30 June may be over, but health funds are still releasing special deals throughout the rest of the year.
To save you the hassle of scouring the internet for these offers finder.com.au has done it for you. Choose from a selection of limited time offers from well-known Australian funds that add additional value to your health insurance purchase. Happy hunting.
Health insurance deals from participating funds for February 2018
|Join a combined policy before Feb 28 and get 2 & 6 month waiver on extras waiting periods||
|Join a combined policy before Feb 28 and get up to $200 off||
|Join CUA and get your first month free||
|Sign up for a combined policy now and get the 2-month extras waiting periods waived||
Prefer to compare? Review policies from 30+ funds
What else can I do to save on health insurance this EOFY?
Besides taking advantage of the numerous health insurance deals that start getting released at around early to mid-May, you may also be able to kill two birds with one stone by avoiding two government penalties that impact the amount you are taxed and the amount you pay in health insurance premiums.
Don't get hit with the Medicare Levy Surcharge
Depending on how much you earn, if you are not covered by private health insurance you're going to have to pay 1% to 1.5% tax towards the Medicare Levy Surcharge (MLS).
The good news is that you can easily avoid the MLS by purchasing a policy, and the better news is that some health funds offer cover that costs less per year than the amount taxed. Some of these policies are outlined below:
|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|
*Disclaimer: Quotes for Tier 1 single male, under 30, living in NSW. Prices were accurate when this article was published but are subject to change and should be used as a general guide only.
Avoid the Lifetime Health Cover loading
The Lifetime Health Cover (LHC) is a government initiative designed to encourage young people to get private health insurance. It adds a 2% loading on top of your premium for every year you fail to take out cover after you turn 31 until it caps at a maximum of 70%. For example, if you sign up at 45 you'll pay 30% more than someone who joined up at the age of 30.
If you have just turned 31 it could be worth waiting until the EOFY offers are released and snag a good deal while avoiding both the Medicare Levy Surcharge (which taxes you) and the LHC (which begins adding the 2% loading following 1 July after your 31st birthday). Its a win-win-win.
Any other ways to reduce my health insurance costs?
Health insurance member discounts
Learn more about the year-round benefits and rewards offered to members by participating health funds.
*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', 'Top' and 'Cheapest' 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.