Reduce the Cost of Your Healthcare Premium in 3 Steps
Health insurance premiums went up by an average of 6.18% in April 2015, so it makes sense to ensure that the health insurance policy you have is great value for money – but not just cheap health insurance! Here are three ways to help you do that.
Know what the most common claims are
The Private Health Insurance Administration Council (PHIAC) advises that as of the March 2015 quarter, 47.3% of the population have private hospital cover and 55.6% have extras (ancillary) cover. Over the 12 months to 31 March, they had around 4.2 million hospital episodes and a staggering 85.4 million ancillary claims. That resulted in $13 billion of medical treatment costs and almost $4.5 billion of ancillary costs.
For hospital claims, cardiac episodes, knee and hip were three high-claim areas. Perhaps not surprisingly, the age group for which most hospital benefits are paid is between 60 and 79.
For ancillary cover, it’s all about your teeth, eyes and joints, with the four big claim areas being:
- Dental
- Chiropractic,
- Physiotherapy
- Optical
So in terms of policy inclusions, ensure that you have those at a minimum – and whatever else your family history indicates you might need. Bear in mind that your needs will change as your life progresses, so it’s important to review your policy regularly.
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 for a better deal!
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. Our health insurance research, comparing over 10,000 quotes from more than 900 health insurance products, is designed to help compare health insurance products and filter them according to your needs.
Compare Health Insurance Policies with CANSTAR
Sponsored products are paid advertisements and do not include all providers. Canstar receives a fee for referring you to the advertiser. Canstar is not giving you advice in relation to sponsored products. See How We Get Paid for further information. If you decide to apply for health insurance, you will deal directly with an insurance provider, and not with CANSTAR.
Consider the provider’s detailed product and pricing information before making a decision to purchase a policy. The products displayed on this page do not include all providers and may not compare all features relevant to you. View the Canstar Health Insurance Star Ratings Methodology and Report. The rating shown is only one factor to take into account when considering products.
For more information, read our detailed disclosure, important notes and additional information.
Try our Health Insurance comparison tool to instantly compare Canstar expert rated options.
SPONSORED
Join Australia's Most Trusted Health Fund
- Mix & match hospital and extras cover to suit your needs
- Switching to HBF is easy – do it online today!
- Over 1 million members trust HBF with their cover