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How to pay less for your health insurance
Posted 7 May 2019
Here are 5 things that could help reduce the cost of your health cover.
1. Check your excess
An excess is the proportion that you need to pay towards a hospital claim. You can choose policies with excess options from $750 to zero, but a higher excess can help to reduce the cost of your hospital premium.
For example, choosing a $750 excess over $250 excess can save you over $250 a year.*
You’ll only need to pay an excess if you’re actually admitted to hospital and it’s only payable on the first admission in a 12 month period, so if you’re young and healthy it can be a good option to save on the cost of your premium and pay the higher excess if you do go to hospital.
2. Take advantage of the Youth Discount
The Youth Discount is an initiative designed by the Australian Government that allows Private Health Insurers to discount hospital cover for 18 to 29 year olds.
We’re committed to making hospital cover more affordable for not only younger Australians, but all of our members. So we’ve applied the discount to all our hospital products.
It’s an aged-based discount, meaning the younger you are when you take out hospital cover, the higher your discount.
For example, if you join at 25 you’ll get a 10% discount on your hospital cover, at 26 you’ll get an 8% discount, 27, 6% and so on…
Not only will you continue receiving confusion free hospital cover, but you’ll get your discount every year, till you turn 41. After your 41st birthday, your discount will reduce by 2% per year until it reaches zero.
If you upgrade or downgrade your Health Partners hospital cover your discount will still stay in place.
3. Get hospital cover before you turn 31
If you don’t have hospital cover by July 1 following your 31st birthday, you’ll get stuck paying the Government Lifetime Health Cover (LHC) Loading.
It’s something the Government introduced to encourage people to take out hospital cover earlier in life. By law, all Private Health Insurers are required to apply the LHC.
On July 1, following your 31st birthday, you’ll pay an extra 2% for hospital cover when you decide to take it out. Each year you delay, your loading increases by 2%, to a max of 70%.
For example, if you join at 35 you’ll pay 10% more for the same policy, compared to someone who joined at 30.
This loading is only on your hospital policy and remains in place for 10 continuous years.
4. Make sure your cover suits your needs and lifestyle
It’s important to review your cover when you move through different life stages. You might be paying for cover you don’t need anymore, like pregnancy or missing out on key things you could need in the future.
5. Setup direct debit
We’re one of few funds that offer a 3% discount if you pay your health insurance by automatic direct debit. This can be from your bank account, credit card or savings account – whatever’s easiest for you.
Is your cover still right for you?
Book a personalised cover review with a Health Insurance Specialist now
*Based on Health Partners Silver Hospital Plus and Gold Hospital premiums at June 2019. Amount is based on customers under 65, eligible for the base tire Australian Government Rebate, no Lifetime Health Cover Loading and incorporates the 3% direct debit discount.