Private Health Insurance
Introduction
Purchasing private health insurance can be a daunting task to those without experience. There are a number of key factors to consider as not all policies provide cover in the same way. There are also various ways to reduce the price by agreeing to pay a portion of the treatment costs or choosing a plan which has lower limits or restrictions on the treatment covered.
One of the other important elements to consider is how existing conditions are covered. In many cases they are not but some insurers will provide cover if a higher premium is paid. VERY IMPORTANT: If you have a condition that is likely to be ongoing or cause problems in the future and you are currently fully covered you should not move to a different insurer without making sure these pre-existing conditions are still covered and will be treated accordingly. Please seek advice if you are not sure.
Key Factors
REGIONS COVERED - Worldwide (including USA & Canada) can be seriously expensive. Most policies cover emergency treatment while on holiday so unless you will regularly visit North America complete worldwide cover is unnecessary.
OVERALL LIMIT - An overall limit of $5,000,000 is pointless if the limit for surgery is only $100,000. Look beyond the banner headlines!
ELECTIVE TREATMENT - Can you fly to a county of your choice to receive treatment? Most international policies will cover this unless you are excluded from certain geographical locations.
PRE-EXISTING / CHRONIC CONDITIONS - Usually not covered but check the underwriting limitations offered. Sometimes conditions can be covered after a specified waiting period.
EMERGENCY EVACUATION - If the hospital you are in cannot provide the necessary treatment based on the Doctor's opinion you may be transferred to the nearest more suitable facility. This is can sometimes be to another country.
EXCESS CHARGES - Agreeing to pay the first $100 on an inpatient claim can be a good way of reducing your premium but an outpatient policy with a $50 excess is of very little value in Indonesia where most claims will be below the excess amount.