Thinking of getting health insurance before 30 June 2016? Get more out of your cover with EOFY health insurance deals and save up to $300!
It's the end of financial year and if you made any money in the previous 12 months, you're looking for ways to keep as much of your hard-earned dollars as possible. That means looking for some end of financial year incentives. Lucky for you, at this time of year health funds are looking to get you to switch to their services by offering myriad deals and incentives. These offers range from cash bonuses to gift cards, free months of service to sunglasses.
But ... which health insurer offers the best incentives*?
Now, this is a difficult question to answer because everybody is different. What you think is a great deal or offer might not be the best deal* for someone else, which is why we compiled these handy tables below, so you can peruse the various benefits and offers and find the best cover* for you. Happy hunting.
21 health insurance signup bonuses to get before June 30 2016 Tax Year
Funds in the finder.com.au panel
Funds not in the finder.com.au panel
|Fund||Health insurance deals||More info about fund|
|Join Doctors‘ Health Fund an take out a combined hospital and extras policy before the end of financial year (30 June 2016) and you can choose a free gift of either:||More info|
|Sign up by June 30 and mention the promo code "first timer" online or over the phone and you'll get:||More info|
|Peoplecare is not running a June specific deal but has ongoing offers including:||More info|
rt health fund members can also get 40% on QBE travel insurance policies.
|Join Teachers Health Fund before 30 June 2016 and after the first contribution payment has been received you will receive either:||More info|
How much am I going to pay?
An key consideration when looking at health insurers is the total cost. While exact premiums vary from person to person, you can look at the average annual premium increase as an indicator of whether or not a health insurer is right for you. The graph and table below display the average premium increase for some of Australia's top* insurers over the last three years:
Review your health insurance every end of financial year and make sure you've got the best deal*
If you're single and have a taxable income of $90,000 or more and you don't have private health insurance, you'll have to pay the Medicare Levy Surcharge (MLS) – which can sometimes be more expensive than just taking out private health insurance. If you don’t have private health cover and earn over $90,000, getting private health cover can reduce how much you'll have to pay for the surcharge. Better still, if you keep your cover, you won't have to pay the surcharge in the next financial year.
Medicare levy surcharge income testing
The rebate levels applicable from 1 April 2016 to 31 March 2017 are:
|< Age 65||26.791%||17.861%||8.930%||0%|
|< Age 65||26.791%||17.861%||8.930%||0%|
Medicare Levy Surcharge (MLS)
Get cover before you're 31 or pay the price of the Lifetime Health Cover loading
The Lifetime Health Cover (LHC) is a Government initiative designed to encourage people to get private health insurance. If you haven't taken out private health insurance by the 1st of July following your 31st birthday, you will pay a 2% loading on top of your premium for every year you are aged over 30. The 2% surcharge is applied every year up to a maximum of 70% – for example, if you sign up at 45 you will pay 30% more than someone who joined up at the age of 30.
Don't want to get hit with the Medicare Levy Surcharge?
If you earn between $90,001-105,000 and don't have private health insurance, you're going to have to pay a 1% tax on your annual income for the Medicare Levy Surcharge (MLS). One way to avoid this tax is to take out private health insurance ... especially when that policy costs less per year than the MLS. The policies below can provide you with private health insurance that costs less than the Medicare Levy Surcharge.
|AHM||Lite Cover||$500 excess on hospital items||More info|
|Australian Unity||Basic Hospital||$500 excess||More info|
|BUPA||Active Saver||$100 Copay||More info|
|GMHBA||Bronze Hospital Options||$500 excess||More info|
|NIB||Kickstarter||$500 excess||More info|
|CUA||Public Hospital Cover||No||More info|
|Defence Health||ADF Essentials Package||$200||More info|
|Defence Health||Essentials Hospital||$200||More info|
|Doctors Health Fund||Smart Starter||$500 excess||More info|
|Frank Insurance||Basic Hospital||Admission excess per person $500 per year||More info|
|HBF||Super Saver Hospital||$500 excess||More info|
|GMF Health||Lite Hospital||$500 excess||More info|
|RT Health||Single Cover Public Hospital||$500 excess||More info|
Compare your health insurance options
* The offers compared on this page are chosen from a range of products finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.