New Report Claims Thousands Of Aussies Are Bailing On Private Health Insurance — Should You Join Them?

It’s no secret — health insurance costs are at an all-time high. Major news outlets have started to take notice, with many of them claiming that the increasing costs of health care have Aussies abandoning private health insurance by the thousands, but the statistics show a much different story.

Only a small percentage of Aussies dropped private health insurance, and the reason behind it isn’t just the risings costs. Dr Anthony Bartone, Federal President of the Australian Medical Association, suggests people are dropping their health cover due to the confusion in understanding what they’re paying for, and the difficulty the average Aussie faces when trying to save money by switching health insurance policies.

This leaves a lot of Aussies stuck paying higher premiums for health insurance they don’t need. Insurance policies are difficult to understand — and insurers benefit from you not fully understanding your policy and that leaves you paying for cover you won’t ever use. This is why it’s important to check up on your insurance policy and make sure the money you spend gives you the benefits you expect.

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.

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What You Need To Know To Save Money On Your Health Insurance

Even with Australian Consumer Law requiring health funds to be more transparent with their policies, they’re still confusing and difficult to navigate for the average person. This makes it more likely for you to get stuck paying a much higher premium for cover you’ll never actually use.

The easiest way to ensure you’re getting the most value out of your insurance policy is by using our free comparison service. This will allow you to compare different hospital and extras cover from multiple health funds side by side. You will also get help from your own team of insurance experts, so you won’t have to try to read all of the fine print on your own.

Here are our top 3 tips to get the best value for your money:

  1. Know your needs: There are two different categories of private health insurance: hospital cover, and extras cover. Hospital cover is for in-hospital expenses such as accommodation, medicine, and doctor fees. Extras cover includes ancillary services that are outside of hospital cover, such as dental, optical, chiropractic and physiotherapy care. Our experts can provide you with a more in-depth look at what you need from each category and help you create a more personalised insurance policy that better fits your situation.
  2. Don’t just set it and forget it: Regularly reassess your health insurance needs and consider what you may need for the future. Remember that when switching insurance coverage, you’re protected by law when it comes to waiting periods. If you’re switching to a hospital cover policy that offers an equal or lower level of coverage health insurers can’t make you re-serve any additional waiting periods. If you’re increasing benefits or changing extras cover, certain waiting periods may apply—but health funds sometimes run special offers that waive some waiting periods altogether.
  3. Shop around, there are plenty of cost-saving options out there: There are different levels of insurance policies for both hospital cover and extras cover. We recommend using our free comparison service and the assistance of our award-winning team of experts to compare different health funds, prices, and levels of cover. When you work with our team, you get the peace of mind that comes with working with professionals who have the years of experience needed to navigate the complicated health insurance system — and keep you from serving unnecessary waiting periods.

Health Insurance Comparison is a one-of-a-kind comparison service. Our team of experts has consistently won numerous awards, including the Feefo Gold Trust Service Award for the previous 2 years, and the Word of Mouth Customer Service Award for 7 years running. We accomplish this by providing a high level of service and value to our customers—with an average savings of $312* a year. In a few short minutes, you could be on your way to hundreds of dollars in savings.

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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

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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