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Why the private health insurance reforms are good for families

A mother and daughter cuddle as they smile at the camera in a backyard

Let’s explore what’s changed and how it affects families

A mother and daughter cuddle as they smile at the camera in a backyard

Don’t be a helicopter parent, but avoid raising free-range kids. Teach your children the value of a dollar, but give them a head start on their home deposit. Keep your kids away from electronic devices, but make sure they’re not technologically disadvantaged at school.

Being a parent can be complicated, especially when you feel like you’re constantly being pulled in a million different directions. But when it comes to your family and their needs, there’s one thing that’s become a whole lot simpler and more affordable – your private health insurance.

Thanks to the Government-initiated reforms introduced as of 1 April 2019, there are a heap of positive changes that have been rolled in an effort to;

  • Make private health insurance easier to understand

  • Help you choose a health insurance cover that best suits your needs

  • Make your health insurance premium more affordable

So, let’s explore what’s changed and why we think it’s good news for families.

Compare apples with apples

Picking the right health insurance policy for your family is all about making sure it fits in with your lifestyle and provides the appropriate level of cover; and that’s now going to be easier than ever.

Part of the reforms requires all private health insurers to categorise their hospital cover products into easy to understand Gold, Silver, Bronze and Basic tiers that reflect the level of cover they provide.

A father puts his arm around his son who is wearing a school uniform and holding a ball as they walk along a street

In addition, the way treatments are defined will be made the same across all insurers to make it clear what you are and aren’t covered for.

This means that all policies within a certain tier have to meet a minimum standard in terms of the benefits they provide. So you’ll be able to review products more easily across health funds, as you’ll be comparing apples with apples!

While we introduced the new product tiers on 1 April 2019, other health funds may choose to transition their products any time from 1 April 2019 until 31 March 2020.

No matter what level of cover you choose, the good news is by simply being an nib member, there are a heap of helpful tools and benefits you can access. Find out more about the things you have access to as an nib member.

Increase your family’s excess

If you’re not anticipating that a member of your family will need to go to hospital anytime soon, or if you’re looking for a way to maintain your level of cover and reduce your premium, you’ll have the option to opt for a higher excess.

As of 1 April 2019, families have the option to increase their maximum excess limit from $1,000 to $1,500 and nib members on singles cover have the option to increase their excess limit from $500 to $750. Once again, this is an optional reform, so if you’re with another health fund, this might not apply.

Increasing your maximum excess is completely voluntary, so if you’re happy with your family’s current excess amount, you don’t have to do a thing.

If you have any questions about the reforms, check out our private health insurance reforms FAQs.

If you’re not with nib, but you’d like to find out more about our cover options, get a quote today or contact our award-winning member service team on 13 16 42.

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