Why being smart with your health insurance beats being loyal

If your loyalty to your health insurer isn’t being rewarded, why should you reward them with more of your hard-earned cash?

Since October 2020, Australian health insurers have raised their premiums by an average of 5.66 per cent.

So if you’re feeling taken advantage of, it’s time to be smart, not loyal, and start saving hundreds on your cover.

Last year, Health Insurance Comparison saved hard-working Aussies an average of $312 when they compared and switched health insurance through us.

In short, we can help you beat the insurers at their own game.

Loyalty to your health insurer could be costing you hundreds. Photo: Getty

Why has my health cover gone up again?

In 2020, most funds pushed their annual health insurance rate rise back from April to October due to the pandemic.

That gave Australians a little relief, but the insurance industry kept 2021’s increase in place.

That meant that on April 1, 2021, most households would have seen their health premiums rise.

But can insurers really put their prices up when so many Australians need to make every cent count? Unfortunately, yes.

The government hasn’t stopped 2021’s rate rise and despite press releases trumpeting the lowest increase in 20 years, the reality is that health premiums will have risen by an average of 5.66 per cent in the past 12 months.

That’s just the average. Many funds increased premiums by more than that amount.

It’s why fed-up Aussies are using services like Health Insurance Comparison to cut the cost of their cover.

 Can I really save money by reviewing my cover?

Quite simply, yes.

Last year, the team at Health Insurance Comparison saved customers an average of $312* when they compared and switched cover with us.

Not only that, our Melbourne-based specialists are experts in making sure you’re saving cash and getting value for money: They’ll look for higher benefits on the services you do use and help you avoid paying for services that you won’t need.

Best of all, you shouldn’t need to wait to make a claim.

If you switch to cheaper equivalent hospital cover, you won’t have to worry about being burdened with new waiting periods.

This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.

*Based on 25,311 policies in 2020.