(PRWEB) October 27, 2012
Everybody experiences different life stages. For many, changing times means changing circumstances and needs. It's these crucial milestones that call for a review of your current private health insurance policy - to make sure your policy still suits your needs.
Here are seven common scenarios that may prompt a policy review:
1. Planning to have a child
It's essential for couples to take out health insurance coverage prior to becoming pregnant, as birth-related services typically have a 12-month waiting period. Those who already hold a policy may choose to add their newborn to their policy a few months prior to giving birth.
2. Don’t pay for cover you don’t need
As our lifestyle changes it is important to review your cover regularly to make sure you aren’t paying for benefits that no longer suit your needs.
3. Government Taxation Changes
Also you can often save money by to taking advantage of the Australian Government initiatives which may help you to save money on tax. For more information on saving on tax, visit: -
o Lifetime Health Cover
o Medicare Levy Surcharge
o Means Test Rebate
4. Independent adults or students aged 23+
Most private health insurance providers allow family policies to include dependent children (a person aged up to 18 or up to 23 if they are single and undergoing full-time study). Mum and dad's policy will no longer cover those who do not meet the provider’s criteria. However, parents may choose to include their child on their family policy as an adult child.
5. Developed an illness, condition or injury
Those who have recently incurred skeletal/muscular injury or had a worrying health diagnosis may need to upgrade their policy, especially if it doesn't cover private hospital care/elective surgery or any extra health services that may be necessary. Be aware that any upgrades may incur new waiting periods.
6. Going through a divorce
When a couple separates, they may no longer be covered under their existing couple/family policy once the divorce is finalised. If they wish to remain covered by private health care, they will need to take out their own individual policies.
7. Insurance provider changed policy rules
Private health insurance providers are entitled to change their premium prices and policy rules from time to time. If they do, they must inform you of proposed changes prior to them taking effect. If you're unhappy with proposed changes or the price no longer meets your budget, it might be worth looking for a more suitable policy that better caters to your circumstances.
Private health insurance is just like any other insurance. If your lifestyle needs change, so do your insurance requirements. Naturally, you want to keep your policy updated in order to reflect your lifestyle changes so you're never over or under insured.