Late last year, I became interested in personal finance. It's a must not only for single moms but also for every parent, right? Aside from the basics of saving and investing, I also immersed myself in learning about more financial vehicle, such as health insurance.
Today, we're going to learn more about health insurance, particularly for the interest of single mothers. Below is a guest post from Ms. Brenda Panin.
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| Photo credit: http://www.financeape.com |
Health Insurance for Single Mothers
Since 2007, there have been changes to the private health insurance
regulations and single mothers pay less than couples with children.
Some policies could be up to 25 per cent cheaper depending on the
coverage. For those who have been paying full family rates who are now a
single parent, and for those who have not had private health insurance
before, now is the time to consider single mother health insurance.
Different companies offer different coverage at different prices. It
will save money to compare the policies offered to find the cheapest
rate for the required coverage.
What is Covered?
Private
health insurance is the best choice because if any member of the family
is admitted to hospital, there will be options including choosing the
doctor. The waiting time is shorter and, with some policies, the date
for the surgery can be chosen. Most standard hospital policies cover:
• A choice of private hospital and the possibility of a private room
• Hospital costs including physician and specialists’ fees, anaesthetist fees, surgery and accommodation will be covered
• Prescription medicines
• Tests
How to Choose a Single Mother Policy?
Before selecting a health care insurance policy, all the health
needs of the family should be considered. It is not necessary to pay
more for coverage that will never be used, but it is also important to
have coverage for vital health issues that can arise.
Some of the health issues to consider are:
• General Dental covers regular check-ups, fillings, preventative procedures and x-rays
• Orthodontic is for
straightening and correcting teeth and jaw alignment including devices
such as braces and plates. These issues should be corrected as early as
possible
• Optical includes lenses and frames as well as contact lenses. Medicare only pays for eye tests but not for glasses
• Physiotherapy is for developmental and neurological disorders to keep muscles and joints moving properly
• Podiatry is for
children that may have abnormalities that become evident when they start
to walk. Podiatry can treat limping, stiffness, abnormally shaped toes,
pigeon toed or out-toed and other issues with the feet
This coverage is considered extra by most insurance
companies, but they are essential. Children need a lot of care and
attention to their health and development to ensure that they are able
to grow as well as possible. For some people, treatment for illnesses or
issues such as crooked teeth or poor eyesight is expensive and can only
be treated if the single mother has private health insurance.
How to Reduce the Cost of Single Mother Health Insurance?
Single
mothers need all the help they can get when paying for private health
insurance. The first rule for getting a good policy at a good price is
to compare the different coverage from several insurance companies.
If an annual payment is made, the rate can be locked
in and will not change when the insurance companies make their annual 5
per cent rate rise.
If payment is made by direct debit, many companies will give a five per cent discount on the cost of the premium.
It is better to find out in advance before being
admitted to a hospital for treatment if the doctor has an agreement with
your insurance provider in the event there is a gap in the amount the
doctor charges and the amount the medical benefits will cover. In some
cases, the gap payment can be avoided.
Single mothers should use the full benefits that her
health insurance coverage allows. In this way, she will recoup the cost
of the health insurance.
Article inspired by iSelect.
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