8 signs your health insurance needs saving from high premiums and poor value policies

To get real value from your health insurance, you need to look beyond the dollar sign. Sure, you might be paying low premiums, but that doesn’t count for much if you’re always getting hit with out-of-pocket expenses.

There are lots of reasons why you might not be getting the best value on your health insurance, but many people potentially miss out on hundreds of dollars worth of savings by not checking the basics. So, does your health insurance need saving? You can find out in just a few minutes.

*Average savings based off 25,311 customers during 2020

8 common signs you’re not getting the best deal on your health insurance

If you think there’s a chance your current health insurance isn’t giving you the value you deserve, here are the common warning signs:

1. You’re always hit by gap fees
Despite paying top dollar for the cover you know you need, you still end up paying out-of-pocket expenses.

2. You’re paying for unnecessary extras
You’re paying for extras cover but never use it. For example, if you’ve got optical cover but don’t need glasses, that’s an expense you don’t need as eye check-ups are covered under Medicare.

3.  You’re still paying for your kids
Your children may have grown up and left home but your health insurance hasn’t matured with them. If you’re still paying for a family policy when your kids have long since moved out, there’s savings to be had.

4. You’re always using up your extras
This is when your extras annual limits are too low to make any difference – you always end up using them up in the first few months. This means your additional healthcare needs for the rest of the year come out of your own pocket. Ouch.

5. Your favoured health specialists aren’t covered
None of your nearby or favoured healthcare providers have an agreement with your current provider. That means you either have to travel out of town or pay out-of-pocket expenses.

6. You don’t need the items on your hospital cover
You’re paying for a hospital cover policy that covers things you don’t need. Let’s face it, a 50-something in good physical condition with Gold Hospital Cover won’t need pregnancy or weight-loss surgery.

7. You keep running into restrictions
The key services you actually need are restricted on your current level of hospital cover. For example, you’ve had a bad back for years but can’t get any of the associated treatment costs covered because you’re on Bronze Cover.

8. You’ve not switched cover recently
It’s been more than two years since you last compared or switched health insurance. The savings you make by switching to a more appropriate policy could negate the annual premium price hike.

Premiums are always on the rise

Just because you’ve locked in a good deal at the start of your health insurance policy, that doesn’t mean the price will stay the same forever. In fact, if you don’t keep an eye on your premiums then you could end up paying a lot more than you expect.

Health insurance premiums rise every year and in 2021, some providers bumped up their premiums by a whopping average of 5.47%*.

Even if you think you’re getting value for money from your health fund, you could still save by comparing policies to find a cheaper policy with the same level of cover.

Last year we saved our customers on average $312^ when they compared and switched with us. Ready to stop paying for what you don’t need and start saving? Get started today.

Get Started Now:

Step 1: Select your state below .
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

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*Average savings based off 25,311 customers during 2020

*Department of Health, Average annual premium price change by insurer, April 2021
^Based on 25,311 customers in 2020

This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.

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