What does your health fund know about living costs? Because health cover premiums are on the rise this year too!
Have you noticed more scary headlines about ballooning inflation and climbing interest rates out there lately? While the media love their dramatic headlines, there’s more truth than usual in their scary stats.
It’s no secret that a lot of us are feeling squeezed financially at the moment. The cost of living has shot up in recent months - from interest rates, to groceries, and new energy and fuel price hikes, it’s getting harder to make ends meet.
Health cover is no exception.
In fact, in 2023, health insurance premiums are set to rise by an average of 2.9%...
…but did you know that your fund can put your premium up by a lot more than that?
It’s true.
Don't be fooled by any ‘average’ messaging. An ‘average increase’ is just that - an average. Your premium may be going up by a lot more.
OverSixty has partnered with Compare Club, Australia’s most trusted team of health insurance experts,* who spend every day talking to Aussie families – and they’ve recently shared with us two examples:
1. Kevin's policy has gone up by 20% in 2 years - that’s a LOT more than the current rate of inflation it’s being blamed on.
2. Cassie's family combined cover policy is going up by 13.67% or $33.60 a month - that’s over $400 a year on top of her current premium.
We know how much households are hurting right now, so Compare Club talked to us about three smart ways to keep your health insurance premiums in check - without compromising your cover:
1. Downsize your policy - only pay for what you need:
Are you on a top tier policy you’re not fully using? You might find you can get a Silver Plus or Bronze Plus tier policy with a lower premium, and stay covered for what you need.
2. Split policies - health funds’ best kept secret:
If you and your partner have different health needs, splitting your cover across two different policies - or even two different funds - could save your family several hundred dollars in annual premiums.
3. Pay in advance - before your premium rises:
You may have noticed that a lot of health funds have delayed their premium increase this year. If yours is one of these, and you can afford to pay your full annual premium before the date of increase, you’ll lock in a full year’s worth of savings for yourself.
Know your options:
“Health funds are a competitive bunch, so you don’t have to take what your fund dishes out. If you've not reviewed your health cover recently, you could be paying an average of $785^ more than you need.” – Compare Club CEO, Andrew Davis.
OverSixty has partnered with Compare Club’s experts who have saved over 136,500 customers an average of $300 on health cover premiums over the last five years^.
We’re quite sure you have better things to do with your money than overpaying for health cover.
Compare Club have been helping Aussies switch and save on health cover since 2010#, so get in touch and see how much their experts could save you.
Call 1300 863 204 now, or visit compare.oversixty.com.au to save today!
*Based on Trustpilot reviews, correct as of 04/01/23
^Savings based on 136,746 customers between 1 Jan 2018 - 23 December 2022.
#Compare Club compares selected products from a panel of trusted insurers. We do not compare all products in the market.