Top tips to save a bundle

Tailoring health cover to your life stage and needs is the smartest thing you can do financially. Our health insurance star ratings are designed to help you shop around and identify products that suit your lifestyle and will most likely save you money at the same time.

Three hints to help you save on your health insurance premiums are:

Pay only for what you need - it makes no sense to pay for obstetrics and IVF if you are in the mature stage of your life. The same applies to a young person paying for hip replacement cover. Look closely at policies and review regularly to make sure you are paying only for what is useful to you. Bear in mind, that your needs will change as your life progresses.
Pay a higher excess/co-payment - you can lower the premium on your private health policy by opting to pay a higher excess. This strategy may well suit a young, healthy person who does not envisage regular trips to hospital whereas an older person may not want to take that risk.
Shop around - you will be surprised what you find when you compare policies. You may get the same cover for less or more cover for the price you are currently paying. As with anything financial, it pays to keep tabs on what’s happening in the market., as nothing stays the same. The CANSTAR CANNEX health insurance star ratings is a great place to start.

There may be other medical procedures on your shopping list and you should specifically look out for these. For instance, you may want obstetrics and IVF, psychiatric care, heart surgery, joint replacement, plastic surgery, bone marrow transplants or any other major, expensive procedures. Many of these are excluded in normal health cover by insurers so it is to your own detriment to overlook the fine print and mistakenly think you are covered for something when in fact you are not.

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