Be prepared! There’s another health insurance premium increase coming.

Get ready for another health insurance premium price hike. Health insurers put up prices by an average of 2.92% in October 2020* and this April premiums will rise again.

It’s a blow for health-conscious Aussies who want to keep their finances under control in 2021, but by comparing and switching to a cheaper policy, you could save big without cutting your cover.

How much does loyalty to your health insurer cost you?

 

If you’ve not switched health cover recently, there’s a good chance you’re paying too much.

For example, last year families who compared and switched with us saved, on average $603.03**.

In contrast, according to our data, a family who has held the same policy for the past five years would now be paying an extra $950.19^, on average, with little extra to show for it.

Not sure how much your premium could go up by this use. Use our calculator to work out your insurer’s average premium increase:

Check your estimated premium increase.

?
Your premium is likely to rise by
9.4%

For instance, you can expect an annual premium of $1,000 to increase to $1,178. That's an average increase of X for singles, Y for couples and Z for families. Don't want to be stuck paying for more health cover? Save money now.

Take action to get a better deal

It’s easy to overpay for health cover but you can play the insurers at their own game. Take a few minutes to click and compare and see how much you could save.

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.

Choose your area.

Which area are you in?

*Average savings based off 25,311 customers during 2020

*Department of Health, Average annual premium price change by insurer, December 2020

** Based on 3,549 policies in 2019.

^ Based on the average family paying $4,268.90 when they compared and switched with us in 2016. $950.19 figure based on this average family policy being subject to the exact average annual rate rise amount from 2016 up to and including October 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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