Understanding health insurance
Understanding health insurance
What is private health insurance?
Private health insurance helps to cover the cost of health care expenses.
Frank offers two different types of private health insurance cover:
- Hospital cover – for when you're admitted to hospital
- Extras cover – for services like chiro, physio, dental & optical.
At Frank, we’re proud to offer simple and affordable cover for all life stages.
View our Cheap Health Insurance
Hospital cover
Frank's hospital cover is exactly what it sounds like. Insurance that helps to cover the costs if you’re admitted to hospital. With hospital cover you can be covered for things like treatment, accommodation and nursing care.
Find the right hospital cover for you
Extras cover
Extras cover includes treatments like, dental, optical, physio and chiro. We offer different covers depending if you want 80% back, 50% back, or the same amount back each time you visit. We make it easy to get more back in your pocket.
Combined cover bundles
A little from column A and B. With Frank’s combined cover bundles, we make health insurance easy by combining coverage for both hospital and extras into one policy.
Do I need health insurance?
Private health insurance helps to cover the cost of health care expenses. There are many reasons why you might choose to take out health insurance with Frank.
- Peace of mind – knowing you’re covered and can be admitted for surgery and other medical treatments when you need it.
- Choice – greater choice of provider, doctor or specialist.
- Private hospital accommodation.
- Cover for services not covered by Medicare such as dental, physiotherapy, optometry and chiropractic.
- Avoid paying the Lifetime Health Cover (LHC) Loading.
Why choose a not-for-profit health insurer?
Frank is not for profit. That means the money we make goes straight back to you through lower premiums and better value.
Joining a not-for-profit health fund means:
- Lower premiums for our members
- Get more back on claims
- More extras choice – no need to go to a preferred provider to get the maximum refund
- Great customer service
- Notifications about ways to use health insurance because we want you to use it
- Simple, great value health insurance with no strings attached
Health Insurance Jargon made easy
The Australian Government introduced LHC to encourage people to take out private hospital cover earlier and maintain their cover. The LHC loading is a 2% loading on your private hospital cover premiums for every year you did not have hospital cover after you turned 30.
The Medicare Levy Surcharge (MLS) is a tax set by the Australian Government. Individuals and families on higher incomes who don’t have eligible private hospital cover may have to pay this.
Just like it sounds, waiting periods are the time you need to wait between becoming a member or upgrading your level of cover and being able to claim benefits. Waiting periods apply to both hospital, extras and combined cover.
Similar to other insurances, an excess is the amount you need to pay when you are admitted into hospital as a private patient. Excess fees allow us to keep our membership costs low.
The Australian Government helps to cover the cost of private health insurance as an incentive for more Australians to take out cover. Your rebate entitlement is based on your annual earnings, family status and age, and calculated at the time you do your tax return.
What if I change my mind?
It’s ok to change your mind. If you tell us within the first 30 days of joining, we’ll cancel your membership for you and refund any premiums you might have paid, as long as you haven’t made a claim.
How do I get started?
To get started with Frank, you have the choice of picking a hospital or extras product by itself, or one of our combined cover (hospital and extras) products.
Once you've made your choice it's as simple as selecting your chosen product and following the easy steps to join.
As part of this process you'll need:
- ten minutes of your time
- a valid Medicare card
- a credit card or bank details
- previous fund details if switching
Get one month free* when you join on combined cover by January 15*
*For new members who have not been a member during the last 12 months, joining on combined hospital and extras cover, paying by direct debit. Must pay first month to receive one month free. Offer only available via Frank website or phone joins. Not available with any other offer or Frank OVHC. Offer ends 15 January 2025.
