How Bek saved $600 on her Private Health Insurance in just a few minutes
Let’s be honest with ourselves for a second.
When it comes to private health insurance, who isn’t guilty of falling into the trap of only worrying about it when we need it – adopting the old “out of sight, out of mind” method?
After all, life is busy enough juggling the ongoing demands of work and family.
But when it comes to you and your family’s private health insurance, it really does pay to be diligent.
It’s such a big bill ($4000 for an average family policy these days) and reports this week suggested leading private health insurers will be soon forced to raise premiums by another 6% to cope with the diminishing numbers of Australians taking out private health.
So here’s a ‘hack’ discovered by blogger Bek Day recently that saved her $600 on her cover – and could save you big bucks too.
How it works
Just take out your current policy from the drawer (or go online to view it) then call your provider and ask them this simple question – am I paying for any benefits that I don’t need?
You might be very surprised by what you discover. As she wrote on kidspot.com.au and news.com.au, Bek found out recently she was paying more than she had to for her hospital excess.
By raising her excess by just $50 - to $500 - it dropped her family’s monthly premiums to $350, which was a monthly saving of $50. Without having to compromise on their cover she had just saved $600 per year in minutes.
The moral of the story?
It always pays to take the time to ask your provider to clarify just exactly what it is you are paying for with your respective policy. You might be 60-something and paying a premium for pregnancy cover, for example.
You may remember Bek from a blog she wrote last year about how she saved $4000 of out-of-pocket costs on a medical procedure by using a healthcare website to shop around for a different specialist.
Her experiences show that it helps to think about your private health insurance in the same way you might consider your tax return.
Yes, it’s time consuming and perhaps even a burden, however, just by paying it some attention once a year you can actually save a substantial sum of money in the long run.
In case you missed them last time, here are Bek’s other tips for saving on health costs:
* Check the Healthshare website if you’re with HCF (it only shows doctors who have a known gap agreement with HCF).
* If you’re with a different insurer, phone them up and ask them which providers they have Gap agreements with. Most health funds have these agreements in place with certain providers.
* Remember that just because a doctor has performed a procedure for an agreed gap, it doesn’t mean they will again.
* Talk to your surgeon about your ability to afford a proposed surgery. If the quoted amount is too high, tell them — they are at liberty to choose what they charge.
* If your health fund doesn’t have any agreements with doctors, you can find a doctor who has an agreement in place with a different fund for the procedure you need, and switch your policy to that fund. Before you do, make sure you check with the new fund that there is no waiting period once you’ve changed over.
* Make sure you look into any additional costs, such as the cost of the anaesthetist. A lot of patients are stung by hidden anaesthetist costs, but you can check that they also participate in the known gap scheme before you agree to the procedure.
* Use the government comparison website to get ad-free information on which is the right fund for you.
Bek Day has no association with Healthshare.
And the FiftyUp Club's tip for saving?
Check out our member’s only offer on health insurance with HCF and save up to $300 cash back by switching your family’s hospital and extras policy to the country’s biggest not-for-profit fund.
Any advice provided in this article is general in nature and does not take account of your individual circumstances, objectives or needs.
Health Insurance Offer
As a FiftyUp Club member, you can enjoy the members offers we make available and unlock, if you decide it is right for you. FiftyUp Club are able to unlock additional special offers from time to time. FiftyUp Club special offers are available for a limited time. Check the FiftyUp Club website for further information about our member and special offers.
^ If you take the special offer and remain with HCF, you may be eligible to receive up to $300. FiftyUp Club will pay by way of electronic funds transfer (EFT) $100 to eligible couples and families, after 3 months, 13 months and 25 months. (Instalments for half these amounts will be made to singles). To be eligible to receive each instalment of cashback you must be a current member of HCF with hospital and extras cover at the point of expected instalment.
Cashback instalments will be paid by EFT only, to the bank account nominated by you; no cheques will be sent to members. To receive payment as a new or existing member, you must provide and must ensure that your nominated bank account details are provided correctly to FiftyUp Club. You should do so here.
Offer is for switchers only and excludes existing HCF customers. If you take up the offer and you are not already a member of the FiftyUp Club, you will become a member upon taking up the offer.
**If you’ve switched from another health fund, you may not need to serve waiting periods, if: your HCF cover includes the same benefits and services as your previous cover; and you’ve served the equivalent waiting periods with your previous fund. This excludes hearing aids; a 12 month waiting period will apply from the date you join HCF. You’ll need to have switched from another Australian registered health insurer or an international health insurer belonging to the International Federation of Health Plans, and join within 30 days of ceasing your previous membership. Continuity of previous cover doesn’t apply to loyalty limits for services like hearing aids, dental services (including orthodontic services), physiotherapy, chiropractic, osteopathy and exercise physiology. Any benefit limits used with your current fund will apply to your new HCF policy. Offer cannot be used in conjunction with any other corporate offer or discount.
FiftyUp Club receives a commission for each member who takes up an offer with HCF and remains a member of HCF. FiftyUp Club returns up to $300 of this commission to members in the form of the switcher's bonus/cashback, and shares the remainder with its media partners, which include Macquarie Media Ltd, Nova Entertainment and Nine Network Australia who provide the people power to make our campaigns successful. Part of our commissions will also be used to fund future FiftyUp Club Campaigns.
