People obtain health insurance quotes for a number of reasons – not least when they move through different stages of their life, such as when they get married. But one of the big reasons people start looking at health insurance is the additional costs or penalties that are imposed through the tax system.
For most of us, except high income earners, the Federal Government provides a rebate that’s worth 30 percent of the premium you pay for private health insurance. But if you are over the age of 31, a loading of 2 percent will be added to your premium for every year you remain uninsured.
So getting and comparing health insurance quotes is something that all of us should be doing regularly, and certainly before our 31st birthdays!
You can obtain a health insurance quote from the participating funds at RateCity by answering a few simple questions. Because private health insurance is “community rated” and funds can’t deny you coverage based on your health history, you might be surprised to see how few questions you need to answer to get health insurance quotes.
Once you’ve got a health insurance quote, you should look in detail at the features, benefits, costs and exclusions associated with the policy. These are listed on the RateCity website in plain English, with explanatory text for any terms that might not be clear in the first instance. Once you’ve reviewed these features, purchasing your policy is simple – again, a relatively few questions and personal details, and of course the all-important payment details (such as credit card or direct debit from your bank account), and you’ll have your policy purchased and become a member of the health fund.
Of course, once you’ve obtained a health insurance quote don’t be afraid to switch funds if you find a quote that’s more competitive and a policy that suits your needs. The biggest myth about switching is that your waiting periods will be affected. This generally isn’t true. If you switch to another fund, and keep the same level (or lower level) of cover, you will get “credit” for the waiting periods you’ve already served. The only time an additional waiting period will occur is if you upgrade your cover.