Didn't pay your health insurance annually? Don't worry.
The MythSwitch on your TV in March, log into Facebook or read one of those suggested articles at the bottom of a news article and you’ll be inundated with advertisements telling you to beat the rate rise by paying health insurance annually in March.
The truth is only a small amount of people choose to pay their health insurance annually. Looking at our own customer base historically, only 3% decided to pay for their health insurance annually. Even in March this number only spikes to 15% based on the previous two years.
The main reason for this, is that health insurance can be expensive! It’s really not uncommon for a family on top cover to be paying well over $6,000 a year on their health insurance annually. Most people just don’t have that sort of money just sitting in their bank accounts to pay it off in one fell swoop.
What does it all mean?
March has been and gone – your health insurance premium has unfortunately increased and it leaves you with two options:
- The first option is to remain on your current plan and keep paying a higher premium for the same benefits you had last year, which your current health fund is banking on.
- The second, and more advisable option is to compare your private health insurance and see what else is out there. Just because you compare your cover, doesn’t mean you necessarily have to switch. The Private Health Insurance Ombudsman suggests to review your cover at least once a year as your circumstances can change.
Who should you review with?
Health Deal is an excellent choice, as we quality check 100% of sales calls unlike some other comparators, which provides you confidence that you were given the correct advice if you decided to switch. If you’ve never compared your health insurance before, here are some of the benefits:
- Lower your monthly premium as well as find higher benefits/rebates
- No waiting periods on hospital when you switch, as long you have served them already
- Transfer paperwork is handled on your behalf
- Choose from multiple health funds
- Be more informed about your current policy (as well as about health insurance in general)
- Tailor a policy to your individual needs by removing the excess waste you don’t use
Compare Health Cover Now
Now we’re into April you’ll start to notice a few things beginning to change: the