Stronger Cover While Keeping Premiums Manageable.
When it comes to Private Medical Insurance, many people assume all policies offer similar protection, but once you dive deeper into the wording and cover on cancer treatment, specialists access, and non-Pharmac medications – the difference between providers can be significant. This is why we are showing our clients the
What is a medical cover top up?
A top up policy that works alongside your existing medical insurance. Rather than replacing your current cover with your provider, it is designed to support you in larger claims, major illness and treatments that may not be fully covered. This covers most people’s concerns such as:
- Cancer treatment
- Heart and stroke support
- Access to non-Pharmac medications
- Major surgeries and specialist treatments
- Faster access to diagnostics and private healthcare.
And a higher excess helps keep cover affordable
The challenge is that comprehensive medical cover can become expensive, especially as we get older. But that’s where a higher excess approach can make all the difference.
The providers we work with for medical cover offer the ability to structure policies with a higher excess. So instead of paying higher premiums on a $500 Excess, you can look to increase this to a higher amount such as $2,000, $5,000 or commonly used for Medical Top up around $10,000.
At first glance this may seem high, however the purpose of this policy is not for smaller medical claims. Instead, it is designed to protect you against the larger, life-changing medical events where having access to the best treatments options matter most. And in some instances with you will not need to pay the excess at all or it will be reduced.
Instances where the full excess may not apply:
- For major events such as heart attacks, stroke and coronary artery bypass surgery, or critical cancer claims that result in admission to a Private Hospital, you do not need to pay the excess
- If part of a claim is already paid by another medical insurer, the excess will be reduced by the amount already covered
- For major diagnostic testing such as MRIs, CT scans and colonoscopies, a much smaller excess of $250 applies.
These examples show the affordability of strong medical protection when structured correctly:
Example 1: 45 year old female | Consultant | employed 25+ hours
- Fornightly premium $29.12
- Policy fee $6.39
- Total fortnightly premium $35.51
Example 2: 45 year old male | Consultant | employed 25+ hours
- Fortnightly premium $24.92
- Policy fee $6.39
- Total fortnightly premium $31.31
These examples are based on a $10,000 excess structure. Please note pricing depends on factors such as age, occupation, medical history, smoking status and the level of cover selected.
The bigger picture
Medical insurance should not be just about having a policy, its’ about understanding what your cover actually does, the gaps that may exist, what happens during a serious illness and whether your policy gives access to the right treatments you need.
A simple review could mean that you uncover opportunities to improve the quality of your cover or save you money.