Save on health insurance with these 19 end of financial year deals
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
|Fund||Deal||Find out more|
|AHM||6 weeks free with hospital and extras cover. Plus no two and six month extras waiting periods. Sign up before 20 June.||More info|
|Australian Unity||One month free when you buy hospital and extras cover. Sign up before 30 June.||More info|
|Bupa||Score yourself up to either $500 or $1,000 Visa credit on selected singles, couples and families policies before June 30.||More info|
|CBHS||Six weeks free when you sign up to hospital and extras cover. Sign up before 30 June.||More info|
|CUA||One 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|
|GMHBA||One month free when taking out a new policy. Sign up before 30 June.||More info|
|Frank Health Insurance||New members get one month free when you get cover before 30 June.||More info|
|health.com.au||Two month extras waiting periods waived when signing up to hospital & extras. Sign up before 30 June.||More info|
|HIF||Finder offer: Get a $50 cash card when you join HIF.||More info|
|Medibank||Get 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|
|MyOwn||One 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|
|nib||Wait 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 Health||Join an eligible hospital and extras policy and get six weeks free when you join before June 30.||More info|
|RT Health||Take out cover between 1 May and 31 July and go into the draw for a $750 Bunning Gift Card.||More info|
|St.Lukes Health||Get 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 Fund||Join an eligible hospital and extras policy and get six weeks free when you join before June 30.||More info|
|TUH||Join before 30 June and get your second month free.||More info|
|UniHealth||Get six weeks free when you join an eligible hospital and extras policy before June 30.||More info|
|Westfund||Get one month free when you take out cover before June 30 with promo code OMF2018.||More info|
Compare your health insurance options today
- Neglected your extras health insurance? Here’s how you could claim $500 back before 2021
- Huge progress as telehealth gets to stay post-Covid
- Millions of Aussies will pay more for health insurance from October
- How health insurance could save you cash in tax time 2020
- Final days before thousands of Aussies are hit with health insurance penalty