What health insurers won’t tell you about saving money on your policy

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Do you trust your health fund to give you a better deal? If you think you’re paying too much, it can be tempting to call up your insurer and ask for a cheaper price, but that won’t necessarily mean you’ll get the best cover for your needs.

That’s because there’s over 3500 health insurance policy variations in Australia, which means there could be a cheaper policy that gives you more back. And the best way to do this is to use a comparison site.

Loyalty to your health insurer can cost you.
Keeping your policy rollover with the same insurer may seem easier, but you could be putting your health and wallet on the line. 

Here’s six reasons why you might want to look into alternatives.

  1. Their best deal may not be your best deal.
    Sure, your health fund’s new offer may be competitive. But can you do better? It’s worth taking a few minutes to compare, even if you decide you’re better off where you are.
  2. Their extras really don’t give you extra money back
    Even if you’ve cut the cost of your extras cover, that doesn’t mean you’re actually saving money. Rebates on expenses like dental checkups can vary wildly between funds and some have stingy limits. This is why it’s worth seeing if there’s a better deal available.
  3. You’re now paying for items you don’t need
    Most insurers have specific policy bundles that often come with items you’re not going to need, such as pregnancy cover if you’re in your 60s. Very few let you truly pick and mix but there could be a similar priced policy that gives you the cover you need.
  4. You’re paying unnecessary gap fees

Does your private health insurer have a no gap scheme? Your health insurer should be making you aware if your chosen healthcare professionals have gap cover arrangements with them. Otherwise, you could be incurring significant out-of-pocket expenses. Learn more about the gap. 

  1. They will always give you a biased opinion

Put bluntly, your health fund wants to keep you as a customer. They may offer a good deal, but it will always be done with their interests in mind. Health Insurance Comparison, on the other hand, analyses our panel of insurers objectively to help you find those most suited for you.

  1. Your insurer could be making money off of your loyalty

Is your insurer willing to offer you a better deal from the beginning or is it only when you threaten to switch? It’s probably time to ask yourself these questions if you’ve been loyal to your health insurer all this time.

Your health requirements will naturally change as you age. Reviewing your health insurance policy regularly could not only help you find suitable cover but also help save you hundreds of dollars.

This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.

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