The Most Expensive Health Insurance Policies To Avoid
- CHOICE named Australia's most expensive gold standard fonts. If you have one of these policies, you may be able to get a cheaper deal elsewhere.
- You should be comparing your health insurance prices every 12 months or so - taking advantage of early deals and switching to a better deal will save you hundreds of dollars.
- Choice Health Insurance Finder is the best place to compare prices because we cover the most funds and are the only non-profit comparison site for consumer advocates.
Have you ever unknowingly ended up with the most expensive health insurance policy in the country?
Health insurance is a big monthly expense, and premiums go up every year (although most policies stay the same), it's another expense that keeps rising. If you think paying more for the same product is bad, we agree!
That's why we've listed the most expensive gold policies in each state and crunched the numbers to show you how much you could save if you upgrade to a cheaper equivalent gold policy. Singles can save between $600 and $1,360 a year, and if you're a couple or family, the savings can be even higher.
Premiums will rise even more in 2023
With some insurers expected to increase rates from 1 April and other funds expected to increase premiums later this year, it's important to make sure you have the best possible policy for your needs.
If you haven't switched in a while, now is the time to reassess your situation - what was great when you signed up may no longer be the cheapest on offer.
You can save more by paying your annual fee upfront before price increases take effect, and by taking advantage of early bird offers for new customers, such as a few weeks of free coverage.
And remember that when you switch to a policy with the same level of hospital cover as your current policy, your waiting time will not be affected.
How to find the best deal for your health insurance
Health insurance expert Choice Uta Mihm recommends checking to see if you can get a better health insurance offer at least once every 12 months or whenever you receive a letter from your foundation about a premium increase.
"It only takes five minutes and can save hundreds or even thousands," he says.
“Choice Health Insurance Finder is the best place to compare prices because we guarantee the most funding and are the only commercial comparison site for consumer advocates. Some commercial websites compare up to 10 insurance companies and usually make money from insurance companies if you choose them. Register via."
The same coverage from different insurance companies can often cost several hundred dollars less.
Dear Health Insurance Expert, Uta Mihm
When comparing prices on comparison sites or doing your own research, Uta recommends comparing apples to apples, choosing the exact discount rate and the same benefits you get from the government.
"The same coverage with different insurance companies can often cost hundreds of dollars less," he says.
As can be seen from our results, the most expensive standard gold cover policies are often provided by large funds.
"A good tip for saving money on health insurance is to go beyond big-name funds that spend a lot on advertising and consider smaller insurance companies that often don't make a profit," says Uta.
"Some smaller funds will increase their prices on April 1, while larger funds will wait until the end of the year. This means that if you want to switch to a better policy, now is the time to avoid prepayments and higher premiums. ", he advises.
A good tip for saving money on health insurance is to go beyond big-name funds that spend a lot on advertising and consider smaller insurance companies that often don't make a profit.
Dear Health Insurance Expert, Uta Mihm
All funds allow you to pay your premium at the current rate by at least 12 months, so if you pay your entire annual premium early before the increase date, you can delay your maximum premium by 12 months and leave more money in your pocket. .
Here's how much you could save in each state by switching from this expensive policy to a cheaper equivalent policy.
The most expensive silver policy
The biggest savings are available for gold policyholders, but if you have a silver policy, you can get a cheaper deal that gives you the same protection.
We found the most expensive silver policy in Queensland, South Australia and Tasmania to be Medibank's Silver Everyday policy. In Victoria it is the NIB Priceline Silver Hospital.
"When we reviewed the most expensive silver policies in Australia, we found that if you have one of these expensive policies, you could save between $290 and $1,176 a year by switching," Uta said.
...If you upgrade to a policy with the same level of cover, your waiting time will not change
Dear Health Insurance Expert, Uta Mihm
“That's money you can put back in your pocket just by doing a little research and making a few calls.
“Many health insurance companies also arrange the transition for you, so once you join them, you don't have to call your old insurance company to cancel - they arrange it for you. And if you switch to a policy with the same level of coverage, the waiting time won't affect you,” he explained.
If you want to save on insurance premiums, Uta also recommends that you consider the maximum discount when requesting a quote.
"For example, if you currently pay more than $500 in premiums (that's the amount you'll have to pay if you make a claim) and you don't expect surgery or hospital treatment within a year or two, you can save money by to raise his deductible: "You're down to $750," he says.
Stock image: Getty unless otherwise noted.
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