Health Insurance Rebates Are Saving Aussies Hundreds In 2019 – Are You Getting Yours?

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Health insurance premiums are rising every yearand government rebates are slowly going down. [1] If you’re like most Aussies, you’re starting to feel the pinch of higher health insurance costs. It’s time to figure out what’s going on with your rebate and insurance policy. With the help of our expert team at Health Insurance Comparison this process is much easier than you’d think.

With all of the recent policy changes and the multiple income tiers, age brackets, and other variables used to calculate your rebate, it’s more confusing than ever to figure out what your rebate should actually be.

Rebates can range from around 8% – to almost 35%[2] , so if you’re trying to save money it’s important that you get this right. With these numbers changing constantly, we suggest that you take an in-depth look at your rebate and insurance policy to make sure you’re saving as much money as possible and getting the rebate you deserve.

At Health Insurance Comparison we understand how important every dollar is when you’re on a budget. Our Australian team of experts will not only make sure you’re getting the full rebate you’re entitled to—but they can also help you identify a more personalised insurance policy. Ideally, this can get you the cover you need, and save you money by eliminating the parts of your policy you’re not using. Over the last year, our free comparison service has saved Aussies an average of $356.70* by comparing health funds.

Here’s How You Do It:

Step 1: Select your current life stage below.
Step 2: Once you select your preferred coverage options, you will have the opportunity to compare quotes from multiple health funds.

What You Need to Know About Health Insurance Rebates

There are certain standards your insurance policy has to meet in order to qualify for the Private Health Insurance Rebate. Here is a quick breakdown of the most important things you need to know:

  1. You must have a private health insurance policy with a registered Australian health insurance company. As there are so many health funds in Australia, we recommend speaking to one of our experts to be sure you meet this requirement.
  2. You can claim this rebate on both categories of private health insurance: hospital cover and extras policies. If you only hold one of these policies you can still claim the rebate on premiums you’ve paid.
  3. The Australian government reviews private health insurance rebates every year and adjusts it annually on April 1st. This means that the rebate percentages will change from year to year. So it’s important to check on your insurance policy yearly to make sure it’s still fitting your needs and you’re getting the rebate you deserve.
  4. The amount of your rebate depends on a lot of factors and varies widely. The two biggest factors when calculating your rebate are your income and age—but there are several other factors that go into calculating your total rebate. We suggest speaking with one of our experts to get a better idea about your rebate and how to save money on your policy in the future.

There are two ways you can claim your rebate:

  1. You can claim your rebate as a reduction in the premium paid to your insurer, so you pay less upfront. The rebate is paid directly to your health fund which reduces your monthly premiums. Since the rebate changes every April, you should check up on your policy and rebate options yearly to make sure you’re maximising your savings.
  2. You can also claim it as a tax offset when filing your tax forms at the end of the financial year. This requires more work and can leave you with a tax debt if it’s not calculated correctly. So it’s important to work with an expert who has knowledge of the health insurance system to get this right.[3]

In 2018 Our Experts Helped Thousands of Aussies Save Money on Their Health Insurance

Our team of Australian health insurance experts have years of experience dealing with health funds and insurance policies. We know how to maximise your rebate and identify a more personalised, cost-saving policy to suit your needs. It only takes a few short minutes to take a look at your current policy and see how much your rebate should be—and how much you could save by comparing different health funds and policies.  

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.

See Your Low Rates

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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