Essential Tips to Keep Your Health Insurance Expenses Down

• byBudgetpolicy
• 2023-07-06

We are all aware of the expensive Australian healthcare system. Although, it has the world’s best medical facilities available to the people but the costs are also skyrocketing. And imagine paying a lump sum amount for your medical treatment when you can save a lot on it.

Who likes spending heaps of money on something when you can save the money smartly? We are talking about health care. You can ensure to pay only as much as your pocket allows and not a cent more. This is where health insurance makes an entrance.

To begin with, you need to have a thorough understanding of your OSHC or OVHC policy what is included in it, and what medical services you can claim coverage for. NIB is one of the popular health insurance providers in Australia. They believe in making things simple for their members. Speaking of which, enlisted are a few essential tips on how you can keep your expenses down with NIB.

Know Your Out-of-Pocket Expenses

Did you know specialists, pathologists, and radiologists could charge you more than the actual fees? The Government considers it as an ‘appropriate fee’ for the services provided. This ‘appropriate fee’ is known as the Medicare Benefits Schedule or MBS fee. A specialist or surgeon charges the excess amount that Medicare does not include in the health insurance. This means you have to pay that extra fee or amount from your own pocket. Now before signing up for any health insurance, ask your provider an estimate of the expenses. Go through the estimate and see whether you can manage to pay from your pocket or not. Accordingly, make up your decision about the policy.

Check Waiting Periods of Your Policy

In any of the following cases, find out whether there is any waiting period or not before your claim and if there is, how long it will take to cover your medical expense:

·         When you are being treated in a private hospital.

·         When you are being treated as a private patient in a public hospital.

·         When you have recently joined NIB.

·         When you have changed your insurance cover.

Usually, there is a 2-month waiting period for majority of medical services and a 12-month waiting period for pre-existing conditions and pregnancy related services.

Ask questions and Do Your Research

Imagine you have an emergency and need to see a specialist. Now, your GP asks you to take some medical tests for further treatment. You should know how much it would cost you from your health insurance provider. Always ask for detailed information about the extras. It will help you decide whether you need to pay from your pocket for medical tests or not. Usually, it is covered under your policy if not; you can always include them by asking your health insurance provider.

Take Advantage of NIB’s Medigap

As we are specifically talking about NIB health insurance in Australia, they have come up with a scheme - MediGap Scheme. It is specially curated to lower your hospital out-of-pocket expenses. How did it work? The process is very simple:

·         NIB have a network of doctors, anaesthetists and specialists agreeing to charge directly.

·         They ensure that the client is not paying any out-of-pocket hospital expense, which is burdening him.

Before beginning, ask your health insurance provider whether the scheme is beneficial for you or not. The reason being, some people buy a basic plan and are satisfied with its coverage. However, if your medical needs are many and you want extras to be covered, you should definitely go for the Medigap scheme.

Planning to Buy a Health Insurance in Australia

NIB Australia has amazing overseas health insurance for Australia. The schemes it has introduced are with the aim to help people lower their out-of-pocket expenses.

Budget Policy is associated with NIB, and can help you get the best health insurance for Australia at modest prices. Know about your out-of-pocket expense; compare policy prices, waiting periods, etc. under one roof.

To know more about OSHC and OVHC coverage limits, visit our website and send us a quote today. Our experts will get in touch to assist you with your query. Happy Healthy Living!