Your private health insurance policy will operate all year round so long as your premium payments are kept up to date. However, there’s 3 things to consider with your health cover as we draw closer to the end of the year and into another holiday period.
1. Making the most of your extras benefits if they reset on 1 January
Health insurance extras benefits usually reset at the end of the calendar year on 1 January or at the end of the financial year on 1 July depending on the health fund. If your extras limits are due to reset on 1 January and you have some remaining, it’s time to book in any final appointments to use up these benefits before the year is up.
2. Looking after your health needs while travelling
If you’re travelling overseas for the holidays, keep in mind that private health insurance and Medicare only cover health services within Australia. Travel insurance can help cover medical costs while overseas and is strongly recommended to ensure you’re not left significantly out of pocket. More information on health care planning while travelling can be found at servicesaustralia.gov.au
You may also have the option to suspend your health cover while overseas depending on the length of your travels. Different health funds have different rules, and your suspension may have tax implications, so it’s important to make a detailed enquiry with your health fund to understand any conditions.
Travelling domestically? Your private health insurance policy will operate as normal regardless of the state or territory you visit. If you’re moving to another state permanently, you will need to contact your health fund to update your personal details to reflect your new address.
3. Relieving financial pressures across the holiday period
The holiday period can be an expensive time especially during this period of high inflation. If you’re looking for ways to save without compromising what you’re covered for, reviewing your payment frequency, increasing your hospital excess if you don’t have near-future plans for elective surgery* or claiming the Australian government private health insurance rebate as a premium reduction, are ways you could see immediate changes in the amount you pay to your health fund. As you’re not bound to a contract with your health cover, you should be able to make these changes straight away. It’s important to speak to your health fund for more information and to understand what’s available to you. AMP
Established by the AMA in 1977, Doctors’ Health Fund provides health cover to members of the medical community and their families. To view cover options or get in touch with the expert team, visit doctorshealthfund.com.au
*By increasing your excess, you will be required to pay more in the event you are admitted to hospital as a private patient. If you change your mind, waiting periods can apply when reducing the excess on your policy. Please refer to your health fund to understand any policy implications.
IMPORTANT: Private health insurance products are issued by The Doctors’ Health Fund Pty Limited, ABN 68 001 417 527 (Doctors’ Health Fund), a member of the Avant Mutual Group. Cover is subject to the terms and conditions (including waiting periods, limitations and exclusions) of the individual policy, available at www.doctorshealthfund.com.au/our-cover. This publication is not comprehensive and does not constitute legal or financial advice. It is intended only to provide a summary and general overview on matters of interest. Persons implementing any recommendations contained in this publication must exercise their own independent skill or judgement or seek appropriate professional advice relevant to their own particular circumstances. Information is only current at the date initially published.
