Picture of an abacus with the word tax above it

Compare end of financial year health insurance offers and deals from 21 funds

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.

The end of financial year has been and gone but that doesn't mean you still can't save on health cover. Check out our health insurance discounts article for ongoing discounts and benefits.

21 health insurance signup bonuses to get before June 30 2016 Tax Year

Funds in the finder.com.au panel

FundHealth insurance dealsMore info about fund
ahm
  • Sign up for cover with ahm before 22 June 2016 and you'll not only get one month free cover but ahm will also waive any two and six month waiting periods on extras cover.

More info

BupaSign up with Bupa using the promo code "Get Bupa" before 30 June 2016 and you can choose a special gift from:

  • New Balance voucher. $100 for single memberships or $200 for non-single memberships
  • Bupa Optical voucher. $100 for single memberships or $200 for non-single memberships
  • Garmin vivofit™. 1 x $109 for single memberships or 2 x $109 ($218 total) for non-single memberships

If you're an existing member, switch to etax statements before 30 June 2016 and you'll go into the running to win Apple iPad Air 2.

More info

GMHBA
  • Join or switch to GMHBA before 30 June 2016 and get one month free on any cover.

More info

HCFWhile not June-specific deals, HCF has a few of on-going offers including:

  • Sign up for a new HCF policy between 6 June – 9 July 2016, remain a member and be paid up to date for two months, and you will receive an HCF Lenovo Tablet.
  • Sign up with HCF and you'll get 10% off pet and travel insurance
  • Members save 10% on in-home care services across metropolitan Sydney
  • Get 10% for a new 3 or 12 month Platinum or Passport membership at fitness first

More info

health.com.auGet cover with health.com.au before June 30 2016 and get one month free.

More info

hif
  • Join hif as a new member before 30 June 2016 and get a $50 gift when you use the promo code "TAX50".

More info

nib
  • Sign up online with nib before 30 June for combined hospital and extras cover and you'll get a $200 eftpos gift card.

More info

Transport Health
  • While there isn't a June-specific deal, Transport Health insurance members can get 30% discount on QBE Travel insurance.

More info

Funds not in the finder.com.au panel

FundHealth insurance dealsMore info about fund
Budget Direct
  • Sign up for cover before 30 June 2016 and get one month free when you buy combined hospital and extras cover.
More info
doctorsJoin 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:

  • A $300 Westfield XS eftpos gift card
  • A Fitbit Blaze™ Smart Fitness Watch (Classic Band)
More info
cua
  • Join CUA as a new member by 30 June 2016 and get one month cover free.
More info
Frank
  • Join Frank on combined cover by 30 June 2016 and you'll get your second month free.
More info
logo health partnersSign up by June 30 and mention the promo code "first timer" online or over the phone and you'll get:

  • A EFTPOS card worth $100 when you take out hospital, combined or packaged policy
  • A EFTPOS card worth $50 when you take out extras only cover
More info
HBF
  • When you get hospital and extras cover with hbf before June 30 2016 you'll receive a $200 Rebel gift card.
More info
PeoplecarePeoplecare is not running a June specific deal but has ongoing offers including:

  • Get a $100 gift card when you sign up for hospital or combo cover
  • A free $100 gift card and put you'll into the draw to WIN an Apple TV when you refer a friend who takes out cover with Peoplecare
  • Get a minimum of 15% off usual fee for all treatment at smile.com.au dentists around the country
More info
medibank
  • If you join medibank before the end of financial year 2016 you'll be rewarded with one month free and no waiting periods on most extras.
More info
RT Health
  • If you join rt health between 1 May 2016 and 31 July 2016 you'll go into the running to win a $1000 Coles Group and Myer gift card.

rt health fund members can also get 40% on QBE travel insurance policies.

More info
tuh
  • Take out cover with TUH before June 30 and not only will your two and six month waiting periods on extras be waived, you'll go into the running to win $3,100.
More info
teachersJoin Teachers Health Fund before 30 June 2016 and after the first contribution payment has been received you will receive either:

  • Six weeks free health cover when you use the promo code "SIX"
  • One month free health cover and your two and six month waiting periods waived when you use the promo code "ONE"
More info
Westfund health logo
  • While Westfund don't have an official EOFY deal, members can get 10% off merchandise at the Cowboys Team Shop.
More info

Compare your options with help from an adviser

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:

InsurerAverage increase with rate protection
20162015
ACA Health Benefits Fund 6.19%4.96%
Australian Unity Health Limited5.05%6.26%
Bupa Australia Pty Ltd5.69%5.59%
CBHS Health Fund Limited5.92%6.58%
CDH Benefits Fund6.19%6.99%
CUA Health Limited8.95%6.35%
Defence Health Limited5.48%5.62%
Doctors Health Fund3.76%3.98%
GMHBA Limited5.44%6.43%
Grand United Corporate Health4.26%4.32%
HBF Health Limited4.94%5.96%
Health Care Insurance Limited6.90%6.12%
Health Insurance Fund of Australia Limited6.55%5.31%
Health Partners Ltd7.14%4.49%
health.com.au8.81%5.76%
HCF5.42%6.57%
Latrobe Health Services5.52%6.15%
Lysaght Peoplecare Ltd4.38%6.08%
Medibank Private Limited5.64%6.59%
Mildura Health Fund6.74%6.14%
National Health Benefits Australia Pty Ltd (onemedifund)5.28%6.26%
Navy Health Ltd5.50%4.50%
NIB Health Funds Ltd.5.55%6.55%
Phoenix Health Fund Limited5.72%6.48%
Police Health4.81%4.48%
Queensland Country Health Fund Ltd4.91%4.77%
Queensland Teachers' Union Health Fund Ltd7.15%6.36%
Railway and Transport Health Fund Limited5.61%6.17%
Reserve Bank Health Society Ltd5.37%4.88%
St.LukesHealth5.89%6.27%
Teachers Health Fund4.97%6.86%
Transport Health Pty Ltd6.49%4.84%
Westfund Limited5.94%7.92%
Industry weighted average 5.59%6.18%

Source

Data sourced from The Department of Health: 2015 Premium Round Individual private health insurer average premium increases (http://www.health.gov.au/internet/main/publishing.nsf/content/privatehealth-average-premium-round). The average represents the approximate average weighted premium increase per year over the last three years (2013, 2014, 2015).

