Beat The Health Insurers Premium Increases
- Replies 29
Health insurance premiums are on the rise. If you’re concerned about the impact on your budget, we have a solution for you*.
The Australian government have said that an average health insurance premium increase of 2.90%* this year is ‘well below the 10-year average of 4.4%’, but here are the facts: The majority of Australians have their health insurance with one of the ‘Big Five’ insurers—think BUPA, Medibank, HCF, nib and HBF—and their premiums will be increasing by an average of 3.38%*.
Not to mention, these very Australians—your friends, family, fellow SDC members, and yourself—are already facing a cost-of-living crisis with mortgages, groceries, and petrol prices going through the roof. Who really has cash ‘laying around’ to pay more for the same health cover?
That’s not even the worst of it. One insurer*, whom we cannot name here, increased their premiums this year by a whopping 5.38%*. There is no doubt that customers of this health insurer received a nasty shock.
Now, we know these percentage rates might not mean much to you—they didn’t mean much to us when we first saw them either—so let’s look at the dollar amounts. If you’re over 65, you could be paying up to $167 more per year* for your health insurance, and that’s just for those of you who are NOT with one of the ‘Big Five’ health insurers.
If you are with one of the ‘Big Five’ insurers, you could be paying up to $194 more per year* for the same cover you currently have.
What can you do?
There is some good news. Your health insurer* will let you know your policy’s exact increase before the increase takes effect—and if you can afford to prepay a full year’s premium, you can lock in 12 (or in some cases up to 18) months of cover at the current year's prices.
For example, nib allows you to prepay 13 months, and HCF and HBF allow 18 months*. As nib is only increasing its premium on 1 October, nib members can lock in their current premium until November 2024, potentially saving hundreds of dollars*. But we know this isn’t financially feasible for many of our members, so what are the other options?
Luckily, it’s not all doom and gloom. Over the past four years, we know over 44,000 Australians over 50* who have saved an average of $259.50* on their health insurance just by comparing and switching their cover with Compare Club*.
How to save
These Australians managed to save with the help of Compare Club*. Compare Club* helps Aussies find health insurance that is more affordable and better suited to their needs*.
It broke our heart when we were told this, but Aussies over 60 are often left to fend for themselves, unknowingly paying for health cover they will never be able to use. Compare Club* have seen Aussies in their 60s, 70s and even 80s paying for pregnancy and IVF cover without even knowing it, and this should never be the case.
Compare Club can help* our dear members compare multiple health insurers, cover options and pricing all in one place. Their service can save you time, but the biggest benefit for most is how much money you can save off your yearly premiums*, especially when health insurance premiums aren’t the only thing increasing in cost!
Why Compare Club?*
You get the peace of mind that comes with working with trusted professionals with the years of experience* needed to navigate the complicated health insurance system and keep you from further confusion. For example, many of our members worry about not being with ‘one of the big five’ when there is no such thing as a ‘dodgy’ health fund in Australia, as the industry is heavily governed.
How do we know they’re trusted? They’re one of our long-term partners* with whom we have personally compared health insurers! You can read about Maddie’s experience here*.
You may be wondering whether you need to serve new waiting periods when you switch*.
You can often switch to an equivalent or lower level of cover* without serving new waiting periods on your health insurance. You’ll only need to serve new waiting periods if you've upgraded to a higher level of cover.
However, any unserved waiting periods will also transfer to your new health fund.
So, if you end up switching health insurance to an equivalent cover*, you may need to finish these unserved waiting periods before you can make a claim.
The team at Compare Club* will make sure you have the health cover you need while paying a price you’re comfortable with*.
So, if you’re sick of endlessly researching health insurers, are looking to save money, or simply find cover better suited to your needs, Compare Club is ready to help*.
It’s worth comparing your health insurance* to see if you can save money. You won't lose anything by comparing; you only stand to save*! After all, if you don’t like the quote you receive from Compare Club*, you don’t have to do anything.
*Please note, members, that this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We do this to assist with the costs of running the SDC. Thank you!
