Report Reveals Older Aussies Are Failing to Adjust Health Cover With Age
Mature Australians could be losing hundreds of dollars in savings per year as they get older.
If you’re not checking in with your health insurance, you could be losing money each year. Major insurer Medibank recently released information about its most common claims per age group, and the results are telling.
Medibank data revealed that the top two extras claims for all age groups are dental and optical, which is to be expected. However, it’s hospital cover that varies wildly by age group, and this is where costs can blowout for mature Aussies.
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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.
Health insurance needs change over time, so the features you prioritised in your 30s may look very different from what you want in your 50s. If you don’t review your health cover at least once a year, you may find yourself with a policy that doesn’t actually cover you.
People in their 20s tend to claim for psychiatry or dentistry, but in their 30s claim for obstetrics and gynaecology. Those in their 40s claim gastrointestinal endoscopies and psychiatry, while people in their 50s and 60s are also claiming for rehabilitation.
These insights give an overview of just how much your health needs change as you age. It’s a reminder that good health cover should change with you, which is why comparing policies is encouraged.
Popular online service HealthInsuranceComparison.com.au has been developed to help consumers find a good deal on coverage that suits their life stage. This site can be used to compare prices on health cover from a range of Australia’s most trusted insurers. You’ll select the features you want to include and the system will generate personalised policy matches for you.
Worried about waiting periods? Though they are an important consideration, especially if you’re upgrading your cover, they shouldn’t stop you from switching. Portability laws state that you won’t have to re-sit any waiting periods already served for equal or lesser hospital cover.
Switching policies is easier than you think, and can be done online or over the phone with an insurance expert. You’ll gain clarification on what your policy does and doesn’t cover, plus information on how to make a claim.
Don’t let your health insurance go out of date by neglecting it. The worst way to find out that your cover is insufficient is when you need to make a claim, because by then it’s too late.
Save yourself time and money and compare policies with HealthInsuranceComparison.com.au. Switch policies before the end of the financial year to take advantage of year-end bonus deals that could lower your premium even more than usual.
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.