If your health insurance isn’t getting you enough bang for your buck, chances are you’ve questioned whether you need it at all. But could cancelling end up costing you more in the long run?
No health insurance means you’ll need to rely on lengthy public hospital waiting lists for elective surgery. And if you’ve got extras, you’ll need to dip into your wallet to pay dental fees without being able to claim anything back.
There is potentially a better way. Last year, the team at Health Insurance Comparison saved Australians an average of $312 when they compared and switched health insurance.
It’s understandable why people cancel their health cover. Rising premiums, hidden gap fees, and poor customer service can all contribute to a sense you’d be better off elsewhere.
But there’s a few good reasons to consider switching instead of ditching your cover.
For example, you could be hit with the Medicare Levy Surcharge at tax time if you earn over $90k (or $180k as a couple).
There’s also the Lifetime Health Cover loading that applies every year if you’re over 31 and don’t have hospital cover – making it potentially more expensive to take out health insurance if you decide you need cover in the future.
And if you do decide to rejoin your fund, you may have to serve new waiting periods in order to use your cover. You can also say goodbye to getting cash back on extras like glasses/contact lenses and physio.
It’s why it can really pay to see if you could save money by switching rather than ditching.
The good news? Health Insurance Comparison can help you hang onto health cover, while finding you a better deal.
Last year we saved people an average of $312 when they compared and switched with us*. Let’s see how much we can save you.
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.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.
*Based on 25,311 policies in 2020.
**Health Insurance Comparison does not compare all private health insurers in Australia.