Mind The Gap: Aussies are paying 38% more for extras cover, and insurers are winning out
Extras are costing Aussies more each year as insurers drop the ball on increasing benefits.
Have you been caught out in the great extras cover rort? Optical, Physio, and Dental insurance are the number one reason older Aussies buy health cover, but many might not be getting value for money.
Let’s take dental cover as an example – the average fee per service only rose by 3% in the last five years. In the same period the average rebate paid by private health insurers increased by 4%. This all sounds pretty good until you realise that, in the meantime, premiums have skyrocketed by 38%*.
The average cost of an extras only plan in Australia is currently sitting at $143 a month^. If that number increased by the same amount again, you’d be paying around $200. The dentist isn’t paid more, your rebate is barely moving, but you’d be forking out an extra $600 a year for the exact same thing. So how do you make sure your money isn’t just lining your insurer’s pockets?
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 Australia’s most trusted insurers, all in one place.
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.
The service offers no mark up policies so you know you’re only paying for 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 unbiased insurance expert over the phone.
It’s vital to know that insurance policies are not all created equal. According to the industry ombudsman the actual benefits paid the insuers pay out to members varies significantly. Some actually return up to 90% of the premiums they get paid compared to the industry average of 86.1%.
Many Aussies also 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.
There’s no question that extras cover is valuable, but the only way to know if you’re getting a good deal is to compare. 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.
*According to the Australian Dental Association
^According to the Private Health Insurance Ombudsman
Get Started Now:
Step 1: Select your state below.
Step 2: Once you go through a few questions, you will have the opportunity to compare quotes that could save you up to $800 a year.