About health insurance
The benefits of health insurance—or private medical insurance, to use the industry term—are well established: prompt access to treatment in clean, modern hospitals; the comfort and dignity associated with a private room; and the choice of where you are seen and by whom.
For many people, these benefits afford tremendous peace of mind and private medical insurance is therefore uppermost in their priorities. For others, it is a luxury product that may not be seen as affordable or neccesary. We recognise the value of private medical insurance, but we also recognise that it's not for everyone.
PMI is often said to fall into three categories—basic, standard and comprehensive—but this is an over-simplification. There is considerable crossover between these categories, and a budget plan from one provider can offer as much cover as a mid-range plan from another.
The high cost of advanced cancer drugs such as Herceptin and Avastin is an increasingly common reason for people to buy PMI, but cancer coverage differs significantly between insurers and restrictions on cancer cover are not always made clear at the point of sale.
PMI is a complex product that is best purchased with specialist advice. If you’re new to the market or looking to review an existing policy, have a read through our five tips for buying health insurance.
