This topic is a big and, at times, a confusing one! There are many things to consider when looking into Health Insurance for you and your family and trying to find the best option:
• There are insurance policies out there that can be cheaper depending on what excess you set for your chosen cover.
• There are insurance policies out there that will reimburse you for your GP visits.
• There are insurance policies out there that won’t touch you and your pre-existing conditions.
• And there are insurance policies out there that pay for it all… but will cost you an arm and a leg (see what I did there?!)
As our bodies start their decline into old age we may develop illnesses that require more trips to the doctor and even specialists (expensive right?).
Something else to think about is the maximum payout when the time comes to actually make a claim with your chosen insurance provider. The last thing you want when you are going through a medical event is to find out that your insurance policy has a maximum payment limit that is less than the cost of your medical care.
The cost of health care is increasing at a rate of 7-8% per year at the moment, and some major surgeries can set you back $150,000 if it's really serious.
As such you need to make sure you have a decent level of cover in place as you don't want to be left with a massive bill or be in the position of having to sell assets or fundraise to afford your treatment.
So… a lot of things to consider! We really like helping people figure out a solution that fits within their budget and at the same time getting ample cover for their medical needs. If you have a question or two around the topic of insurance, give us a call.