What would an extra $60 buy you today? Would you go out for a movie and dinner?
How about a nice $236? That amount could help pay for a weekend getaway!
It’s important to consider how you could get value out of this money, as health insurance rate rises could see you spending more to keep your cover.
Yes, the rate rise; it typically happens every year.
The weighted average increase across the industry is 3.25%, but your policy may have increased by more or less than this amount (it differs per health insurer and policy).
Put simply, this health insurance rate rise means you’re probably paying more for your private health cover than you were before 1 April.
When it comes to health insurance premiums, the Department of Health stated that the 2019 rate rise of an average 3.25% could see:
While the 2019 rate rise is the lowest price hike since 2001, these yearly premium increases can equate to a big bundle of cash over time. Based on rate rises over the last three years, singles have paid $236 on average more per year and families an extra $433.* Ouch!
Now, let’s see what you could buy with that money today:
| Singles – $236 equates to… | Families – $433 equates to… |
| 11 take away meals | 86 cups of barista-made coffee |
| A concert ticket | 1 family theme park trip |
| A gaming console | Return sale flights to Asia |
| 4 full body massages | 1 half-yearly car registration payment |
| A car service | 1 weekly mortgage repayment |
| 14 cinema tickets | 3 pairs of school shoes |
| Wireless home speakers | A 32-inch Full HD LED smart television |
| 1 big grocery shop | A hot air balloon ride |
If this makes you want to claw back some money on your health insurance, the good news is that you can!
Now could be the perfect time to give your health insurance a health check, to make sure you’re still getting the most out of your cover, at a competitive price. This is where the power of comparison comes into play.
Our free comparison tool allows you to compare a wide range of health insurance policies from leading insurers all in the one place and in less time than it takes to order a cuppa. Did we mention it costs nothing to compare? Simply enter a few details and let us take care of the rest!
If you’d prefer to talk to someone about your options, you can give our experts a call on 1800 304 709. Our meerkat team is highly experienced and can help you find a great deal on your health cover and make the switch to a better policy.
We can help you find cover that works for you and saves you money.
There’s a host of reasons, but essentially the rate rise is designed to cover:
In the last decade, private health insurance premiums have increased by a whopping 66%. For hard-working Aussies, that can put a big dent in household budgets. That’s why saving on your policy is crucial.
Yearly rate rises will vary between health funds and policies, as they are based on an industry-weighted average. This means that while 2019’s rate rise was 3.25%, some funds may have hiked up premiums by as much as 5.91%, while others by as little as 1.94%.
Health insurance rate rises typically take effect on 1 April every year. So, if you pay a year’s premiums in advance in March, you can lock in your current rate for the next 12 months – essentially delaying your rate rise until the following year.
Be aware that your annual payment will need to be received and cleared by your insurer before 1 April or sometimes even before, to lock in your rate. So, check with your bank on how long it will take to process the payment.
It’s also worth noting that not all insurers will let you lock-in your rate, so check with your provider first.
Find out more about health insurance rate rises.
* Figures obtained from the Department of Health, based on the annualised price increase for singles and families health insurance policies.
