Get the Cheapest Health Insurance with Excess Reforms from our panel of providers

The recent health insurance reforms are a great reason to shop around for the cheapest health insurance. A change in the laws for private health insurance excess amounts is one of the main reasons. Read on to find out more.

What is an Excess?

An excess payment is an amount you pay out of pocket when you make a claim on your private hospital cover. This amount is nominated by you when taking out your policy, and you can choose to pay a higher excess. This reduces the monthly premium amount but you will be charged more if you’re admitted to hospital. By choosing a lower excess, certainly your monthly premium will be higher.

What Has Changed With The Private Health Insurance Excess?

Insurers are able to offer a higher excess with policies from 1 April 2019. Previously was $500 for singles, and $1,000 for couples/ families, but now you can go as high as $750 for singles and $1500 for couples/ families.

What Level of Excess is Best?

The best level of excess is purely a personal decision and should be made based on your circumstances. If you’re healthy and don’t expect to visit the hospital often, you could choose a higher excess. This means your policy will cost less, but you’ll pay more if you need to claim.

If you do have health issues and you think you will be going to hospital often, then a lower excess amount would be recommended. You will pay more each month, but you won’t be out of pocket as much when you do need to claim.

Compare Deals and Get the Cheapest Health Insurance

If you’re thinking about adjusting your excess, why not shop around for a whole new policy? If you don’t look, you’ll probably never know what you could be saving. Billy Explores compares policies and can find you the cheapest health insurance policy that still meets your needs from our panel of providers. Get in touch and compare through us today!