This week's top reads

The government just sped up the private health insurance hamster wheel, announcing a 4.41% average price hike from April 1, which means we’ll be running even harder to keep the status quo.

The real clanger? That 4.41% is an average, not a cap. Top-tier policies usually jump the most; last year, the average individual gold hospital cover soared by 11.6% 😵‍💫.

For most of us, getting off the hamster wheel isn’t an option, because you’ll have to fork out the Medicare Levy Surcharge (among other penalties), and let’s be clear, it’s better to pay and get something, rather than nothing but a big fat tax bill.

Downgrading is an alternative, but it could leave you underinsured, so test the have-your-cake-and-eat-it-too strategy first:

1. Call your provider to find your specific April 1 increase.

2. Shop around: Find a cheaper insurer offering the same level of cover.

3. Lock in today’s price: Ask if you can prepay a year in advance to dodge the hike. This isn’t going to work for everyone, but if you’ve got the cash spare, do the maths.

Switching is easier than you think

The fantastic thing about health insurance is that the government has organised hospital cover into tiers (basic, bronze, silver and gold). They did this to encourage you to shop around, because if you switch insurers within the same tier, you don’t have to re-serve waiting periods, even for pre-existing conditions. It’s enshrined in law.

And the savings? Take a seat because our data shows switching from the average individual gold policy to the cheapest could save someone as much as $1,387. That’s potentially 37% off, and if you can pay ahead, it could even see you duck the 4.41% hike–for this year anyway.

Concerned about your home loan’s variable rate going up? This three-step negotiation plan could potentially lower your mortgage repayments.

The government has approved an average health insurance premium increase of 4.41%—the steepest jump since 2017. Here’s how you can get ahead.

A pillow, or something as big and expensive as a mattress, is something you want to test out, ideally for more than 5 minutes (you’re not exactly going to stay overnight in the store, right?). Did you know a handful of online stores will let you sleep on a mattress or a pillow for up to 150 nights and return it if you don’t like it? Emma and Sleep Republic = 150 nights, Koala = 120, Sleeping Duck and Ecosa = 100, Eva = 100 for the mattress, 30 for the pillow. Often they’re not accepting the return to shred it, but instead donating the item to charity or refurbishing them, so you don’t have to feel bad about sending it back. Just don’t fall asleep on the details–make sure you read the fine print before you buy.

Got an unused Barbeques Galore gift card? The store’s shock move into voluntary administration means its gift cards are now subject to ‘spend to redeem’ conditions set by the receivers. To use the credit, you must spend two dollars for every one dollar of gift card value. For example, if you want to redeem a $100 gift card, you’ll have to make a total purchase of at least $300, pay $100 of this with the gift card and the rest with your own cash. It feels unfair, but it is legal. One potential solution? ASIC says if you bought the gift card with a credit card, you might be able to get your money back from your card provider.

You only have to watch season one of Friends to know monkeys are inherently naughty, but it’s not just Ross Geller having trouble these days. Southern Cross Travel Insurance has reported a 350% spike in monkey-related claims, particularly in Bali and Thailand. Theft by monkey (think phones, glasses, you name it) isn’t the primary concern either: 78% of claims involve bites or scratches requiring medical care. According to the experts, never smile at a primate; baring teeth signals aggression. If one grabs your gear, let go immediately to avoid injury. Finally, before you fly, get travel insurance. Travelling can be as unpredictable as a monkey.