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How to find the cheapest health insurance
It’s no secret that private health insurance can be expensive. In fact, according to the Australian Department of Health, health insurance affordability is the biggest concern for most Australians, followed closely by a worry that we’re not getting enough value for our money.
The good news is that you don’t need to choose between paying a fortune and going without appropriate cover. So if you’re searching for the best-priced or the cheapest policy for you and your family, there are a few things worth considering to find the right cover at the right price.
Avoiding junk policies
While saving money on your private health insurance is naturally a priority, it’s important to find the right balance between affordability and value. This helps you avoid ‘junk policies1’, which entice customers with low premiums but provide little to no cover when you actually need it.
Junk policies might appear cheaper in the beginning, but most of these plans only provide limited cover for procedures or require you to join public hospital waiting lists to receive treatment. This can result in costly out-of-pocket fees when you need to lodge a claim and realise your policy doesn’t offer the cover you need.
Determining the right cover for your needs
To ensure you’re adequately covered, it’s worth spending some time thinking about the health services and treatments you regularly use rather than what is the cheapest policy. This can help you decide which benefits you shouldn’t compromise on – meaning you’re covered where it counts.
If you wear glasses or contact lenses, for example, it may be worth looking for policies that include optical. While you might pay a slightly higher premium to have this covered, it can be cheaper in the long term compared to paying out of pocket for your optical expenses.
If you’re unsure what you may need out of a health insurance policy, ask your current insurer for a list of all the claims you made over the past 12 months. This will give you a good indication of which benefits you take advantage of and which ones you can go without. Getting rid of unnecessary benefits can help reduce your costs significantly.
Thinking realistically about the future can also result in having benefits you want when you want them. If you’re planning on having a baby, for example, pregnancy and newborn cover might be worth considering. Arranging cover for these life moments sooner rather than later can also mean waiting periods pass before you make a claim.
Comparing your options
Once you know the type of cover you require, it’s a good idea to compare a few policies. iSelect’s health insurance comparison service gives you greater peace of mind by revealing the cheapest health insurance options without compromising on quality. We simplify the process so you can start saving money on your policy while feeling confident in your cover.
Even if you’re happy with the price you’re currently paying, it’s worth doing a comparison check every year or so. With new plans popping up regularly, you might be able to save money by switching to a new policy.
You don’t need to compromise on value in order to save money on your private health insurance. By taking the time to compare different options, you can rest assured you’re getting the best price while still enjoying appropriate cover for your needs.
Start comparing health insurance plans today to make sure you’re not paying more than you have to.