5 smart ways to save on your health insurance
With everyday expenses on the rise, many Australians are looking for ways to save. Your health insurance could be a good place to start and here’s how you can do it.
1. Review which benefits you’re actually using
Many of us fall into the trap of setting and forgetting our insurance policies, but our needs change over time. It’s important to review your level of hospital and or extras cover to make sure you’re not paying for benefits that you won’t use or need.
Extra tip: A simple way to review your extras cover is to compare what you claim back each year against what you’re paying in premiums. If you’re paying more for benefits that you’re not claiming back on, then you might consider moving to a lower extras cover.
2. Consider increasing your excess
If you’re in good health and not expecting to use hospital cover often, a higher excess can be a simple way to lower premiums and keep more money in your pocket. Paying a $750 excess per hospital visit instead of $500 could save you hundreds in premium payments.
3. Check whether you’re eligible for the private health insurance rebate
Many Australians are eligible for the private health insurance rebate, which can reduce the amount you pay for cover. You can either claim this rebate as a reduction on your regular premium or as a refundable rebate when you lodge your tax return.
4. Compare insurance policies regularly
It might feel easier to stick with the same insurer, but loyalty can sometimes come at a cost. Taking the time to compare policies could help you uncover better value or more suitable cover.
Start by using the free government health insurance comparison site to find the cheapest policies and then speak to insurers directly to see what they can offer.
5. Look for member perks and sign-up offers
Getting more value from your health insurance doesn’t stop at lowering your premium. Rewards programs, discounts and limited-time offers can also help stretch your dollar further. For example, My NRMA Rewards members can access exclusive offers when taking out a combined hospital and extras policy – including up to $500 in Mastercard gift cards and an ongoing 9% discount on cover with Australian Unity Health Insurance.
The bottom line
Your health insurance isn’t a fixed cost. With a few smart changes and regular check-ins, you could reduce what you pay while keeping the cover you need. My NRMA Rewards members can also access exclusive offers, helping you get even more value from your policy and your everyday spend.
Be sure to read the terms and conditions to understand what’s included and any eligibility requirements.
