The Latch has teamed up with Compare Club to bring you tips on how to save on your health insurance.
If you have a sneaking suspicion your health insurance premiums keep creeping up, you’re not dreaming – and they are set to increase again. On 1 April 2021, premiums will rise by an average of 2.74% – and up to 5.47% – on top of the almost 3% hike approved last year. In many cases, benefits have remained the same while health care costs have increased, reducing the value of your coverage overall.
It’s time to look for alternatives, but it isn’t a matter of simply accepting the policy with the lowest premium, you need to compare the inclusions and benefits as well. This is where making a proper comparison helps. Customers who compared and switched with Health Insurance Comparison saved an average of $312 on their annual health insurance, based on more than 25,000 customers in 2020.
Here are three considerations to make when re-evaluating your insurance coverage:
Decide on what you need
Want to keep your private health insurance but need to be budget-savvy? Take a finance-first view and allocate an amount you’re willing and able to pay. If you can pay in a lump sum, the annual premium can often be cheaper than if you pay weekly or monthly, but if one large payment is a problem, regular small amounts might work better with your budget.
Premiums will also change if you’re by yourself, with a partner, or paying for your family, so make sure you compare coverage for different numbers of people across insurers.
Individual needs within couples can also complicate insurance coverage. It may make sense to split coverage by individual instead of each person paying for an inclusion that only one person requires, or it could be that sticking together can help that person stay under the total couples’ claim limit. Comparing helps clarify costs and inclusions.
Assess what benefits you use most
Saving money means very little if your insurance doesn’t cover your requirements. If you currently have private health insurance, examine your past claims to see what you use the most. If you tend to reach a benefit limit for a certain service, for example, dental work, look for increased inclusions or rebates in that area for your next insurance product.
Your record of claims will give you a solid idea of your requirements so you can make an informed decision when you compare alternative insurance policies.
Look at your extras
Haven’t changed your health insurance policy for a while? You may be surprised at what you’re paying for that you don’t need. A woman in her 60s may still be paying for pregnancy cover when she would be better off with support for cardiac health, for example.
Your health needs today have likely changed compared to when you first started your policy. That’s why you should check and compare your cover regularly to match the policy to your needs.
Matching your health insurance needs with the right coverage will not only save you money, it will give you better value by offering inclusions and benefits you actually need. For a no obligation look at hospital and extras cover across a range of insurers, compare today with Health Insurance Comparison.