Legacy expiration date: You have until April 1st to get with the new system


Does your health insurance policy have an expiration date? If you haven’t reviewed your cover in the last year you might be surprised to find that it does.

On April 1st, all old private hospital policies will be automatically replaced with new, corresponding tiered policies, leaving some Aussies in the dark about what they’ll actually be paying for.

On this date you may be automatically switched to a tiered policy, and potentially be left paying for a higher level of cover, or worse, trying to claim for cover you no longer have.

To help you navigate this new system and get the cover you want at the best price, all you need to do is contact our health insurance experts. With their help our average customer saves $356.70 on their annual premium*[If more recent savings figure please update].

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.

If you haven’t heard of the tiered system, it is the classification of hospital policies into basic, bronze, silver or gold tiers.

To be classified correctly, a policy must meet the minimum cover requirements of the tier. You can find a detailed explanation here.

April 1st 2020 is the last date by which all legacy hospital policies must be switched to policies that fit within the tiered system.

While most insurers have had these tiered products available since last year, many customers have been able to keep their old policies up until now.

The danger for consumers is that, when they’re automatically switched to tiered policy, their cover may change in a way that they’re not prepared for.

You may, for example, find that the top cover you previously held will be converted to a silver policy and with this change some cover will be lost. If it’s important to you to hold the highest level of cover then you may want to upgrade to a gold policy.

Or, you may find that your insurer plans to automatically switch you to a silver policy when you believe that a bronze level of cover would meet your needs. To cut down on the cost of your premiums, you’d need to downgrade your cover by a tier.

Even for those who have already switched to the tiered system, there are massive savings to be found by shopping around.

For example, a recent investigation by Canstar found that there was over $400 difference between the cheapest and most expensive options in the market for silver tier family hospital cover**.

These figures are a startling wake up call to Aussies who believed that because they’re choosing the appropriate cover tier, they’ll be getting the same product at the same price, regardless of the insurer they’ve chosen.

But comparing the insurance market is complex. When you try to take into account rebates, excess and the different tiers of hospital and extras cover, seeing which insurer will save you the most becomes increasingly difficult.

Our specialists spend every day helping people like you save money on their health insurance. With their industry expertise they won’t just help you find cheaper cover, they’ll also help you maximise the value you get from your insurance.

With a focus on finding you cover that makes efficient use of rebates, the Health Insurance Comparison team are experts at getting the most out of every dollar you put into your health insurance.

And thanks to recent reforms, switching to better value health cover has never been easier. Firstly there are no lock-in contracts when it comes to health insurance, so you’re free to switch whenever you want to.

Secondly, unless you’re upgrading your cover, you won’t have to resit your waiting periods and you’re entitled to a refund of any premiums you’ve paid in advance.

There’s really nothing in the way of you paying less for health insurance. Get started now and see what you could be saving.

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.

Get Health Insurance quotes from some of Australia's Top Providers

Compare some of Australia's top health insurers with one simple form.

Get My Health Insurance Quotes