According to the Australian Prudential Regulation Authority (APRA), the number of Australians with private health insurance is on a downhill slide. The recent Health Insurance Membership and Coverage report shows only 44.6% of Australians hold private health cover. Consequently this is the lowest percentage in 11 years. Rising costs are probably a big part of this, so how do you get cheaper health insurance?
Only Pay For What You Need
Understand what your health cover provides. You may want hospital cover, but in contrast you’re not too concerned about extras. There’s no point paying for dental or optical if you genuinely don’t have a need for it.
Many private health funds have a range of inclusions in their extras cover, and many of them may not apply to you. Insurance is there to cover you for the unexpected. However, you will have a good idea of what you realistically need and don’t need.
Higher Excess Means Cheaper Health Insurance
If you’re looking for cheaper health insurance, increasing your excess is a sure way to do it. The excess is a one-off payment you make if you need to claim on your hospital cover. You can set your excess at a higher level, and this will reduce your monthly premium.
If you’re almost certain you won’t need to claim because you’re in good health, you can save money here. If you don’t think you’ll be heading to hospital any time soon, a higher excess is the way to go.
Avoid Lifetime Health Cover Loading
If you join a private health fund before you turn 31, you can get much cheaper health insurance in the future. Every year after 31, if you’re not already a private health insurance holder, there is a percentage-based loading in your premium. So, join before you turn 31, and avoid the loading!
Compare Deals and Get Cheaper Health Insurance
Shopping around is often the best way to get cheaper health insurance. The best thing is, Billy Sumo has already done all the hard work for you! So click here and let Billy find you the cheapest deal, among our panel of retailers, for your individual circumstances.