Q2 : What types of medical insurance policies are available ?

Medical insurance policies generally fall into one of 5 categories:

1. Hospital & Surgical with related Specialists & Tests

Covers the costs of hospitalization, surgery, major diagnostic tests such as MRI and CT scans, as well as any other minor diagnostic tests or specialist visits that are related to a hospital or surgical procedure :

This is the cheapest type of plan, but still provides excellent protection for all of the expensive areas of healthcare: recommended

2. Hospital & Surgical with all Specialists & Tests

This extends the Hospital & Surgical Cover to include all minor diagnostic tests or specialist visits, even if they are not related to a hospital or surgical procedure:

The extra cover on this plan can be useful; especially if you have younger children, but it’s probably not worth it if you have a $500 or more excess.

3. Hospital & Specialists
with GP & Prescriptions

Extends cover to include claims for GP consultations and prescription costs; there is usually a 3 month stand-down period for these extra benefits:

Expensive and not recommended.

4. Hospital & Specialists
with Optical & Dental Benefits

Extends cover to include cover for dental procedures and optical costs; there is usually a 6 month stand-down period for these extra benefits:

Expensive and not recommended.

5. Comprehensive Cover

Combines Plans 2, 3 & 4; stand-down periods apply:

Expensive and not recommended.

Q3 : Which type of policy is best for you ?

Even the cheapest type of medical policy protects your main financial risks and covers other priorities such as avoiding waiting lists and getting the best care; so why pay more for extra options which provide very little extra cover ?

For example: A couple aged 40 with 2 young children would pay $372 per month for comprehensive cover, whilst the premium for basic Hospital & Surgical cover with a $250 excess will be $106 per month: a difference of $266 per month.

Why pay an extra $266 per month to cover claims that will probably never exceed $1000 ?

Our advice is almost always to take Hospital & Surgical cover, or possibly Hospital & Specialists if you have younger children - these provide maximum cover at minimal price, and therefore make your cover as efficient as possible...