Like the pandemic clauses in Travel Insurance policies pre-Covid 19, the details of your Health Insurance policy can be neglected until you urgently need it. If your policy doesn’t meet your requirements, it is better to review it when you are healthy, rather than discovering the shortfall when you’re in the waiting room. Here are 4 questions to ask of your health insurance.
Does My Insurance Include Non Pharmac Funded Medication?
One of the biggest surprises in a medical insurance policy can be that it only covers Pharmac approved medications. Although Pharmac has received additional funding recently, it cannot cover all medications for all illnesses.
If you took out health insurance to have peace of mind that you’ll have all the support you need in the case of severe illness, ensuring that your policy covers non-Pharmac medications is an important consideration. If you don’t know, it is a good time to review your policy.
How Much Is Your Excess?
Whether it’s your travel insurance, house and contents insurance, or medical insurance, often it is only when a claim is made that your insurance excess comes into focus (and you try and remember why you decided on that level). Rather than waiting until a claim is made, take a moment to check your excess each year and revisit your assumptions – are you making fewer claims than you assumed and therefore your excess could be too low? Are you making more claims that you expected, in which case your excess could be too high. With some insurers you pay the excess each time you claim, others where claims are related to the same condition, you only pay one excess per 12 month period.
Can I Choose Where to Get my Treatment?
Some medical insurance companies work with a network of approved medical specialists, hospitals and clinics. While this has many advantages, if you have a preferred specialist or surgeon that you’ve been working with, finding out that they aren’t approved could be an upsetting discovery at what may already be a traumatic time.
If flexibility is an important consideration, it’s time to review any limitations on your policy.
How Often Do I make a Claim
Although infrequent health insurance claims may be a sign of good health, it could also be a sign that your policy isn’t fit for purpose. If you’re in consistently good health and not making claims, a higher excess could reduce your premiums and strike a better balance between your health profile and financial profile. If you’re finding that the scope of your policy is too narrow and your medical expenses aren’t covered, it might be time to talk to a Broker about alternative policies or insurance companies that more closely meet your needs.
Complimentary Health Insurance Review
As time passes, our health and financial circumstances inevitably change. Certain members of the Fine Travel Team have expanded their insurance experience.If your health insurance has been in a “set and forget phase” it may be time to ask for a complimentary review of your health, life and risk insurances.