If you have done a private health insurance comparison and have found a health cover that is most suitable to your medical and financial needs, then you're probably considering switching plans.
Now is a great time to get reviewing your plan before the private health cover premium increases begin from April 1.
You will find that you can usually make the switch to another fund without having to serve another waiting period, if the new product is at the same level of cover and you have served the appropriate waiting periods from your first health fund.
The Private Health Insurance Ombudsman (PHIO) has pointed out a few circumstances in which you may have to serve waiting periods.
You will be required to serve waiting periods before you can qualify for any new or higher benefits that the new policy may offer.
"For any pre-existing conditions, the new fund will usually limit the benefits it pays to the benefits you were entitled to at the original fund for the first year," the PHIO states in a brochure.
"For example, if you choose a product with a lower excess you will normally have to serve waiting periods before the lower excess applies."
Some funds may also require you to wait because of 'benefit limitation periods' – make sure to check if they apply to your new fund.
Another factor that is worth checking out is whether any credits or bonus points, accrued benefits or 'equity' from your original fund can be transferred to your new one. Usually they can't be transferred.