Downsized your home? Maybe it’s time to think about downsizing your health cover too…
Are you paying for cover options you don’t need anymore?
Despite its pitfalls, they say there’s a certain freedom that comes with getting older. Dodgy knees and hearing aids aside, ageing can be a special time of transformation: the next big chapter in life.
It’s a bit like a second wind.
Any kids usually have flown the coop. Perhaps you’re finally retired and have more time for hobbies and spending time with your loved ones. And it’s likely you care less about material stuff and more about the stuff that matters. In fact, recent data suggests that over 30% of Australians over 60 are either thinking about or actively downsizing their homes.
But not all older Australians remember to downsize their finances during this transitional period. They look at expenses like Life Cover and Health Cover and assume that because those products are important, they shouldn’t make any changes.
Even though the cost seems harder to foot every year…
But did you know that you could be paying for parts of your health cover that you don’t even need anymore? That’s right. You could be putting that money towards a cruise with the partner or a fund for your grandkids instead.
For example, many popular Hospital insurance funds automatically cover pregnancy and birth. If you’re not planning on having any children in the future, why should you pay for this? Assisted Reproductive Services (e.g. IVF treatment) and Male Reproductive System (e.g. vasectomy) are additional Hospital cover options that maybe you wanted when you were younger, but no longer have a desire for.
In short, your health cover could be costing you far more than you need to pay.
The easiest way to avoid paying for what you don’t need is to pick and choose which options you do want to keep and then tailor your health cover to those. That way, you’ll hopefully be able to nab health cover for a lower price while still keeping the options that matter most to you.
Not sure how to get started?
Other options that may be inflating the cost of your Health Cover could be the Extras you used to enjoy when you were younger but no longer care for. If you’re not keen on splashing out on flashy bells and whistles, like acupuncture or sports massages, then you should be able to take them off your policy.
Finally, older Australians often don’t realise they’re on a Family cover policy. If their children are married and with families of their own, this could be unnecessary and costing the policy owner a very large amount.
It’s understandable that Health Cover is important to you. Getting older means becoming more susceptible to a wider range of health risks. The most common health risks that affected Aussie ‘Starts at 60’ community members were arthritis (41.7%), high blood pressure (37.5%) and joint pain (34.7%), conditions that typically require greater medical care over time.
But whether you’re in pain or not, if your surgery or treatment is considered ‘elective’ by Medicare, you could be waiting months or even years before your condition is addressed. It’s wise to protect yourself.
But don’t let health funds take away your hard-earned money for cover options that aren’t worthwhile.
Review your policy today and find a better deal. At HealthInsuranceComparison.com.au, you can simply enter your details into our comparison tool and get a snapshot of some of the best deals out there for older Aussies*.
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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.