Think about your last health insurance comparison. Did you find that several health funds were offering the right cover for your needs? If so, you may have found it hard to choose one. Health fund sign up bonuses are a tactic that can prove useful. Many health funds offer incentives to new members. If all other things are equal, why not compare health funds on this front?
Checking the websites of health funds for details of their current sign up bonuses can take a lot of time. Don’t worry though: we have done the hard work for you! Here are some of the best for June 2012.
Waived waiting periods
Extras normally come with waiting periods. These need to be served before you can claim. Some health funds will remove the shorter wait times. This means that you can claim straight away on many popular extras if needs be.
- AHM, Australian Unity, Medibank Private and HCF are waiving two and six month waits.
- Bupa is doing the same but you must join by June 15th.
- Nib has removed two month waits.
- HIF has removed two month waits.
Always check the terms and conditions. Some extras may be excluded from the offer. Psychiatric, rehab and palliative care are common examples. HCF and nib both exclude these extras from their offers.
You may also need to be buying a particular policy to benefit. Many of these health funds require you to buy hospital and extras cover.
Some health funds will offer some degree of free cover. This can take different forms. Some offers include free cover over a set number of days or week. Others specify a particular month that is free. HIF gives you 43 days of free cover. Pay the first monthly premium and get the next 43 days free.
Looking for hospital or combined cover? Several health funds are offering free cover with this this.
- AHM will give six weeks worth of free cover. This applies at the end of the first month of cover. This bonus is not available on extras only, ambulance or OSHC cover.
- Bupa is offering one month free with hospital and extras cover. This refers to the second month. You must join by June 15th to be eligible.
- Australian Unity is giving the second month free.
- Medibank Private is offering one month free. This refers to the second month. You need to pay premiums by direct debit. You can also qualify if you pay six months upfront.
Summing things up
Sign up bonuses may be tempting but don’t forget the golden rule when you compare health insurance. Your overall aim is to find the most appropriate cover at the right price. It isn’t unusual to find that this leaves you with more than one potential option. Not sure how to choose just one? Sign up bonuses can help with this. They should be used with caution though. They are of most benefit if more than one health fund is ticking the right boxes. In this scenario, there is nothing wrong with using sign up bonuses as you compare health insurance options.
This article is opinion only and should not be taken as financial advice.
Filed Under: Industry News