10 Tips Choosing Family Health Insurance
Health insurance can be a massive part of family life whether it’s for a period of travel or for your life in general. Most people only think of themselves when it comes to health insurance, this is by no means due to an inherent sense of self centeredness, on the contrary, many parents think first bout themselves when it comes to health as they are the providers for the family and if anything happened to them the whole family would suffer. You must still consider though that your children are extremely accident prone and the cost of medical bills is the same whatever your age. If you are thinking of purchasing a family policy, there are a few things you need to consider:
1. The benefits – Try to find a policy that gives you the best in terms of extras, many companies throw in extras when it comes to family policies so be on the lookout for anything that will save you money in the future.
2. Always Compare – Comparison should be like second nature when it comes to any type of insurance especially private health insurance. But don’t just go for the best price, try and decipher what deal will be best value for money and how much it will save you in the long run.
3. Haggle – Get quotes from many different companies and play them of against each other. It’s not being deceitful; it’s all part of being a shrewd consumer.
4. Students – Anyone who is unmarried, a dependant of yours but is in full time education, training or apprenticeship could still be claimable under your policy. If you have any children going into higher education make sure you pick a policy that covers all of your needs.
5. Tax Threshold – If you are under one policy as a family, your income threshold for the Medicare levy surcharge will go up by $1,500 per child. This could save you paying extra money in taxes.
6. Act Quickly – Many family health insurance premiums are based on the time in life both parents took the policy out. If both parents are under 30 when the family policy is taken out, there will be a much smaller premium to pay than if both were over 30. The premiums will go up a little each year of hesitance after the age of 30 so it really does pay to act quickly when it comes to a family policy.
7. Update – If something changes in the family, any circumstance, from something as small as a minor injury to a new addition to the family, make sure you update your policy as soon as possible.
8. Flexibility – When you initially take your policy out, think about how many changes are likely to come your way. There is no way of telling the future of course but you should always err on the side of caution and pick a policy you know will be flexible and allow you to make changes.
9. Pass it on – If you do find good deal tell your friends about it. Many companies have a rewards policy that you can take advantage of.
10. Always Read the Small Print – This may see obvious but you really need to make sure you know how and when you will receive any payment if the worst were to happen. You need to make sure you understand completely the process you will have to go through in order to make a claim.
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