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Beware the junk policy: 5 ways to find great value health cover

Consumers should be wary of low-cost health cover that doesn’t deliver

If there is a golden rule to health cover, it’s that all health policies are not created equal. There are thousands of plans on offer, but focusing solely on price could land you with a dud.

The market is saturated with these junk policies, and this is the time of year when they come crawling out of the woodwork. Every year on April 1st, health insurance premiums go up, and unfortunately it’s no April fool’s joke.

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.

Of course, because there are so many policies out there, chances are good that you’ll find one that’s value for money—if you know what to look for. Here are a few guidelines for finding health cover that won’t leave you high and dry.

  1. Compare policies

    Even if you’ve been with the same insurer for years, it pays to compare. Prices can vary wildly depending on your needs, so the trick is to compare like with like. Using HealthInsuranceComparison.com.auis a great way to do this, because you can get an online quote based on the coverage and features you want.

  2. See through the smoke and mirrors

    With so many people shopping around for a better deal, insurers are putting on all the bells and whistles to entice new customers. It may appear that you’re coming out on top with free gym memberships, money back vouchers, or free dental visits for kid, but these benefits could be masking an empty policy. Make sure you know what you’re getting before you sign on the dotted line.

  3. Choose your extras wisely

    Are you more likely to need pregnancy cover, a hip replacement or neither? Your answer could change the price of your premium. An astounding number of people are paying for extras coverage they don’t need or want, which can significantly inflate the price of your premium.

  4. Know your rights

    Don’t let your current insurer tell you that you’ll have to re-sit waiting periods for hospital cover if you move to a policy with equal or lesser coverage. Portability laws are in place to protect you, so you shouldn’t have to repeat any waiting periods for hospital cover.

  5. Adjust your excess

    Remember that finding a great policy is about getting value for money, not just snagging a rock-bottom price and free stuff. If you’ve pinpointed a policy that has everything you want, but costs more than you’d like to pay, consider increasing your excess as this can often lower your premium. And remember that by paying upfront you may be able to lock in a better price, avoiding those April 1st premium hikes.

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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