It pays to shop around for health insurance, with significant savings on offer

Australia’s most expensive health insurance policies have been revealed by consumer group Choice – and the results come with a warning.

Health insurance is important and expensive and every year premiums go up, so it’s essential that people have the best value policy for their needs, Choice health insurance expert Uta Mihm says.

After going over the policies, Choice found there is potential for policyholders to save money if they’re with one of the most expensive policies in each state.

Which is why they advised people to check their plans before premium increases this year.

“Choice has investigated the most expensive Gold policies in each state, and discovered that switching to the cheapest equivalent Gold policy could save singles anywhere from $600 to over $1300 per year,” Ms Mihm said.

“If you’re a couple or a family, the savings are even greater.”

The most expensive Gold health insurance policies:

  • ACT and NSW: NIB Suncorp Gold Hospital, $3570
  • Queensland: HBF Gold Hospital Elevate, $3840
  • South Australia: HCF Premium Gold, $3200
  • Tasmania: HCF Premium Gold, $3440
  • Victoria: NIB Suncorp Gold Hospital, $3900
  • Western Australia: HBF Gold Hospital Elevate, $3360
  • Northern Territory: Mildura Five Star Gold F4A, $2540

Victorians could save the most by switching from the most expensive Gold policy to the cheapest equivalent Gold policy. This would have them pocketing an extra $1360.

“While the most significant savings are available for Gold policyholders, Silver policyholders can likely also find a cheaper deal with the same coverage,” Ms Mihm said.

The most expensive Silver health insurance policies came from the big funds.

In Queensland, South Australia and Tasmania, Medibank Silver Everyday is the most expensive policy and in Victoria, NIB Priceline Silver Hospital was the most expensive.

Pictured is the saving people could have if they switched up their health insurance

Australians could save thousands by switching health insurance policies. Image: Choice

How to get a better deal on health insurance

There are a few ways to ensure you are getting the most out of your health insurance policy, while paying as little as possible.

Choice advises people to check to see if they can get a better deal at least once every 12 months, or when notified about premium increases.

The comparison site also recommends calling your current fund and asking if they can give you a better deal.

With the bigger funds being more expensive, it is suggested that you look at smaller funds to seek out a cheaper policy.

Choice also has a health insurance comparison tool, where people can compare over 1000 policies from more than 35 insurers.

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