Don’t be a health insurance April fool
Today is your last day to get health insurance before the rate rise.
Today is your last chance to get health insurance before premiums go up tomorrow by an industry average of 3.95%.
While the rate rise is the lowest year-on-year in almost two decades, the increase is more than many consumers can bear. Consumers have been ditching their cover in droves, which has forced the Australian government into action with a raft of reforms slated to come into effect over the coming few years.
The reforms will address value but will also simplify the language around product categories in order to ease confusion for consumers comparing products.
How much are each fund's premiums going up?
Fund |
2017 |
2018 |
|---|---|---|
4.70% |
2.72% |
|
ahm (see Medibank) |
||
4.46% |
3.89% |
|
4.90% |
3.99% |
|
2.98% |
2.38% |
|
3.29% |
2.73% |
|
6.57% |
6.40% |
|
4.97% |
3.29% |
|
5.51% |
5.97% |
|
3.54% |
2.28% |
|
3.36% |
||
4.94% |
4.34% |
|
4.11% |
2.84% |
|
5.96% |
3.75% |
|
6.06% |
8.90% |
|
7.99% |
5.35% |
|
5.10% |
3.95% |
|
8.53% |
5.87% |
|
3.65% |
3.39% |
|
4.49% |
4.25% |
|
4.60% |
3.88% |
|
5.95% |
5.68% |
|
3.90% |
||
5.41% |
3.97% |
|
4.94% |
3.94% |
|
4.48% |
3.93% |
|
3.22% |
||
5.09% |
4.19% |
|
5.93% |
4.19% |
|
4.63% |
3.72% |
|
5.15% |
4.39% |
|
7.30% |
4.40% |
|
5.54% |
4.47% |
|
5.00% |
3.97% |
|
4.99% |
4.23% |
|
4.96% |
2.84% |
|
4.93% |
5.16% |
|
4.96% |
3.43% |
|
| Industry weighted average | 4.84% | 3.95% |
If you are planning to switch funds before the rate rise, make sure you not only compare policies but also the offers available at this time of year. Many funds offer deals including waiting period waivers and gift cards at this time of year in the hopes of winning your business.
Not only will you be able to save by prepaying your premiums before 1 April, you may also be able to get discounted premiums for doing so.
Compare your health insurance options today
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Picture: Shutterstock