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:

Rebate

Singles≤$90,000$90,001-105,000$105,001-140,000≥$140,001
< Age 6526.791%17.861%8.930%0%
Age 65-6931.256%22.326%13.395%0%
Age 70+35.722%26.791%17.861%0%
Families≤$180,000$180,001-210,000$210,001-280,000≥$280,001
< Age 6526.791%17.861%8.930%0%
Age 65-6931.256%22.326%13.395%0%
Age 70+35.722%26.791%17.861%0%
Medicare Levy Surcharge (MLS)
Singles≤$90,000$90,001-105,000$105,001-140,000≥$140,001
All ages0.0%1.0%1.25%1.5%
Families≤$180,000$180,001-210,000$210,001-280,000≥$280,001
All ages0.0%1.0%1.25%1.5%

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.

Health fundProductExcessApply
AHMLite Cover$500 excess on hospital itemsMore info
Australian UnityBasic Hospital$500 excessMore info
BUPAActive Saver$100 CopayMore info
GMHBABronze Hospital Options$500 excessMore info
NIBKickstarter$500 excessMore info
CUAPublic Hospital CoverNoMore info
Defence HealthADF Essentials Package$200More info
Defence HealthEssentials Hospital$200More info
Doctors Health FundSmart Starter$500 excessMore info
Frank InsuranceBasic HospitalAdmission excess per person $500 per yearMore info
HBFSuper Saver Hospital$500 excessMore info
GMF HealthLite Hospital$500 excessMore info
RT HealthSingle Cover Public Hospital$500 excessMore info

*Quotes for Tier 1 single male, under 30, living in NSW. Prices subject to change and should be used as a general guide only

Compare your health insurance options

Details Features
High 65 / 75 / 85% - $0/$250/$500 Excess
High 65 / 75 / 85% - $0/$250/$500 Excess
Combines High Hospital Cover with its highest level of extras cover.
  • Cover starting from $44.74 weekly
  • 12 month waiting period for pregnancy
  • 65% back on extras
  • Choice of $0, $250 and $500 excess
Enquire Now More info
Premier Package
Premier Package
Top tier combined hospital and extras policy that covers you for an extensive range of hospital and general treatment services.
  • All the benefits of HCI's Premier Hospital policy
  • All the benefits of HCI's Premier Extras policy
  • Cover for pregnancy and IVF treatment
  • Cover for general and major dental
Get Quote More info
Deluxe flexi
Deluxe flexi
Deluxe flexi provides cover for a range of treatments including hip replacement, spinal fusion, dialysis and major eye surgery.
  • No excess for kids
  • All joint replacements
  • Major eye surgery
  • Rehabilitation
Enquire Now More info
GoldStar
GoldStar
Premium hospital cover with complete cover for hospital expenses. Save 4% when you pay for 12 months of your cover upfront.
  • All theatre fees covered
  • Unlimited maternity cover
  • Choose no excess or $200, $400, $500 per admission
Get Quote More info
Smart Combination
Smart Combination
Smart combination provides a high level of cover for both hospital and extras.
  • Claim up to $2725 back on extras
  • Hip and knee replacements
  • General and major dental
  • Physio
Enquire Now More info
Prestige
Prestige
Highest level of combined cover offered by CBHS. Includes the same benefits as Comprehensive Hospital and Top Extras plus more. Restricted fund: Only current or former staff (and their families) of Commonwealth Bank Group and their subsidiaries which include Aussie, Bankwest, Colonial First State and more can join.
  • No excess or co-payments on hospital cover
  • Non-student dependent under 25 can be kept on policy
  • Access to Chronic Disease Management Programs
  • Widest range of extras including orthodontics
Enquire Now More info
Bronze Hospital (no pregnancy) and Bronze Extras Set Benefits
Bronze Hospital (no pregnancy) and Bronze Extras Set Benefits
High level of hospital cover and extras cover for a range of popular services including knee and should reconstructions.
  • Most comprehensive hospital options
  • Cover for general and major dental
  • Shared or single room in a private hospital
  • Intensive and coronary care
Enquire Now More info
Premium Hospital and Silver Extras Cover
Premium Hospital and Silver Extras Cover
Comprehensive hospital cover including pregnancy cover. Also included affordable mid-level extras cover for dental, optical and therapies.
  • Cover from $39.50 per week
  • Pregnancy and birth-related services cover
  • Heart surgery cover
  • 100% cash back on two dental check per year
Enquire Now More info
Top Hospital with Top Extras
Top Hospital with Top Extras
Get comprehensive hospital and extras cover and tailor your policy to your needs.
  • Pregnancy and birth services cover
  • Back surgery cover
  • $1000 general dental annual limit
  • $600 physiotherapy annual limit
Enquire Now More info
Young Couples Combined Cover
Young Couples Combined Cover
Mid-level hospital and basic level Extras package with an excess for young, healthy couples that are not quite ready to start a family.
  • Emergency ambulance cover
  • Cancer-related surgery cover
  • 70% back on extras
  • $300 dental annual limit per person
Enquire Now More info

* 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.
Picture: Shutterstock

Richard Laycock

Richard is the senior insurance writer at finder.com.au and is on a mission to make insurance easier to understand.

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