Most of us are budget conscious. Your health insurance premium is one place you can look to start saving money. Here are a few ways to lower your health insurance premium:
Work out what you really need
Think about your hospital coverage and work out what you really need. You may be paying for full coverage — like pregnancy — when you only need the basic services covered. Make a list of what has to be covered and then look for a policy that meets those specific needs.
Review your extras
Extras cover can give you access to all sorts of treatments including Acupuncture, Chinese Medicine and Lifestyle related programs such as Weight Management. However, extended extras cover is not cheap. To lower your premium cost, your extras cover should reflect your needs.
Look at your excess
Each hospital policy has its own excess for hospital stays usually in the amount of $0, $250 or $500. By agreeing to pay a higher excess you can generally cut your premium cost without reducing your level of cover. Find out more about excess.
Compare with InfoChoice
Compare your options using iSelect. You can compare premiums and policy features from a range of participating health funds.
Pay a year’s premium before April
Government legislation allows funds to elect to increase premiums annually. This generally occurs around the beginning of April. If you can afford to, pay a year’s premium before April. So if rates are increased during the period which you have paid, you will not have to pay extra. Find out more about the premium rate rise.
If you find a cheaper policy, make the switch. There is no reason to settle for the policy you’ve got. If you’re switching to a similar or lower level of cover, the waiting periods you have served generally transfer with you. Your Lifetime Health Cover status is protected too. Find out more about switching.