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Dazed and confused about private health insurance?
A recent News Ltd online poll discovered that over half of Australians find choosing private health insurance confusing, and ten percent actually consider the process 'painful'.
'I've been thinking about health insurance for a while now,' says 24 year old personal banker Eugene, 'but with all the jargon and different features and limits, it takes ages to figure out what I'm getting for my money, and whether I can find a better deal somewhere else.'
And it seems Eugene is not alone. Almost half of the 1,172 respondents to the survey said they spent over a week researching health insurance, and almost a third said they didn't have health insurance cover because they were too confused to decide. For something that should be promoting our health and wellbeing, why is finding health insurance such an ordeal?
One of the difficulties appears to be the differing excesses or co-payments for certain hospital covers, which is when the insured person needs to pay a certain amount upon admittance to hospital. 'I don't want to pay to go to hospital,' says Jodie, a mum from Sydney, 'that's what I thought health insurance was for. But I found out that with my plan, I have to pay $200 when I go to hospital. I'd like to see if there's a better plan out there but it takes time that I simply don't have.'
Not anymore.
A new company called Moneytime has come up with a comparison engine that lays out similar health insurance plans side by side, detailing which features are covered, which are not, and what the different benefit limits are for each plan.
'The beauty of our engine is that it makes a very complex process extremely simple for the user,' says Director and Co-founder David Miller. 'You choose what kind of cover you want and the Moneytime engine shows you a range of suitable options you can compare side by side.'
His business partner, also Moneytime Director and Co-founder, Sam Khalil, adds, 'Moneytime takes the confusion and time wasting out of choosing private health insurance. We provide people with the tools to purchase or review their health cover through a simple, intuitive process that takes the headache and running around out of the equation.'
Comments from early users would appear to agree.
'Moneytime is amazing,' says travel consultant Ruth from Brisbane, 'It took me less than a minute to get a quote, and I could see immediately that it would save us heaps of money.' '
It was really easy to navigate,' says Sydney investment banker, Yong. 'It answered all my questions and I would definitely use it to purchase.'
'The comparison table is great,' says Jenny, an employment consultant. 'You can compare immediately the benefit levels of different covers by different health funds. It made it really easy for me to choose a cover by picking the features we wanted at a price we could afford.'
A staggering 68.5% of survey respondents said they would also be highly likely to use a website that makes it easy for them to compare and choose their health insurance cover. If you're in the same boat, check out www.moneytime.com.au today.