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Over 40% of Australians copped an average rise of 2.9% in health insurance premiums on 1 October*.
Since 2018, premiums have reportedly increased by an average of $685 for families, $504 for single parent families, and singles need to budget for an extra $349 each year**.
And if that news isn't bad enough, health cover policyholders who haven't updated their policies recently could be losing out even more.
Compare Club analysis shows how fund members stand to lose out on substantial rebates for dental treatments, with dated policies failing to sync with steadily increasing living costs.
Am I getting the best deal from my health fund?
Not exactly, but it may seem that way. We often talk about the price of loyalty. This is why Compare Club’s experts recommend you regularly check your health cover and switch to better value deals. Even if this means staying with the same fund.
Here's why:
After analysing a wide range of older health insurance policies, Compare Club found that many customers with the same health fund and same level of cover, are getting up to 50% less rebate when their policy is up to 10 years old, and closed to new members. Two people can be with the same insurer, paying roughly the same amount on their premiums yet one is getting half as much money back on their dental rebates.
Are you missing out on hundreds of dollars because you haven't reviewed your health cover lately?
Optimising the value received from your extras policy can reduce the pain of high cost dental visits. Here's Compare Club’s top tips to help you get the most from your health cover.
- Extras are a great way to make savings. Look for higher annual limits so you get more back from your trip to the dentist, optometrist or physio, even if your premium goes up by a few dollars.
- Don't pay for items you’ll never use. For example, if you're past the point of pregnancy, downsize to a cheaper policy that still covers everything you need (and no, you won’t have to serve new waiting periods).
- Look for extras cover that are percentage-based rather than a flat dollar figure rebate. This means you won’t lose out as inflation and your costs of treatment rise. The amount you get back will increase in line with your increased costs – which is a win for you.
- Get some help comparing health funds and policies to make sure you’re getting the value you deserve#.
Comparing can be easy:
Shopping around for health insurance can be fairly quick and simple, and you can exit your current fund without incurring any penalties. Compare Club’s experts have been doing this for over a decade. They help you identify the areas where you might be overpaying, and where you could improve your rebates#. They’ve saved customers an average of $300^^ on annual premiums in the last year alone.
Giving something back to you:
Compare Club ensure your health cover savings are quick, easy, and effective - and because we know how much you’ve already spent on your health cover, we want to give a little back to you.
That’s why Compare Club will send you a $100 e-Gift Card that can be used at over 300 well-known Australian retailers if you compare and switch your hospital & extras cover through Compare Club before 15th December 2023##.
*Department of Health, List of historical premium price changes by insurer for 2023
**Based on Compare Club internal data: average cost of a 55-64 couple’s policy premium, 2021, with a 3.06% increase applied [average increase across Australia’s five biggest funds].
^^Based on 136,500 policies sold Jan 2018–Nov 2022
#Compare Club compares selected products from a panel of trusted insurers. We do not compare all products in the market.
##Offer of a FREE $100 e-Gift Card available to those who purchase a combined hospital and extras policy with https://compareclub.com.au/ by 11:59 pm AEDT 15/12/2023. This offer cannot be used in conjunction with any other promotional offer provided by https://compareclub.com.au/. Friends or family of staff members are not eligible. Click here for full terms and conditions. Once you have successfully switched and stayed with your policy for 90 days, you will receive an email with a Prezzee gift card, to swap it for one of 300+ Australian retailer gift cards of your choice, including Coles, Woolworths, Myer and David Jones. Please note that you MUST hold your policy for 90 days in order to qualify for the $100 e-Gift Card.