The five things to consider when choosing a private health insurer

This is a commercial collaboration with GMHBA.

MORE than half of Australia's population has some form of private health insurance.

But what many of those residents don't entirely understand is what services they receive as part of their investment.

Following a year of much financial distress, it is more important than ever for households to be aware of what their insurance covers to ensure they are receiving the best bang for buck.

Here are five things to consider when choosing the right health insurance plan for your family:

When choosing the right cover for you, families need to consider their lifestyle and select plans that do not charge excess or co-payments for children.

Australian insurer GMHBA specialises in assisting customers to choose extras that are best suited for their members - such as orthodontics, speech pathology or optometry.

For parents who spend their days watching their young one's train and play sports, options such as emergency ambulance or physiotherapy might be more suitable.

Whatever the situation, GMHBA helps every household to analyse their own reality and select extras that are most appropriate.

2. Older children

Most health insurance providers will cover children under a family policy until the age of 21.

Once your child turns 21, as long as they're studying full time, they can register as a student dependent and remain on your policy until they turn 25. How's that for peace of mind?

3. The state of surgeries and other services

COVID-19 brought about changes in elective surgeries and other health services.

When you sign up for health cover, inquire into what will happen in the event of any COVID-related restrictions. It is also worth asking about telehealth services in case you are unable to meet your practitioners in person.

GMHBA members with extras can claim on a range of telehealth consultations, such as physiotherapy, psychology, occupational therapy and more, in line with your level of cover.

4. The cost

The cost of private health insurance for a family depends on the level and type of cover you want.

At GMHBA, whether you're a family of two or five, the amount you pay won't change. The cost is determined by the level of cover and extras you choose. You can expect to pay a lot less for a basic level of hospital cover without extras, versus a premium level of hospital cover with top extras.

5. Ask questions

Hospital cover gives customers a choice of health provider and reduces wait times for treatment, while extras cover provides care in the areas where your children need it, like dental, optical or speech therapy, as examples.

Before signing up, it is most important of all to get down to the nitty-gritty and ask exactly how your plan will benefit you.

With the Coronavirus pandemic highlighting the need for premium healthcare, as well as the necessity to look into one's insurance plans, there is no better time than now to inquire.

For more information and terms and conditions, visit gmhba.com.au/health-insurance/family-cover