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Tips for choosing private health insurance

1 July 2011 - 6:27pm

When it comes to choosing a private health insurance policy, there are a number of useful tips that are well worth bearing in mind.

Consumer group Choice has offered a number of strategies for people who are thinking about taking out private health cover for the first time, as well as those who are considering renewing or switching policies.

Hospital cover is a particularly important point to keep in mind if you turned 31 during the last financial year - if you do not have this already, you may be required to pay a loading on your premium to the tune of two per cent growth each year.

By the same token, it is also worth evaluating what extras you really need cover for - and compare the amount of money you pay with what you get in return.

For example, if you have small to moderate dentistry costs, it may be better to pay for these separately as and when you need them rather than make annual payments, as this could work out cheaper for you in the long run.

You may also wish to discuss your health insurance requirements with your broker. They can help you to evaluate the huge range of policies available in Australia and help you to choose one that suits your individual needs.