Should you stay loyal to your health insurer in 2022?

As the global pandemic rages on, it has been tough for Aussies to keep their finances under control.

For older Aussies especially, health cover is still an essential but it doesn’t help that premiums have kept rising, putting more pressure on our monthly budgets.

But that doesn’t mean you have to accept increases to your premiums.

If staying loyal to your health fund in 2022 means getting hit with a large price hike, then maybe it’s time to take back control by seeing if you can get a better deal on your health insurance elsewhere.

Wait, my health insurance premiums are going up again?

The government has said that the increase is an average of $58.36^^ for a single policy, but based on Health Insurance Comparison internal data, we think singles could be paying at least $174^^^ extra, if not more.

If you’re starting to feel like your insurer is taking your loyalty for granted, there is a way to beat them at their own game by switching your cover.

Can I really save money if I review my cover?

Policies, on average, have increased by 5.56 per cent^^^.

Based on our internal data, that means based on averages alone, it’s likely you’re paying $693^^^ more for the same policy.

Over the past five years, we’ve saved our customers an average of $320* off their annual health insurance cost when they switched policies through us.

Not only that, our Melbourne-based experts make 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 cover, you won’t have to worry about being burdened with new waiting periods.

Wouldn’t it just be easier to cancel my private health insurance?

You could, but cancelling has a high risk of leaving you out of pocket.

Not only will you need to re-serve waiting periods when you rejoin, but you put yourself at the mercy of public waiting lists.

With a large elective surgery backlog due to the pandemic, if you suddenly need an operation you could be faced with a long wait or a massive bill if you’ve cancelled your policy.

So be smart, not loyal. Don’t end up paying more when there’s better options on the market.

Simply fill in a few details for the Health Insurance Comparison team and one of their experts can help find a better policy for you that means you’re not overpaying for your cover.

See how much you could save today.

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

References:*Based on 111,658 policies sold Jan 2017-Nov 2021^Average annual premium price change by insurer^^https://www.health.gov.au/^^^Based on internal Compare Club Rate Rise calculations