Do you have the sneaking feeling that you’re paying more than you should be for health insurance? Many Australians feel the same way. Let’s look at the cold hard facts. First, health premiums have increased every year since 2010, as shown below:
Average premium increase
Costs like these sneak up on Aussies. Perhaps they purchased a policy they didn’t fully understand, or their situation changed and they now claim more often.
There’s no need to pay more than you have to for a product like health insurance. With that in mind, we’ve come up with a little test to see if you can do better. If you answer yes to any of the below, you may be able to activate some savings!
Do you stress over the amount you pay each month/year?
Did you know that 1 in 3 surveyed Aussies feel stressed about paying their health insurance bill?1 If your policy is becoming a financial burden, perhaps it’s time to see if you can get a better value product. There are lots of options for any Aussie who’s willing to search for a better deal.
Have you claimed on any/all benefits included in your extras or hospital policy?
Because so many of us choose to get covered by health insurance, it’s no surprise that each product covers a broad range of services. It’s nice to have coverage for anything you may need; such as physiotherapy, remedial massage, knee reconstruction – the list could go on forever.
But do you really need this level of coverage? With a bit of leg work on your part (and ours), you can track down a policy that covers treatments you need.
And – you guessed it – that policy could save you cash.
Did you opt for a low (or no) excess or co payment, but you don’t claim often?
An excess is the one off payment you owe your insurer when you claim on your insurance policy. A co-payment acts similarly, but instead is due each day you’re treated. For example, you may have a $200 excess owed for a three day stay in hospital, but you may also owe $50 each day as a co-payment.
If you’re concerned about these costs, you may be able to opt for a cheaper excess and co-payment, or maybe none at all. Yet, this will result in a more expensive monthly premium. Conversely, higher excesses and co-payments may mean cheaper health insurance premiums.
Does it make sense to keep those per-treatment costs at a minimum, or do you claim often enough to warrant the higher premium? Run the numbers for your situation to find out.
Do you have joint cover, but don’t share the same requirements as others on your policy?
If you have joint cover (e.g. a couples or family policy) everyone gets covered for the same thing. However, what if one of you requires a more expensive treatment, but you do not? It’s not worth the streamlined paperwork of having joint cover if you pay extra for the luxury.
When comparing policies, do several quotes. One for you as a couple/family, and a few others for each member of the family. Which works out to be cheaper?
Have you compared the market in more than a year?
We believe that comparing products side by side is a smarter way to shop. Not only could you find a better product for yourself, comparing with us also gives you an opportunity to think about your healthcare needs. For this reason, assessing your insurance annually is highly recommended.
Ready to get started? Compare health insurance policies right here, or give us a ring. We’ll go through your options and help you arrive at a positive outcome.
Health Care and Insurance Australia 2015, IPSOS report