Rates going up? That’s not the only thing increasing

With rate rise just around the corner, private health funds are preparing to raise their premiums by an average of 2.92 per cent on April 1.

Though it’s set to be the lowest hike in 19 years, the premium rises will mean a single person will pay an average of $35.36 extra per year, and a family will pay $103.48 more, annually.¹

Here’s how you save

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.

Choose your life stage

But there’s one key piece of information that your health fund may not want you to know.

Not all funds will pass on these higher costs to their customers.

In 2019, some policies increased by only 1.64 per cent while others skyrocketed by a staggering 5.91 per cent.

Yet most Aussies will simply absorb this extra cost, never knowing how easy it is to start paying less.

At Health Insurance Comparison, we believe Australians deserve better value from their health insurance.

That’s why we’re committed to delivering more options when comparing health insurance for our customers.

By comparing with us, Australians were able to save an average of $356.70 on their yearly premiums last year alone, and families with health insurance were able to save $600.31

Finding affordable health cover quickly in 2020 has never been more simple.

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.

Consumers have been lowering their policies or scrapping them all together in the face of rising premiums, as higher out-of-pocket costs are placing even more pressure on household budgets.

In an attempt to make health cover more accessible, the new bands of Gold, Silver, Bronze and Basic hospital covers was introduced in early 2019.

Some health insurers, including NIB, implemented discounts of up to 10 per cent for 18 to 29 year olds.

Similarly, higher hospital excess will now be a choice offered to many members, both new and existing.

In a November 2018 review, the Australian Competition and Consumer Commission found more Australians are downgrading or dumping their private health insurance because of rising premiums.

In early 2019, a Health Insurance Comparison spokesperson stated: “We believe in helping our customers find affordable options to take better care of their health.

That’s why we’ve worked hard to partner with internationally renowned healthcare group, Bupa, to deliver even greater value and more options to our customers.”

The company will be offering a range of Bupa’s products, making them one of only two comparison services in Australia that allows customers to compare a wide variety of the health insurance products Bupa offers.

Health Insurance Comparison believes in delivering life-long health insurance services for all Australians.

“We are proud to announce this partnership with Bupa, creating a wider range of choice when comparing health insurance” said Leane.

“We’ve found that older Australians are especially vulnerable to falling victim to the common health insurance traps like staying on an outdated policy, being talked into a higher level of cover and fund loyalty incentives.”

Because Australians are responsible for monitoring their own insurance, over the years these simple mistakes can mean thousands of dollars down the drain.

That’s why our team of friendly advisers are available to answer any questions you may have and assist you in the comparison process.

If you’re surprised at just how easy it is to overpay for health insurance, you’ll be amazed at how easy it is to join the thousands of clever Aussies who are already paying less for their premiums and beating the upcoming rate rise.

You can join them with just a few clicks.

Hurry! Your health cover savings are just minutes away.

This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.

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