Are you maximising your health funds? Here's how you can save thousands on your everyday bills!
- Replies 3
Navigating private health insurance could be both costly and complex.
With the cost of living on the rise and health insurance premiums set to increase, it's more important to make every dollar count.
For savvy seniors, there's a silver lining that could lead to significant savings.
Newlywed Aussie Deanna Wolfgang discovered the secret to unlocking these hidden benefits.
By strategically choosing where to spend her money, Ms Wolfgang saved a whopping $3,700 by using the loyalty perks attached to her Bupa health fund.
'The most exciting part of it for me is that I can save on everyday necessary expenses,' Ms Wolfgang shared.
Her savings have covered more than a year's premium for her health insurance.
Ms Wolfgang's story was proof that a bit of research and smart shopping could go a long way.
However, it's not just Bupa members reaping loyalty rewards.
Last financial year, Medibank members saved about $25 million through the fund's perks program.
Meanwhile, Bupa and HCF members delivered over $5 million in savings to their members.
These impressive figures highlighted the potential for health fund members to offset their annual insurance costs significantly.
This year, private health funds offered new deals to their members as they partnered up with several partners.
Bupa started offering five per cent discounts on Airbnb bookings and up to $200 off domestic Emirates flights.
On the other hand, HCF members could enjoy up to 10 per cent cashback on their booking.com accommodations.
Are you keeping an eye on your health? Medibank members could enjoy 20 per cent off Fitness First memberships.
Meanwhile, NIB could cut their members' grocery bills by 3 per cent at Coles and Woolworths through e-gift cards.
These new benefits are timely, as they could mitigate the impact of the upcoming price hikes and the ongoing cost-of-living crisis.
While the exact percentage increase is yet to be announced, private health insurance consultant Sean Gath noted that this has been an unusual year for health funds.
'Insurers are asking for an increase that reflects actual inflation in the industry,' Mr Gath said.
In a previous article, Australians were warned about the possibly largest health insurance premium increase in recent years.
Compare Club suggested that even with potential negotiations by the health minister, the six per cent rise in premiums could happen soon.
The increase in health insurance could significantly dent a family's finances.
However, finance experts also revealed some strategies to save money while still being covered.
Money Editor Effie Zahos stated that the best times to change providers are in March or June.
According to Zahos, funds heavily vie for business with attractive sign-up deals, and waiting periods have been waived around this time.
For those considering downgrading their coverage, Canstar data showed that a single person moving from gold to silver hospital cover can save $1,414.
Meanwhile, Aussies who decide to downgrade their coverage from silver to bronze could save up to $383.
Aussies may also review their coverages and reassess their extras.
Dropping extras should not attract any tax penalties, unlike dropping hospital cover.
Remember, membership perks could change often, so it's crucial to stay informed about the discounts available through your health provider.
By doing so, you're getting the most out of your private health insurance and keeping more money in your pocket.
Have you taken advantage of any of your health fund perks? What savings have you discovered? Share your tips and stories with us in the comments below, and let's help each other navigate this challenging time together!
With the cost of living on the rise and health insurance premiums set to increase, it's more important to make every dollar count.
For savvy seniors, there's a silver lining that could lead to significant savings.
Newlywed Aussie Deanna Wolfgang discovered the secret to unlocking these hidden benefits.
By strategically choosing where to spend her money, Ms Wolfgang saved a whopping $3,700 by using the loyalty perks attached to her Bupa health fund.
'The most exciting part of it for me is that I can save on everyday necessary expenses,' Ms Wolfgang shared.
Private health insurance members should see several benefits with their membership this year. Image Credit: Pexels/Leeloo The First
Her savings have covered more than a year's premium for her health insurance.
Ms Wolfgang's story was proof that a bit of research and smart shopping could go a long way.
However, it's not just Bupa members reaping loyalty rewards.
Last financial year, Medibank members saved about $25 million through the fund's perks program.
Meanwhile, Bupa and HCF members delivered over $5 million in savings to their members.
These impressive figures highlighted the potential for health fund members to offset their annual insurance costs significantly.
This year, private health funds offered new deals to their members as they partnered up with several partners.
Bupa started offering five per cent discounts on Airbnb bookings and up to $200 off domestic Emirates flights.
On the other hand, HCF members could enjoy up to 10 per cent cashback on their booking.com accommodations.
Are you keeping an eye on your health? Medibank members could enjoy 20 per cent off Fitness First memberships.
Meanwhile, NIB could cut their members' grocery bills by 3 per cent at Coles and Woolworths through e-gift cards.
These new benefits are timely, as they could mitigate the impact of the upcoming price hikes and the ongoing cost-of-living crisis.
While the exact percentage increase is yet to be announced, private health insurance consultant Sean Gath noted that this has been an unusual year for health funds.
'Insurers are asking for an increase that reflects actual inflation in the industry,' Mr Gath said.
In a previous article, Australians were warned about the possibly largest health insurance premium increase in recent years.
Compare Club suggested that even with potential negotiations by the health minister, the six per cent rise in premiums could happen soon.
The increase in health insurance could significantly dent a family's finances.
However, finance experts also revealed some strategies to save money while still being covered.
Money Editor Effie Zahos stated that the best times to change providers are in March or June.
According to Zahos, funds heavily vie for business with attractive sign-up deals, and waiting periods have been waived around this time.
For those considering downgrading their coverage, Canstar data showed that a single person moving from gold to silver hospital cover can save $1,414.
Meanwhile, Aussies who decide to downgrade their coverage from silver to bronze could save up to $383.
Aussies may also review their coverages and reassess their extras.
Dropping extras should not attract any tax penalties, unlike dropping hospital cover.
Remember, membership perks could change often, so it's crucial to stay informed about the discounts available through your health provider.
By doing so, you're getting the most out of your private health insurance and keeping more money in your pocket.
.png){kind=icon}
