Find out how you can slash up to $500 off your health insurance
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Getting your head around health insurance can be a bit of a headache.
But when it comes to being smart with your money and looking after your health, understanding your options and knowing how to save on premiums can make a big difference to your bank account (and stress levels).
Premiums for health insurance have gone up by an average of 2.9 per cent, slipping another $134 onto the already sizeable bill of your average Aussie family.
Single people haven’t fared much better, facing an additional cost of roughly $60.
Health insurance is calculated based on a variety of conditions that could cost the insurance company. Therefore, customers should always check if there are any extras they do not need.
A good example of this is for those who do not want or are past the age of having kids. With one phone call, they can ask their insurance provider to remove reproductive and obstetric services from their policy. This could save $500 from your premium.
That said, customers should still be cautious about removing coverage for serious conditions. Even if you believe that there’s little-to-no chance of you contracting serious illnesses, remember that unexpected health issues can pop out unexpectedly.
It may also be best to keep joint replacements, heart surgery, and cancer treatment covered on your policies.
Another tip is to go through policies carefully as health insurers often group conditions into set ‘buckets’ or categories which allows them to hide extras with the important details, therefore secretly raising your premiums.
These ‘buckets’ can only be activated or deactivated all at once. For instance, medical conditions relevant to the older population (such as hip replacements) are usually lumped in with those more pertinent to younger people (like birth-related services). In this instance, think twice before switching off any cover.
What are your other options?
The government has made finding better value policies easier for Aussies through this website: https://privatehealth.gov.au/.
All you’ll need to do is input your details, and it’ll automatically compare your options, giving you big savings with not-for-profit insurers.
And the best part? You may not have to start from scratch with your new plan, as the portability of health insurance means you don’t have to re-serve any waiting periods for the conditions you may have already qualified for.
But if you’re still worried you’re paying too much, call your health insurer and ask them questions. Check if you’re paying for coverage you don’t really need or if they can offer you a better deal.
When all is said and done, remember that keeping health insurance coverage is essential. This is especially the case if you’re earning over $90,000 as a single person or above $180,000 with your partner, as it helps to avoid the Medicare Levy Surcharge. This surcharge can bump your tax up more if you don’t carry at least a basic hospital cover.
Members, how much are you paying for your insurance premiums? Does your policy cover something you don’t really need? Let us know in the comments below
But when it comes to being smart with your money and looking after your health, understanding your options and knowing how to save on premiums can make a big difference to your bank account (and stress levels).
Premiums for health insurance have gone up by an average of 2.9 per cent, slipping another $134 onto the already sizeable bill of your average Aussie family.
Single people haven’t fared much better, facing an additional cost of roughly $60.
Health insurance has recently increased by 2.9 per cent. Image source: Freepik.
Health insurance is calculated based on a variety of conditions that could cost the insurance company. Therefore, customers should always check if there are any extras they do not need.
A good example of this is for those who do not want or are past the age of having kids. With one phone call, they can ask their insurance provider to remove reproductive and obstetric services from their policy. This could save $500 from your premium.
That said, customers should still be cautious about removing coverage for serious conditions. Even if you believe that there’s little-to-no chance of you contracting serious illnesses, remember that unexpected health issues can pop out unexpectedly.
It may also be best to keep joint replacements, heart surgery, and cancer treatment covered on your policies.
Another tip is to go through policies carefully as health insurers often group conditions into set ‘buckets’ or categories which allows them to hide extras with the important details, therefore secretly raising your premiums.
These ‘buckets’ can only be activated or deactivated all at once. For instance, medical conditions relevant to the older population (such as hip replacements) are usually lumped in with those more pertinent to younger people (like birth-related services). In this instance, think twice before switching off any cover.
What are your other options?
The government has made finding better value policies easier for Aussies through this website: https://privatehealth.gov.au/.
All you’ll need to do is input your details, and it’ll automatically compare your options, giving you big savings with not-for-profit insurers.
And the best part? You may not have to start from scratch with your new plan, as the portability of health insurance means you don’t have to re-serve any waiting periods for the conditions you may have already qualified for.
But if you’re still worried you’re paying too much, call your health insurer and ask them questions. Check if you’re paying for coverage you don’t really need or if they can offer you a better deal.
When all is said and done, remember that keeping health insurance coverage is essential. This is especially the case if you’re earning over $90,000 as a single person or above $180,000 with your partner, as it helps to avoid the Medicare Levy Surcharge. This surcharge can bump your tax up more if you don’t carry at least a basic hospital cover.
