Dollar Saver Tip #8
Aussies pay $554 on average for extras cover, but extras insurance can be found for a little over $4 per week.
Nearly 13 million Australians have extras insurance, according to APRA. But for every dollar you spend, on average you get less than 45 cents back in benefits.
It's understandable, then, that as Finder's insurance editor, I get asked the following question more than any other: "Is health insurance actually worth the money?"
My answer? It can be – if you're getting good value.
Did you know?
APRA stats show we collectively pay $7.15 billion (yes, that's billion with a "b") in premiums annually.
In an earlier tip, we wrote about how you can game your extras cover to quickly save $400 on health checks and appointments. But there's another way you can save hundreds a year…
On Finder, the cheapest monthly extras cover available (choosable 50 extras) is just $12.48, or $149.76 over a 12-month period. That figure's based on a single person earning less than $90,000 living in Sydney.
This means, by not shopping around, you could be overpaying to the tune of hundreds of dollars in potential savings.