Don’t Pay For Stuff You Don’t Need!

Review Your Health Insurance Options Regularly!

Do you know exactly what is covered on your health insurance policy? If not, now is a good time to remind yourself. Things may have changed since you first arranged the policy and you may find that you’re now paying for things that you don’t actually need. Unless you’re on a basic policy that has a lot of restrictions and exclusions, there is a good chance that you don’t actually need everything that’s currently included.

Why Review Your Cover?
You’re advised to look at your policy at least once a year to make sure that it still fits your needs. As you get older and move onto different life stages, you’ll usually find that your health insurance needs altering to reflect your changing needs. Removing anything that you don’t really need is an easy way to cut costs without skimping on cover. It doesn’t make sense to keep paying for obstetrics if you have no plans to have a family or if your child-bearing days are now behind you, for example. You may be able to just remove any options that you feel are now redundant (and to add anything that is now of greater concern) but this will not always be possible. If your health insurer doesn’t allow you to do this, it may be time to look around for a policy that better fits your new situation.

Drawbacks of Cheaper Health Insurance Policies
On the other hand, you may not be paying for things that you do actually need. This is a common scenario if you first arranged health insurance while you were young and healthy and don’t take the time to regularly review your cover now that you’re older. This can mean that you’re not covered for things that become more critical in later life, such as joint replacements and cardiac cover. Most of the cheaper policies that are aimed at the young and healthy rarely cover these features to keep premiums lower. Because they’re restrictive, you can expect to have out-of-pocket costs if you need anything that isn’t included on the policy.

No worries though – you can just arrange additional cover as and when you need it, right? Not necessarily. It’s often too late to do this as you need to take waiting periods into consideration. Many benefits have waiting periods of up to 12 months, so you need to arrange cover before it’s needed.

The Bottom Line
Not in the habit of regularly reviewing your health insurance to make sure that it’s still covering your needs? Time to change that! Look carefully at what is covered by your policy and check whether you’re paying for things that you’re not actually using. You’ll also want to think about whether you’re covered for things that are now becoming more important for your needs. If this review confirms that your health insurance is no longer as relevant as it once was, there’s no better time to examine your options. See if you can alter your existing policy to tailor it to your changing needs. If this isn’t possible, look around for a different policy that better fits your situation. Even if you’re otherwise happy with your health insurer, there’s no harm in shopping around to see if you can get the same cover cheaper elsewhere.

 

This article was written by Jonathan from http://healthinsurancecomparison.com.au. Compare health insurance policies and start saving today!

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