The Australian government have said that an average health insurance premium increase of 2.90%* this year is ‘well below the 10-year average of 4.4%’, but here are the facts: The majority of Australians have their health insurance with one of the ‘Big Five’ insurers—think BUPA, Medibank, HCF, nib and HBF—and their premiums will be increasing by an average of 3.38%*.
Not to mention, these very Australians—your friends, family, fellow SDC members, and yourself—are already facing a cost-of-living crisis with mortgages, groceries, and petrol prices going through the roof. Who really has cash ‘laying around’ to pay more for the same health cover?
That’s not even the worst of it. One insurer*, whom we cannot name here, increased their premiums this year by a whopping 5.38%*. There is no doubt that customers of this health insurer received a nasty shock.
The ‘Big Five’ 2023 insurance premium increases. Image Credit: SDC
Now, we know these percentage rates might not mean much to you—they didn’t mean much to us when we first saw them either—so let’s look at the dollar amounts. If you’re over 65, you could be paying up to $167 more per year* for your health insurance, and that’s just for those of you who are NOT with one of the ‘Big Five’ health insurers.
If you are with one of the ‘Big Five’ insurers, you could be paying up to $194 more per year* for the same cover you currently have.
What can you do?
There is some good news. Your health insurer* will let you know your policy’s exact increase before the increase takes effect—and if you can afford to prepay a full year’s premium, you can lock in 12 (or in some cases up to 18) months of cover at the current year's prices.
For example, nib allows you to prepay 13 months, and HCF and HBF allow 18 months*. As nib is only increasing its premium on 1 October, nib members can lock in their current premium until November 2024, potentially saving hundreds of dollars*. But we know this isn’t financially feasible for many of our members, so what are the other options?
Luckily, it’s not all doom and gloom. Over the past four years, we know over 44,000 Australians over 50* who have saved an average of $259.50* on their health insurance just by comparing and switching their cover with Compare Club*.
How to save
These Australians managed to save with the help of Compare Club*. Compare Club* helps Aussies find health insurance that is more affordable and better suited to their needs*.
It broke our heart when we were told this, but Aussies over 60 are often left to fend for themselves, unknowingly paying for health cover they will never be able to use. Compare Club* have seen Aussies in their 60s, 70s and even 80s paying for pregnancy and IVF cover without even knowing it, and this should never be the case.
Compare Club can help* our dear members compare multiple health insurers, cover options and pricing all in one place. Their service can save you time, but the biggest benefit for most is how much money you can save off your yearly premiums*, especially when health insurance premiums aren’t the only thing increasing in cost!
Why Compare Club?*
You get the peace of mind that comes with working with trusted professionals with the years of experience* needed to navigate the complicated health insurance system and keep you from further confusion. For example, many of our members worry about not being with ‘one of the big five’ when there is no such thing as a ‘dodgy’ health fund in Australia, as the industry is heavily governed.
How do we know they’re trusted? They’re one of our long-term partners* with whom we have personally compared health insurers! You can read about Maddie’s experience here*.
You may be wondering whether you need to serve new waiting periods when you switch*.
You can often switch to an equivalent or lower level of cover* without serving new waiting periods on your health insurance. You’ll only need to serve new waiting periods if you've upgraded to a higher level of cover.
However, any unserved waiting periods will also transfer to your new health fund.
So, if you end up switching health insurance to an equivalent cover*, you may need to finish these unserved waiting periods before you can make a claim.
The team at Compare Club* will make sure you have the health cover you need while paying a price you’re comfortable with*.
So, if you’re sick of endlessly researching health insurers, are looking to save money, or simply find cover better suited to your needs, Compare Club is ready to help*.
It’s worth comparing your health insurance* to see if you can save money. You won't lose anything by comparing; you only stand to save*! After all, if you don’t like the quote you receive from Compare Club*, you don’t have to do anything.
*Please note, members, that this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We do this to assist with the costs of running the SDC. Thank you!
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