Health Fund Sign Up Bonuses for May 2012
Don’t have health insurance yet? Now is a good time to compare health funds and see your options. To encourage your custom, health funds will often offer sign up bonuses. Tempting as these may be, don’t let them dictate your decision. Your needs should always form the basis of any health insurance comparison.
What if two or more health funds come out equal in your comparisons? Sign up bonuses can make the decision easier. Checking health fund websites for the latest bonuses can take some time, so we have done the hard work for you and rounded up some of the best sign up bonuses for May 2012 for you. Unless otherwise stated, you need to join the health fund before May 31stto take advantage of these offers.
Waived waiting periods
If you are not familiar with health insurance, you may not realise how this works. Waiting periods will apply if you have not had health insurance before. You will not be able to claim until this has been served. This may seem unfair, but it is intended to keep premiums costs down.
Major dental work carries a twelve month waiting period. Pre-existing conditions and pregnancy benefits also have twelve month waits. Most other extras have two or six month waiting periods.
Health funds will often waive the two and/or six month waits as a sign up bonus. This means that you can forgo the usual wait and claim straight away if needs be. AHM, Australian Unity and GMHBA are currently doing this for both two and six month waiting periods. HCF is also doing so if you join online. HIF and NIB are waiving two month wait times.
Note: Don’t forget to read the terms and conditions. While some health funds do include all eligible extras, others will impose restrictions. Some extras may not be included. You may also only qualify through specific policies.
HCF, Australian Unity and NIB require you to take out Hospital and Extras cover. Along with GMHBA, they also exclude psychiatric, rehabilitation and palliative care extras from their offers. If you wish to take out any of these extras with either of these health funds, the usual two month wait will apply.
Some health funds will offer more affordable cover as a sign up bonus. This often means getting a specific month for free, or a set number of days of free cover. With CUA, the first month is free if you sign up in May. For AHM, the second month comes free. HIF have an ongoing offer with 43 days of free cover. Pay your first month premium and the following 43 days are free.
Free gifts are sometimes offered as a sign up bonuses. BUPA are giving free movie tickets with Hospital and Extras cover. This offer excludes their Active Saver cover.
Summing things up
Sign up bonuses can be useful if you are struggling to choose between health funds. Compare health insurance for your needs first. If that throws up more than one option, sign up bonuses can then come into play.
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