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We know that Australians still really value the peace of mind that comes from private cover but more and more families are struggling to justify the cost after years of rising premiums.

Premiums are set to rise again by an average of 2.92% on April 1 2020.² While this year’s increase is lower than previous years, an increase is still an increase. That’s why it’s more important than ever to check you aren’t wasting money on outdated cover.

More than 13 million Australians have some form of private health insurance and will be impacted by the upcoming premium rise.³

This year’s increase will hit the hip pocket of the average family by an extra $127 a year.⁴

Some customers will also see changes to their policy before April 1 as health funds race to transition any remaining hospital policies to the new Gold/Silver/Bronze/Basic product tiers before the April 1 2020 deadline.

Increased premiums and the recent government changes to private health insurance – including the introduction of Gold/Silver/Bronze/Basic – mean your current policy may no longer be the best value option for your personal circumstances.

That’s why now is the time to carefully review your policy and make sure it is still providing good value for money.

It’s important to remember that 2.92% is an average only, with some policies set to increase by much more than 2.92% and others by less.

Funds will be contacting their members soon to let them know exactly how much their policy is increasing and explaining any changes to their cover as a result of the continued transition of all hospital policies to the new Gold/Silver/Bronze/Basic product tiers by 1 April 2020.

This letter or email from your fund should be your prompt to shop around and compare your policy with other options before April 1 2020.

Don’t set and forget when it comes to your health. Failing to regularly review your policy can result in you paying for things you don’t need, or not being covered for things you do need as your health needs change.

Its particularly important to carefully review your policy when your health needs or your life stage changes – such as deciding to start a family, kids leaving home or growing older.

As well as checking you have a suitable tier of hospital cover, it’s also a good idea to carefully review your extras cover. You might want to consider flexible extras products that combine your separate extras limits into a single annual limit for you to use across different services, enabling you to get more back on the services you use the most.

Did you know you can beat the rate rise by pre-paying annually?

If you are looking to beat the rate rise (or at least delay the pain!), many funds will allow you to pre-pay your annual premium upfront before April 1. This will lock in your current rate and help you avoid the 2020 increase for another 12 months. If you can’t afford to pay a full years premiums in one-hit, then look for payment discounts and freebies. Some funds offer a discount for paying by direct debit rather than credit card while others have special introductory offers for new customers such as waiving some waiting periods or several weeks free.

Get the most out of your policy by taking advantage of any freebies and benefits yours includes – some funds offer free dental check-ups while some policies include preventative health benefits like gym memberships.

Remember that your hospital waiting periods are protected if you switch

A lot of people are put off switching – and end up sticking with outdated or expensive cover – because they think they’ll have to re-serve waiting periods if they switch providers. The good news is this simply isn’t true.

Any hospital benefit waiting periods you have already served are protected by law if you switch to an equivalent or lower level of hospital cover with another insurer.

Comparing your policy against others in the market before April 1 is a great way to make sure you’re getting value for money and could save you hundreds or even thousands of dollars a year off your premiums.*