Mind The Gap: Health Insurers Rorting Aussies When It Comes To Extras Cover
Extras costing Aussies more each year as insurers drop the ball on increasing benefits.
Extras cover is the number one reason Aussies buy health cover, but they may not be getting value for their money. According to a study conducted by CHOICE consumer group, Australians are paying more for their extras cover, but what they get back has remained largely the same.
The study revealed that while Aussies are paying 19% more for their cover, 72% of benefits paid out have not changed in the five years since 2013.*
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To put that in dollar figures, the study found that the average physio fee went from $64 to $71 during that time frame. However, some insurers continued to pay a $36 benefit. Put simply, consumers are paying more for the same service.
What’s worse is that many Aussies aren’t making full use of their coverage, effectively overpaying for insurance. This trap can be avoided by regularly reviewing your policy and comparing prices for others like it.
The online service HealthInsuranceComparison.com.au was created to help busy Aussies find better value for their insurance, and it’s working. Users can compare prices and coverage options from some of Australia’s most trusted insurers, all in one place.
The service offers transparency and upfront figures so you know exactly what you’re getting. It’s easy to make an informed decision on health insurance, especially because you’re able to get support from an insurance expert over the phone.
There’s no question that extras coverage is valuable, but the problem is that not all policies are created equal. Shopping around for health insurance is a great way to find coverage that matches your wishlist at a price you can afford.
HealthInsuranceComparison.com.au lets you select the features you want, tailoring the search for you. Downgrading your coverage is often a simple matter of eliminating what you don’t use and retain what you do, making your policy more affordable.
CHOICE also commissioned a survey of policyholders and found that 57% purchased private health insurance because they wanted extras cover. It was ranked as more important than peace of mind and avoiding public wait times.
You don’t have to sacrifice your extras coverage in order to squeeze health insurance into your budget. Compare quotes today with HealthInsuranceComparison.com.au and save yourself time and money.
*Based on a CHOICE analysis of extras cover policies offered by 23 insurers.
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