B&W Additions are pleased to advise that we are teaming up with TAL to offer you the ability to either have your current private health insurance policy reviewed or be given a quote in the event that you wish to take out private health insurance for the first time. The service is offered free of charge and if the referral comes from B&W Additions to TAL and you switch or take up a new policy then you will be entitled to a 5% policy premium discount.
If you already have private health insurance you may want to use this as an opportunity to have your private health insurance reviewed to ensure that:
- You are not paying for items that you do not need
- Your current policy is cost effective
- You are covered for what you need to be covered for
There are some myths about private health insurance. One of the biggest myths surrounds the waiting period. If you change insurers and you maintain either the same, similar or a lower level of cover then you will typically not have to re-serve the waiting periods that you have already served through your current private health insurer. If you are looking to switch to a higher level of cover then the waiting periods will apply to the upgraded components of your new private health insurance.
Another reason why people will not change their private health insurance is because of a pre-existing medical condition. A pre-existing medical condition is an ailment, illness or condition where (in the opinion of the private health insurer’s appointed medical practitioner) the signs or symptoms of a condition existed during the 6 months prior to you first joining private health insurance or upgrading to a higher level of cover. A health condition can still be considered pre-existing even though the illness had not been formally diagnosed prior to you purchasing or upgrading your level of hospital cover. In most instances a 12 month waiting period applies from the date of joining or upgrading your level of cover. Importantly, if you switch providers and you maintain either the same, similar or a lower level of cover then waiting periods will not apply for pre-existing conditions.
Finally, another aspect of health insurance that parents need to take into consideration is what happens with cover for adult children. While you would need to double check with your individual health insurer we note that most insurers will cover children up to the age of 21 on a family policy. This will generally extend to age of 25 years where the adult child is in full time study (even if they are not living at home with you). Some providers will also allow you to obtain coverage for adult children under the age of 25 even if they are not studying – but you will have to pay an additional cost for this coverage. If the adult child is married or in a de facto relationship then it is likely that they will no longer be covered under your existing family policy.
As we enter a new calendar year and with private health insurance premiums likely to rise again on 1 April, now is a good opportunity to review your private health insurance needs and hopefully obtain a more cost effective policy and/or have a policy that will cover you (and your family where applicable) for the things that you need to be covered.
If you are interested in having your private health insurance reviewed, please contact our office so that we can refer you to TAL who will then arrange for a representative of NIB to contact you to provide a no obligation free quote. By us referring you to TAL, NIB will provide you with a 5% policy discount.
Should you have any queries, please do not hesitate to contact our office.