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Save on health insurance with these 19 end of financial year deals

Richard Laycock 12 June 2018 NEWS

Why tax time means health insurance savings for you.

Tax time is here and so are end of financial year savings. While these offers have traditionally been "run out" deals on cars, recently EOFY deals have found their way to insurance. And these deals are no more prominent than in the health insurance industry.

This is no doubt due to the increased emphasis on the looming Lifetime Health Cover (LHC) loading. If you don't know what the LHC is, here's a brief explainer:

What is the LHC?

The LHC is a 2% loading on your health insurance premiums if you don't have an eligible hospital policy come 1 July following your 31st birthday. This loading goes up by 2% every year, to a maximum of 70% and remains in effect for 10 years. So, if you wait until you're 40 to take out health insurance, you'll pay an additional 20% per year for 10 years. The worst part is that this loading goes straight into the coffers of the health fund and not back into the public system.

But there is good news

Because health funds know there is a large number of people each year looking to avoid the LHC, they offer up a whole range of deals and discounts to try and win your business. From no waiting periods on extras to cashback offers, here are some of the end of financial year health insurance deals you can take advantage of in 2018.

19 health insurance deals for June 2018

FundDealFind out more
AHM6 weeks free with hospital and extras cover. Plus no two and six month extras waiting periods. Sign up before 20 June.More info
Australian UnityOne month free when you buy hospital and extras cover. Sign up before 30 June.More info
BupaScore yourself up to either $500 or $1,000 Visa credit on selected singles, couples and families policies before June 30.More info
CBHSSix weeks free when you sign up to hospital and extras cover. Sign up before 30 June.More info
CUAOne month free when you sign up to hospital and extras. Plus $200 cashback when paying via a CUA Everyday Account. Sign up before 30 June.More info
GMHBAOne month free when taking out a new policy. Sign up before 30 June.More info
Frank Health InsuranceNew members get one month free when you get cover before 30 June.More info
health.com.auTwo month extras waiting periods waived when signing up to hospital & extras. Sign up before 30 June.More info
HIFFinder offer: Get a $50 cash card when you join HIF.More info
MedibankGet six weeks free when you take out a combined hospital and extras policy. Plus, waived two and six month waiting periods on extras with promo code 6FREE.More info
MyOwnOne month free when buying hospital and extras cover. Plus no waiting periods on two and six month extras. Sign up before 30 June.More info
nibWait periods waives on two and six month extras. Plus $200 cashback when joining a combined policy. Sign up before 30 June.More info
Nurses & Midwives HealthJoin an eligible hospital and extras policy and get six weeks free when you join before June 30.More info
RT HealthTake out cover between 1 May and 31 July and go into the draw for a $750 Bunning Gift Card.More info
St.Lukes HealthGet an eligible combined policy and you'll go into the draw to win a Google Home. PLUS, get two, three and six month waiting periods on extras and two month hospital waiting periods waived when you join before June 30.More info
Teachers Health FundJoin an eligible hospital and extras policy and get six weeks free when you join before June 30.More info
TUHJoin before 30 June and get your second month free.More info
UniHealthGet six weeks free when you join an eligible hospital and extras policy before June 30.More info
WestfundGet one month free when you take out cover before June 30 with promo code OMF2018.More info

Compare your health insurance options today

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