In 2014, hospital insurance coverage reached a peak of 47.3%. This meant that almost half of the Australian population had coverage.
But just four years later, that number fell to 45.5%. And the biggest driver of this decrease came from young people choosing to drop their policies.
Why did they do it?
Young people often end up paying more in premiums than they claim for their policies.
But don’t go running to your provider to cancel your policy just yet. Getting rid of your policy isn’t the smart thing to do. It’s potentially very dangerous to have no coverage. Instead, savvy young couples examine their policies closely to make sure they’re not paying for coverage that they don’t need.
What are those couples doing that you’re not? Here are a couple of quick tips to help you get the most for the least out of your policy.
Tip #1 – Get Rid of the Things That You Don’t Want
Fewer than 5% of people below the age of 55 have issues with heart disease.
Less than 10% of people below the age of 65 suffer from chronic kidney disease.
If you have top-level cover, you’re probably paying to insure yourself against these types of issues. You’re paying to protect yourself from cardiac disease, kidney failure, and a host of other issues that likely won’t affect you until you’re much older.
Realistically, this is the type of cover that you’re unlikely to need as a young couple. Do what the savvy couples do and think about cutting it from your policy.
Tip #2 – Claim Everything That You Can
Do you have an extras policy?
And if you do, are you getting the most out of it?
Many young couples don’t even look at their extras, which means they’re missing out on stuff that they can get for FREE!
Need some examples?
You could get discounts on, or free access to, any of the following:
● Prescription eyewear
● Gym memberships
● And so much more!
And yet you’re probably not taking advantage of any of your extras and benefits. You’re leaving thousands of dollars on the table every year.
“But wait,” you say. “Surely my provider will tell me about all of these benefits?”
Unfortunately, you can’t take that as a given. It’s up to you to check your policy to see what you can claim and what you can’t. If you don’t, you leave yourself open to losing a lot of money.
Just take what happened to 1,396 Medibank customers in July as an example…
False Representation and the Multi-Million Fine
A Federal Court recently told Medibank that it needed to pay $5 million in penalties.
The company falsely represented benefits on thousands of policies. All told, the company falsely rejected almost 1,400 claims. And they got hit hard for their deceptive practices.
The sad news is that this isn’t as uncommon a situation as it should be in the insurance world. That’s why the onus is on you to keep checking your policy to make sure it serves you, rather than the provider.
Do You Need to Make a Change?
Maybe you’ve just discovered that you’re paying for top-tier coverage that you simply don’t need at your age.
Perhaps you’ve realised that you’re not taking advantage of the benefits in your current policy. Or worse yet, your policy has no benefits, despite you paying huge premiums.
The solution isn’t to drop your policy. That’s dangerous and risky.
It’s to find a policy that’s right for you from a provider that cares about your needs.
There’s a quick and easy way to do this – use our FREE comparison service. We’ll weigh your current policy up against a host of other providers in Australia. You’ll get the truth about pricing and what you can expect from each policy.
And you may just find a policy that fits what you need out of your health insurance.
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.