Co-author: William Jolly
It’s always best to choose a health insurance policy on the basis it has the features and benefits you need according to your circumstances and preferences. However, if you can find the right outstanding value health insurance policy with a sign-up bonus, it could be a win-win.
Here’s a snapshot of some current health insurance sign-up offers for Hospital and Extras Cover from providers rated by Canstar (correct as at June 7, 2018).
Please note the Star Ratings and premiums for the snapshot of policies listed in the table below (with links to providers’ websites) are based on a couple aged under 35 in New South Wales. Use Canstar’s health insurance comparison selector for a wider selection of policies based on your individual circumstances.
|AHM||Join a hospital & extras policy with AHM to get 1 month free after your first 60 days, and waive any 2 & 6 month waiting periods. T&Cs apply.||20/6/18|
|Australian Unity||Get your second month of cover for free when you join hospital and extras. T&Cs apply.||20/6/18|
|BUPA||Receive up to $1000 Visa credit ($500 for singles) when you take out a new hospital & extras policy. T&Cs apply.||30/6/18|
|CBHS||Get 6 weeks free when you take out Hospital and Extras cover with CBHS. T&Cs apply.||30/6/18|
|CUA||Join CUA directly on a hospital & extras policy and get your first month free, as well as up to $200 cashback. T&Cs apply.||30/6/18|
|Frank||Get 1 month free for new members on combined cover. T&Cs apply.||30/6/18|
|GMHBA||Get 1 month free for new members on combined cover. T&Cs apply.||30/6/18|
|health.com.au||Join by June 30 to skip the two month waiting period on extras. For new customers on hospital & extras or Extras 50. T&Cs apply.||30/06/18|
|HIF||Get $50 back when you use one of the special codes listed on HIF’s blog. T&Cs apply.||No expiry listed|
|Medibank||Join combined hospital & extras cover and get 6 weeks free, as well as waiving of 2 or 6-month waiting periods on extras. Use promo code ‘6FREE’; T&Cs apply.||No expiry listed|
|nib||Join any combined hospital & extras policy online to get $200 cash back and no waiting periods on two and six month extras. T&Cs apply.||30/6/18|
|Westfund Health||Join Westfund on any Hospital, Extras or Combined cover and receive one month free. Use the code ‘OMF2018’ when prompted. T&Cs apply.||30/06/18|
|Source: Providers’ websites. Based on advertised online promotions current as at March 5, 2018. Please note conditions and exclusions may apply to these offers. Read all terms and conditions provided by the relevant health fund.|
Make sure you compare health insurance
Of course, people shouldn’t sign up just for a freebie. If you’re shopping for health insurance, it’s important to ensure you choose the hospital and/or extras policy cover that is right for your own needs and preferences.
After all, while a gift card or a month of free cover sounds great, it’s a small token in terms of the overall cost of health cover. Canstar Research found the average annual premiums for a hospital and extras package cover for a young single person range from around $1,411 in Western Australia, to $2,181 per annum in Victoria (2017).
There is definitely a choice of outstanding health insurance policies on offer for consumers if they shop around. Canstar’s most recent health insurance ratings considered over 23,000 policy/premium combinations for products provided by 21 health insurers and measured against 497 consumer profiles.