Beat the health insurance rate rise before it beats you.

Why do health insurance prices keep rising?
By Chris Quinn

There are now officially three things in life which are certain: death, taxes and health insurance premiums rising every April 1. In January, Minister for Health, Greg Hunt announced that 2018’s health insurance rate rise was to be the lowest rise in two decades with an average premium increase of 3.95%. He outlined that on average, a single person would only see their policy premium rise by $1.40 per week, and families by around $2.75 per week.

Health Insurance Prices always seem to be going up!

But the problem with this announcement is that for millions of Australian families, their health cover isn’t going to increase by $2.75 per week, it’s going to be much more.

The biggest reasons for this are:

  1. Firstly, just because the industry has increased its prices by 3.95%, that does not mean that your specific policy will increase by that amount. Your policy may increase by 8% or 10% or more, but the health fund might have only increased some of their other policies by 2%, leaving you to pay more
  2. The second problem is that if you’re on a top level of cover, then that 3.95% (of a higher dollar amount) is going to hit your pocket a lot more.
Save on health insurance by paying smarter

There are a few ways you can keep your premium down. One is by paying using a different method. nib, for instance, offer you a 4 percent discount for paying directly from your bank account (as opposed to paying by credit card).

Or why not keep your premium down by paying your premium on a yearly basis before April 1, this way you’ll lock in your old rate for another 12 months. There are some health funds, like HIF for example who will even give you an additional 4% discount on top, just for paying yearly.

For many people though, paying yearly is not an option, so you may have to shop around to get a better deal.

Find a better health deal

When comparing policies with your fund or a comparator like Health Deal, you should be mindful of the price, but more importantly you should confirm you’re getting as much value for money as possible.

Most people in the health insurance industry can save you money by switching your plan and slashing your current benefits, but can they keep your benefits and slash your price?

Health Deal will assess your current policy, see how you’re using your plan and compare it against a range of other health funds to find you a better deal.

If you’d like to compare your current health insurance policy with Health Deal, please click here.

Health Deal’s goal is to give you a superior policy at the same price point, or an equivalent policy at a lower cost. Health Deal is also running a promotion where everyone who purchases a policy will automatically go into the draw to win 6 months free health cover!

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