The One Thing That’s Snuck Into Seniors’ Insurance Policies That They’ll Probably Never Claim On


Right now, your policy might be wasting money. Here’s one idea to save money - instantly.
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Right now, your policy might be wasting money. Here’s one idea to save money - instantly.
How much are you paying for health insurance? If you’re like most seniors, the answer is “too much!” Unfortunately, as you may know, premiums are going up on October 1st by an average 2.92%. After applying the average increase, you can expect the following prices:

● NSW - $2,779 ● VIC – $2,861 ● QLD - $2,841 ● SA - $2,736 ● WA - $2.620 ● TAS - $2,729 ● NT - $2,413

Result: $80, give or take, might not seem like a major difference. But bear in mind that just a few years ago health insurance rates were almost 38% cheaper than they are going to be at the end of the year.

Should you re-evaluate your Health policy? – Check now, it’s simple:

  • 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.

Here’s how prices increased each year since 2014:

● 2014 – 6.20%
● 2015 – 6.18%
● 2016 – 5.59%
● 2017 – 4.84%
● 2018 – 3.95%
● 2019 – 3.25%
● 2020 – 2.92% coming up 1 Oct

Source: The Department of Health

So here’s a question…

Every year prices have been increasing, but have your benefits increased? Probably not!

Worse, you might be paying for things that you’ll never use! Let’s look at one common offender…

The One Thing You Probably Don’t Need in Your Policy

For more than 20 years, Maggie Copp had been using the same insurer. The 75-year-old pensioner never considered switching.

That’s until one day when she noticed something strange. Ms. Copp found out that she’d been paying for IVF and pregnancy services, even though…

… she never opted in for those services…

… And she never had a chance to opt out!

Think about it…

A 75-year old pensioner paying for a service she’ll never, ever claim on. Worse yet, she’d been paying for years and didn’t even know.

How did she find out? Her insurance company didn’t tell her, that’s for sure. It wasn’t until she used a comparison company that the penny dropped.

But it gets worse…

After Ms. Copp brought up the discrepancy, the insurer declined to issue a refund. In her own words…

I don’t understand how they can take my money for years and years and then say “too bad”,’ said Ms. Copp.

She added that she was concerned that many other seniors might be wasting their money, too.

What to do: Review your policy. And always be willing to compare providers to see if you can get more for your buck.

The Fine Print

Many seniors don’t fully understand their policies.  But don’t expect your insurer to voluntarily help you out. In some cases, don’t even expect them to pay out on your claims!

For example…

Did you know that Medibank recently had to pay $5 million in penalties for misrepresenting coverage information?

The company falsely told hundreds of policyholders that they couldn’t claim joint reconstruction or investigation services.

It’s true!

Source: The ACCC

So get advice and check that fine print. Always be willing to look at other providers, too.

Choose a Policy that Suits You

If Ms. Copp hadn’t compared insurers, she would’ve never found out about her overpayments. But most seniors don’t compare their providers. That’s because, if they do switch, they’re fearful of missing out on coverage they’ve already got. They’re also concerned about waiting periods.

Most, however, don’t know that insurance companies have to honour your waiting periods, by law!

But if the Medibank court case has proven anything, you have to check your provider. And you should always be willing to at least explore your options.

We offer free insurance comparisons that include a broad range of providers.

Click here to get your comparison and see if there’s a policy that better suits your needs and maybe even at a lower cost.

There’s no obligation. And there’s no cost. Yes, it’s FREE.

Which is why, at no charge and no obligation, we review a wide spectrum of providers and see how your policy stacks up against the rest. We’ll also give you the honest-to-earth truth about the price increase of your policy.

 

Get started now:

  • Step 1: Confirm your state within the below map.
  • Step 2: Once you answered a couple of basic questions, you will have the opportunity to compare quotes from multiple health providers.

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.