News

News3 reasons why it pays to sort your Health Insurance by April 1
3 reasons why it pays to sort your Health Insurance by April 1

3 reasons why it pays to sort your Health Insurance by April 1

Last updated by Someone on

April 1. It means different things to different people. For some, they will be on the look-out for April Fool’s Day pranksters.

According to FiftyUp Club member Peter from NSW, April 1 will means his cover is increasing by 9.75% and two of the items he is currently covered for will be removed from Basic Hospital Cover on 1 July 2018.
 

If Peter wants to continue to be covered for those items, he will be forced to upgrade to Top Hospital Cover ($3032 per annum), an increase of 88%. 

The private health insurance sector, like electricity and telecommunications are very competitive spaces right now so it really pays to do some homework before opting out or downgrading your cover.

Click here to see the members’ offer from HCF

If affordability is a big concern, don’t assume all funds will offer the same things. You might find a different provider or policy that could provide you better value.

While we wait for the Federal government to introduce the bronze, silver and gold policy model later this year, there are 3 reasons why April 1 is a common deadline for sorting your Health Insurance:

  1. It pays to review annually: Our lives change, and so should our cover. Are you well past having children but still paying extra for obstetrics? Are you over 70 and not covered for joint reconstructions? You need to constantly review your needs and March is a good time to do so because...
  2. This is Special Offer season: Because most of the switching activity happens in March, that’s when the health funds increase their incentives to switch. Switch to HCF via the FiftyUp Club by March 29, for example, and you can get up to $400 cashback over the coming 37 months of membership. Other funds have special offers too, so make the most of your bargaining position.
  3. Pay annually and avoid the premium increase:  If you can pay annually before April 1, when all health funds raise their Premiums, you pay the old price for the coming year and you effectively postpone the price rise for 12 months. Our recent poll told us this isn’t an option for everyone, but it is worth considering if you can afford it.

  
Remember, there is only a few more days to go before the April 1 deadline.

Click here to see the members’ offer from HCF


Any advice provided in this article is general in nature in that it does not take into account an individual’s particular circumstances or needs. Individuals should consider their own objectives, financial situation or needs, and if in doubt seek appropriate advice, before proceeding.

Originally posted on .

Join the conversation

FiftyUp Club
3 reasons why it pays to sort your Health Insurance by April 1

Share your views with other members. 

Want to leave a comment? or .
Read our moderation policy here.
Someone
Someone from VIC commented:

And just the same as all other providers who want to get you on the books, there is a special premium for NEW members, but current customers of HCF aren't entitled to this discount, go figure.... 

Someone
Someone from VIC commented:

Where is the HCF offer on your website, I can't see it 

Sheila
Sheila from QLD commented:

this is not a good offer, when I compared to my present provider I am better off staying with them and also you have to take this cashback over 37 months - offer a discount up front if you want to attract people and make the offer worthwhile as this one is not 

Robert
Robert from NSW commented:

I've just evaluated the HCF offer and compared it to my current provider, NIB. For the same cover, and the same dollars, HCF ( a not-for-profit fund ) has lower annual claim amounts. Go figure. 

Neville
Neville from VIC commented:

How does Defence Health compare to these offers? 

martin
martin from QLD commented:

So, guess who pays for the free bumper bar? Would it not make more sense to deduct this cost from the premium, instead of waving something like this under your nose? As stated, "Switch to HCF via the FiftyUp Club by March 29, for example, and you can get up to $400 cashback over the coming 37 months of membership." 

Peter
Peter from NSW replied to martin:

I see no benefit from this switch unless you stay with HCF for at least 37 months. That forgoes the annual review of your health insurance needs. 

frank
frank from QLD commented:

Be very careful, between the devil you know and the one you don't HFC was only $2.30 cheaper than BUPA for the similar cover, So I will stay with what I know at this point in time. 

Joanne anya avent
Joanne anya avent from QLD commented:

Even when we went for a lower premium, it was too expensive now. We only wanted hospital cover to pay for a room more or less but when I needed a room, even tho in the new policy it stated Hospital cover, Sorry we don't do rooms for that.. Which actually was day Patient only. So we dumped them and that was HCF. so be very careful of traps 

Comment Guidelines