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Understanding Your Health Insurance

Sep 08, 2017
Views: 947

You're newly pregnant. You've got a toothache. You're headed off in an ambulance after a collision at soccer.

What do all these moments have in common?

They certainly don't all have the same emotions attached to them, but soon enough, you may end up with one emotion in common, frustration. After all this time paying for your health insurance, you're not covered for what you need. Or if you are, you might still find your out of pocket expenses much higher than you expected.

This is the concern of the President of the Australian Medical Association (AMA), Michael Gannon, who, earlier this week expressed his concern about the "proliferation of junk policies" that are in the health insurance market. Gannon is calling for the Government to put new laws in place stipulating a minimum level of cover and identifying policies as either gold, silver or bronze.

NIB CEO Mark Fitzgibbon has responded confirming that minimum levels of cover are already in place. However, he adds little comfort in his comment that "We took the view, so long as it's transparent, caveat emptor [the legal principle of buyer beware] applies".

We all have our Product Disclosure Statements (PDSs) handed to us when we take out a policy, so is Fitzgibbon right?

The real problem is, however, that with the number of insurance policies we might have and with our constantly changing circumstances, it can be hard to keep track of what we are covered for, and if our cover is still appropriate. Which is the exact problem that Advisr is here to address.

Advisr allows you to keep all your PDS documents in the one place, accessible any time. Simple.

We are also working toward implementing AI to help make sure that the cover you have is right for you. In the mean time you can even engage an insurance expert through Advisr to help you make the best decision for you and your family.

So, is it buyer beware? Not with Advisr to hand.

Reference for quotations used in this article

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Andy Jamieson, ABN 17 613 588 266