health insurance annually

Didn't pay your health insurance annually? Don't worry.

Now we’re into April you’ll start to notice a few things beginning to change: the temperature gets a little cooler, your health insurance starts costing a little bit more, and the amount of health insurance ads that have dominated your TV screens for past month have disappeared. You’d be forgiven for thinking that March is the only time people switch their health insurance, but I’m here to tell you this is definitely not the case.

The Myth

Switch 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.

There is so much health insurance related marketing that you'd think that people only switch in March, when they can afford to pay health insurance annually.

The Facts

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:

  1. 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.
  2. 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.
health insurance annually

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:

  1. Lower your monthly premium as well as find higher benefits/rebates
  2. No waiting periods on hospital when you switch, as long you have served them already
  3. Transfer paperwork is handled on your behalf
  4. Choose from multiple health funds
  5. Be more informed about your current policy (as well as about health insurance in general)
  6. Tailor a policy to your individual needs by removing the excess waste you don’t use

Compare Health Cover Now

Health Deal’s goal is to give you a superior policy for around the same price, or an equivalent policy at a lower cost.
1 reply

Trackbacks & Pingbacks

  1. […] Didn’t pay for your health insurance annually? Don’t worry […]

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

What is the best private health insurance in Australia?

Looking for the best private health insurance in Australia? You’re not alone! Every month thousands of people search the internet looking for the best private health insurance in Australia. Picking a policy can be difficult, especially when there are 45 different health funds to choose from.

Read More »
hcf health insurance
Health Deal

HCF Health Insurance Overview

Who are HCF? HCF are the largest not-for-profit health fund in Australia, as well as being 3rd largest overall. Originally called the Metropolitan Hospitals Fund,

Read More »
single parent health cover
Buying Guide

Single Parent Health Insurance

Single Parent Health Cover: Health Insurance Tips For Finding A Better Policy (6 Minute Read) Paying for single parent health cover is probably one of

Read More »
Invisalign health insurance

Invisalign and Health Insurance

Invisalign & Health Insurance: What You Need To Know  (5 Minute Read) You’re probably reading this because you’re thinking about getting Invisalign but are unsure

Read More »