Why it's important to review your health insurance
Do you have pregnancy cover, even though your family is now complete? Or have you hung up the footy boots but still pay for the Extras you needed during the season?
With every new stage of life, it’s important your health insurance matches your needs. At nib, we’re focused on helping you find a policy that’s right for you with our range of cover options. Plus, you have the opportunity to increase your excess and save on your monthly premium.
It's easy to check your health insurance policy and switch things up to match your lifestyle. Before you chat with your provider and change your policy, here are some things to think about so you take your insurance in the right direction.
Should you get rid of health insurance if you don’t need it anymore?
No one likes paying for things they feel like they don’t need. And when you’re reviewing your cover, you might want to get rid of your health insurance once and for all. But cancelling your cover could cost you money down the track. You might also lose the peace of mind you get from cover and access to treatment if you ever need it. Here’s a quick reminder of some of the benefits of health insurance:
You get total choice and control about where you have your treatment and by who.
You might not have to pay the Medicare Levy Surcharge (MLS) if your income is over the threshold and you have eligible private health insurance.
Limit your Lifetime Health Cover (LHC) loading. LHC is an extra charge that’s applied to your hospital cover premiums if you haven't had private hospital cover from the year you turned 31.
Skip public hospital waiting lists for your covered services and get faster access to the care you need.
What private health cover do you need?
It’s an overwhelming question to answer. As a starting point, you can think about:
The level of cover that will give you peace of mind.
Who in your life needs to be included in your private health cover.
The specific services and medical procedures that are important to you.
And if you’re still not sure where to start, that’s okay. We’ve got some questions you can answer to help you work out what private health you might need.
What hospital services do you want to be covered for?
Health funds will typically group their hospital cover products into different tiers: Gold, Silver, Bronze and Basic . Each tier reflects the level of cover provided. Every tier must include a set of hospital services required by the government, but some insurers also offer extra services in ‘Plus’ products.
To get started, consider where you're at in life and make a checklist of hospital services you need. For example, If your kids are prone to sports injuries, you might want hospital cover for bone fractures..
After working out what’s important to you, start looking at the tiers of cover. Which one matches the services on your list or your life stage? From there, you could compare that tier across different health funds to find one that’s right for you.
Understand waiting periods and pre-existing conditions
If you have an existing medical condition, you can still take out health cover. But you might need to wait longer to have any related treatment covered. Take the time to understand any waiting periods and pre-existing conditions. This can help you feel confident with your cover selection.
What Extras cover do you need?
When you start looking at Extras options, think about the services you want covered. Extras cover can include things like visits to the dentist, optometrist, physiophysio or chiro.
Once you confirm that the services you want are in the cover you're looking at, check the annual limits and if there are any waiting periods. You might notice the ‘percentage back’ changes from cover to cover. The percentage back is the amount you’ll get back from your health insurance.
Can you get Extras cover with Hospital cover?
Considering Extras-only cover? You’ll need Hospital cover if you want to avoid the Medicare levy surcharge and Lifetime Health Cover loading. There’s also our age-based discount if you’re under 30, which could save you up to 10% off your private Hospital cover.1
What excess level is right for you?
Excess is the amount of money you agree to pay for a hospital stay before your health insurance covers the rest. Generally speaking, choosing a higher excess means you’ll pay less in health insurance premiums.
Here’s how paying excess works: If you choose an excess of $500 and your hospital stay is $1,500, then you pay the first $500 and nib will pay the rest.
nib members are generally given the option to choose an excess limit of $250, $500 or $750 for singles, and $1,000 or $1,500 for couples or families. If you’re with nib, you’ll be able to opt for a higher level of excess in return for a lower premium.
Is it easy to use private health cover?
Yes, it’s super easy to make a claim if you’re with nib. There are two ways you can make a claim with nib:
Swipe your nib card at your provider to make a claim on the spot.
Use the nib App on your phone to make a claim using the receipts provided.
At nib, it’s simple to see the provider of your choice. We’ll pay benefits when you visit a recognised provider if you’re covered, your waiting period is over and you haven’t exceeded your annual limit. You can check your cover and annual limits in the nib App or by logging into your member account online.
We have a network of trusted health professionals to help you get the best value at a lower cost. You can search for a local provider online with our First Choice provider search tool.
How can you make the most of your health insurance?
Did you know that you can access hundreds of discounts through nib Rewards? Not only are you covered for the unexpected, but you also get to save money and live a fun, healthy and rewarding life.2 From gym membership discounts to saving the big bucks on groceries, you can discover ways to save in the nib App.
We've also partnered with hub.health to provide online and private consultations for any prescription you need. You can also have your prescribed medication delivered straight to your door – how convenient!
At nib, we're all about staying healthy all year. So, you can join one of our Health Management Programs at no extra cost if you’re eligible.3 These programs can help you get fit, stay out of hospital and improve your general wellbeing.
We’re always here to help you when you need us most. If you're going to hospital, we can help you in different ways like suggesting questions you can ask. Or we can work out the average cost of your procedure or help you find a specialist. Whatever you need for your hospital trip, nib will have your back.
Is switching private health insurance providers easy?
It sure is! All you need to do is to pick the cover you want and we’ll handle the break-up call and paperwork with your old insurer. That way you can rest easy knowing your health care is in good hands.
How often should you review your health cover?
It’s generally best to review your health insurance once a year. After all, that’s 365 days where something in your life can change and impact your cover. You could also save some money if you select a level of cover that suits your needs, rather than picking the cheapest option. Health insurance shouldn’t be set and forget, so keep comparing your options as your health needs change.
Let’s shake up your health insurance, together
If you’re ready to take a leap and make the switch, start comparing today. Need a hand to understand your options? Then get in touch with our member service team on 13 16 42 – we’ll be more than happy to help.
Aged-based discount is applied to eligible Hospital covers and is calculated at 2% per year you are under 30 from the time you take out your Hospital cover to a maximum of 10% for those aged between 18-25.
T&Cs apply. Some offers may vary or be available for a limited time. Payments for eGift cards made by debit/credit card incur a 1% processing fee. nib Rewards are available to new members after 30 days of active membership, provided premium payments are up to date. For more information on member rewards, visit https://www.nib.com.au/member-benefits/rewards.
Available to eligible nib members who’ve held Hospital Cover for 12 months and served their relevant waiting periods. Additional criteria vary according to each program.