Health insurance premiums are about to go up for some of the millions of Australians who have private health cover, with the increase kicking in from April 1.
There are some exceptions – HCF and nib are deferring the annual rate rise, Medibank has extended its five month deferral to six months and Bupa has just announced it will delay a price increase until October.
There are also plenty of deals on offer from health funds to entice people to switch insurers ahead of the average 2.70 per cent increase.
These can include waiving waiting periods on some extras, providing several weeks of free cover, handing out frequent flyer points or even cash bonuses.
That means it’s a good time to check your health insurance policy and compare options to see if you can get better cover, at a lower price and with some added benefits or discounts.
According to comparison service iSelect, it’s worth the effort with their research showing 85 per cent of switchers received better value or saved money by moving to another health fund.
Of those who switched in the past two years, 39 per cent said they saved at least $100 and 18 per cent saved at least $300 a year.
Could you save on your health cover?
Offers and incentives from the big health funds
News.com.au contacted the major health funds in Australia to ask what’s on offer for new customers who make the switch before premium hikes begin.
It’s worth keeping an eye out for other funds who might have special deals available too.
Medibank
Medibank and its other brand ahm are currently offering new customers six weeks free and will waive two and six-month waiting periods on extras if they join an eligible combined hospital and extras cover policy by April 12.
Medibank Group Executive of Customer and Brands Rob Deeming said existing Medibank customers can also get benefits all year round through the Live Better Rewards program.
“They can earn points by taking healthy actions, going to the dentist and shopping with our partners,” Mr Deeming said.
“The points can then be redeemed for a range of products including gift cards, Apple watches and up to $200 off the cost of their health cover.”
Bupa
According to Bupa, new customers who switch by April 19 could get up to eight weeks free when you join eligible policies, plus two and six month waiting periods on extras will be waived.
The free weeks would be split out with six weeks free in the first year of cover and two weeks free in the second year.
Overseas visitors to Australia won’t miss out either, with four weeks free available when they join eligible Bupa policies by April 16.
If you already have a health insurance policy with Bupa, you can get discounts from more than 40 partners across health and wellbeing, nutrition, entertainment, travel and more through the Bupa Plus program.
There’s also a $100 gift card up for grabs if you refer a friend to Bupa.
HCF
HCF has a number of incentives on offer, including a digital prepaid MasterCard up to the value of $400 for One Big Switch customers, Fifty Up Club customers, and 9 Saver customers who switch to or join HCF.
You could receive up to 130,000 Flybuys points when you join up with HCF, plus five bonus points on fresh groceries like fruit, vegetables and meat you buy from Coles.
HCF also has a two-month waiting period waiver on extras for new customers who take out a policy through motoring insurance group RAC in Western Australia.
Existing customers can get discounts of more than $1,000 per year to help offset the cost of their health insurance via the HCF Thank You rewards program, on everything from groceries and movie tickets to pampering and shopping.
Find more valuable health cover
nib
You could get six weeks free health cover if you make the switch to any nib hospital and extras policy by March 31.
If you get in by that deadline you could also skip two and six month waits on extras.
Existing customers of nib can get rewards and discounts on things like grocery, fuel, yoga, dining and retail spending.
HBF
New members to HBF could get six weeks of free hospital and extras cover when they join before April 3, which will be applied after six months of being with the health fund.
If you’re switching within two months of leaving another fund you won’t have to re-serve any waiting periods, and you’ll only have to serve out the remainder of any waiting periods that were partly served at your old fund.
If you currently have health insurance with HBF, you can save money via the Member Perks program with discounted gym memberships, fitness apparel, eye care and sun protection products.
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Originally published as Health funds offer discounts and bonuses ahead of insurance premium increase
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