Aussies paying more for less when it comes to health cover

Rising premiums prompting majority of Australians to take a hard look at their health cover

Australians are battling rising health premiums, and could be paying more for less when it comes to private health cover. On 1 April, premiums will go up by an average of 4.84 percent, though the policies themselves won’t change.

It’s worth taking a closer look at this price hike to understand what it really means for consumers. The premium increase is nothing new; in fact, it happens every year at this time. The problem occurs when consumers start slashing benefits or downgrading their health cover. It may reduce the price, but these actions can also harm the value of your health policy.

To maintain value and find an affordable price, Aussies are urged to shop around for a better deal on coverage. If you’re happy with your level of coverage but not the price, you’ll be able to compare the price of similar policies on HealthInsuranceComparison.com.au.   

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.

Keep in mind that the upcoming price rise is based on a weighted average figure. Your premium may go up by more or less than 4.84 percent. Figures from the Department of Health indicate that the lowest premium increase is set at 2.98 percent, while the highest is due to increase by 8.53 percent.*

It’s easy to get overwhelmed by statistics about the price hike, but the number that matters is how much you’re paying for your private health insurance. If you’re a member of a fund that is going to go up by more than 8 percent in April, can you afford to stay on that policy?

Instead of paying more for less, Australians who compare policies could end up paying less and getting more. Now is the ideal time to switch to a new insurer. It’s a popular time to switch so insurers are offering great incentives for signing up, plus you may be able to lock in a better price before the prices go up.

Switching insurers is easy to do, and you shouldn’t have to re-sit any waiting periods for hospital cover. A Health Insurance Comparison advisor will walk you through the process over the phone to ensure that you don’t face any lapses in cover.
Approximately 65 percent of health insurance customers are expected to re-evaluate their private cover in the leadup to April 1.** To reduce your bills and score great-value health cover, visit HealthInsuranceComparison.com.au today.

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.

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