Paying for surgery is one thing, but also forking over cash for dental work and prescription eyewear are just two other examples of treatment that could cost you an arm and a leg.
But they don’t have to, if you have health insurance. There are countless services you can include on your new policy that will save you money in the long term. But the savings don’t end there.
How to actually save on health insurance
- Opt for a larger excess or co-payment. In some instances, this will shave some cost from your premium.
- Ignore the perks of signing up. Sure, trips to theme parks and fitness trackers are all good and well, but they may be masking a policy you may not necessarily need…or can afford.
- Strip out cover you do not need.
- Avoid government penalties wherever possible (see below).
- Lock in your rate (in full, in advance) to avoid any rate rises.
- Consider benefit limitation periods, which restrict what you can claim on certain benefits for a set period of time.
Time for a review?
One of the easiest ways to see if you can save money is by checking your existing policy and comparing it to others. Many of us sign up to an insurer, and are unlikely to reassess their cover until their health situation changes. Making this mistake can cost you money in the long run.
Rebates, loadings and surcharges
With health cover, you’re entitled to rebates that you can claim come tax time. Or, you can have them deducted from your premium throughout the year. Additionally, (if you need to) you can avoid paying the Medicare Levi Surcharge just by being privately insured!
And by joining before you turn 31, you’ll avoid health cover loading and will lock in the lowest base premium on your health insurance. Get in early to save!
Choosing the right extras
You can also (potentially) lower your premium by tailoring your policy to only include extras you will need. If you don’t think you’ll ever use homeopathy or acupuncture, for example, you may as well replace your cover with something better suited. You can always change your plan ‘down the track’ if your needs change.
Why pay more for something than is necessary?
At comparethemarket.com.au, you can easily compare a range of cover options via our online comparison tool. This is truly one of the better ways to save – by looking at a variety of products, and seeking out the best value options.