For older Australians health care is an additional expense, which when left unattended gradually creeps up in cost over time. Many of them are not even aware of the fact that Health insurance premiums are rising again for the second time in six months, which effectively means that existing customers who have not reviewed their policy lately are very likely to see their health premiums incredibly increasing by up to 5.66% in less than a year.
Your health insurance rate is about to rise
The good news is that not all policies are increasing by the same amount, and some are set to rise by much more than others, which is why it’s so important to compare your policy as soon as possible
Thanks to a newly available comparison service, it’s now easier than ever before to get ahead of the health insurance market price increases, and to stop overpaying for your previously outdated policies.
Are you paying too much for your health policy?
Check now, for free.
- Step 1: Select your current health fund below.
- Step 2: Once you answered a couple of basic questions, you will have the opportunity to compare quotes from multiple health providers.
What is over 50’s health insurance?
Over 50’s health insurance is an insurance policy specifically designed to cover the needs of singles or couples who are over 50 or who are at retirement age (over 65 and up). Over 50’s health insurance can provide peace of mind that you’re covered for the common ageing conditions without having to rely on the public system.
Billysumo.com.au launched in 2018 has disrupted the Health Insurance industry by offering transparency and the opportunity for older Australian customers to see how much they might be overpaying for their policy. This is done by offering consumers the ability to compare health insurance policies from the larger and the smaller retailers. By looking at both the rates and inclusions side by side, it’s quickly easy to see what the cheaper rates are available, as well as how much money you might be able to save immediately by switching to an improved provider.
The service comes as many Australians who have had a health insurance policy for a number of years might not even be aware of the fact that they could very likely be overpaying. Disturbingly, the premiums have risen by an outlandish 66% in the past 10 years*. Many Australians are therefore feeling increasingly frustrated by the hidden agenda and tactics used by many providers, who they first thought were looking out for their interests. The Billy Sumo Health service has therefore been built to help you stay ahead of these changes, and ensure that you don’t miss out on the much improved deals available.
The government has even outlined their commitment to helping Australians spend less on Health Insurance in 2020. Minister for Health Greg Hunt had approved a rise in private health premiums by a relatively low average of 2.92 per cent in October 2020, the federal government previously announced. Even more importantly however, Australian’s are still urged to compare their existing policy, because it is quite likely that they are leaving money on the table by not looking for an improved option through a service such as Billy Sumo Health. Using the service, Australians can compare multiple health insurance brands, cover options and pricing all in the one place. The service saves time, but the biggest benefit for most are the potential dollar savings – in fact, customers may save hundreds off their yearly premiums.
Now is the time to get started:
- Step 1: Confirm your state within the below map.
- Step 2: Confirm for whom you wish to compare policies, and you will be presented with our top available quotes from our Health Insurance panel.
Since launching, thousands of Australians have already jumped on board. Over 120,000 Australians have used Billysumo.com.au to compare their household expenses, with the ability to reduce their every costs being referenced as their number one reason for using the site.
Billysumo.com.au is a trusted online service that makes comparison shopping for vital health insurance easy. With the click of a button, they can help you find an affordable policy by stripping away the cover you don’t use, while saving you money on what matters to you.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.
* Based on iSelect sales data from 1 October until 14 December 2020 which shows the average gross annual premium (no rebate applied) were $4477 for a family policy which will increase by $122 a year on 1 April 2021.