Top 10 Tips for Saving Money on Health Insurance

Top Tips for getting Health Insurance!

  1. In Australia if you earn over $50k per annum you are subject to an additional 1% Medicare levy.  (So if you earn $80k per year and you don’t have private Health Insurance you pay $800 in additional taxes to cover the 1%) However if you have private Health Insurance then you don’t have to pay the extra 1%.  Considering you can pick up a basic policy for approx $400 then there are savings and benefits in purchasing a policy.
  2. Always check what the waiting periods are for each coverage point on your Health Insurance policy.
  3. If you are already covered in a Health Insurance fund don’t feel locked into that specific fund.  If you want to shop around and change funds most Health Insurance providers will generally waive waiting periods already sat in your existing fund.
  4. If applying for a family policy then check whether the policy offers family benfit limits or person by person benefit limits and match the policy to your families needs.  For example if you have 3 children who may all need dental braces make sure the policy covers on a person by person basis.
  5. As always make sure you contact several Health Insurance providers to obtain as many quotes as possible.  Like shopping around for anything make competitors compete for your business.
  6. Always ask a lot of questions – you need to understand exactly what details each Health Insurance policy covers and the conditions of each policy such as cut off ages, when the premiums increase etc
  7. Ask about available discounts – some providers may not offer them but you won’t know if you don’t ask.
  8. Read the key points in the Health Insurance PDS (Product Disclosure Statement) and your Health Insurance policy documentation when it arrives.
  9. Ask about commissions made by either brokers or Health Insurance sales representatives.  If they are making ridiculously high commissions then are you paying too much for your policy?
  10. If you need a hand or have further questions, get in touch with the team at Insurancepoint.