have a physical job, and are likely to suffer from back, neck or spine problems, Silver cover will provide you with protection if you need access to treatment, or other health services.
Silver 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 in a Silver hospital policy2. If you have a history of heart problems, then a Silver policy is a good option for you, as it covers you for a range of heart-related conditions including heart attacks and heart failure.
When will Silver cover be introduced?
Silver cover will come into effect on April 1st 2019, forming part of the government’s new four-tier hospital cover classification system3.
The goal of the new policy tiers is to provide you with clearer information regarding health insurance, as well as to make it easier for you to compare hospital treatment policies.
What are the requirements for Silver cover?
The requirements for Silver cover – and each hospital product tier – are minimum standards. Your insurer may also decide to offer upgrades to policies that include restrictions or exclusions2. These Silver policies will feature the policy name, accompanied with a ‘plus’ sign – Silver plus [+].
How can I compare Silver cover policies?
Under the new reforms, private health insurers will be encouraged to provide you with a single page of information that outlines the details of each of their products, and exactly what you’re covered for4.
It’s hoped that by providing you with clearer information, you’ll be able to compare hospital treatment products and shop around for a better deal. If you’re still not sure about the best level of cover to suit your needs, it may be a good idea to seek expert advice.
If you need help finding the right private health insurance policy to suit your needs, feel free to call us on 13 19 20 to speak to one of our health advisors.
iSelect does not compare all products in the market. Not all products are available at all times.