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Health insurance premiums to go up in just over a month

Posted: 28 February 2018 9:03 am

Close up portrait of attractive young woman blowing glitters. Caucasian Female model having fun over blue background.

But rising premiums also signal deals from health funds.

It's 28 February 2018, which means tomorrow marks the month-long countdown to 1 April – the annual march towards a rise in health insurance premiums.

This year premiums will be going up by an industry average of 3.95%, which, while a 17 year low, is still a chunk of change you'd no doubt prefer to keep in your wallet. Even though the rising cost of health insurance may not be good news, it does bring with it at least one silver lining: deals for health insurance.

Offers of what you ask? Well, that all depends on the health fund. In the past, health funds have offered a range of deals, from discounts for paying your full year's premiums up front and waived waiting periods, to free cover for a certain amount of time and gift cards. Some funds have even given away wearables and frequent flyer points.

What are health funds offering this year? We don't know yet but from tomorrow, will do its best to track down all of the health insurance deals and discounts on offer from as many health funds as we can find.

FundDealDeal end date

One month free cover and waived waiting periods.Bonus: Earn up to 70,000 Flybuys points.

31 March 2018
Take out a Hospital and Extras policy online and get a $200 eGift card and waived 2 & 6 month extras waiting periods.
31 March 2018
Get a 4% discount on your CUA Health premium when you direct debit from your CUA Everyday Account.
Get 1 month free and waived 2 & 6 month extras waiting periods.
31 March 2018
Get 6 weeks free when joining combined cover.
31 March 2018

Get waived 2 month waiting periods on Extras 50.Bonus: Take out a hospital & extras combos before 30 June 2018 and you'll get waived 2 month extras waiting periods. You will also go into the draw to win an Apple Watch.

31 March 2018

One month free cover and waived waiting periods.Bonus: Get $60 KOGAN.COM CREDIT

31 March 2018
Get your second month for free, plus waived waiting periods.
31 March 2018
Pay by direct debit and you'll get your third month for free, plus waived 2 & 6 month extras waiting periods.
31 March 2018
Join any combined Hospital + Extras package online and you could get a $200 Virtual Visa eGift Card.
31 March 2018
Take out cover and earn up to 120,000 Qantas Points.
6 April 2018
Take out cover and go into the draw to win an iPhone X
30 April 2018
Get a $100 gift card when you take out a hospital and extras policy.
30 April 2018
Get $200 cash back on hospital and extras policies.
30 April 2018

Why is 1 April such a popular time to switch?

Every year on 1 April health insurance premiums rise to keep pace with the rising costs of healthcare and other factors. But there is a loophole: if you prepay your premiums before 1 April, they'll stay at the same rate as the previous year. This is why many people use this date as a time to hunt for a better deal.

Not only can you lock in your premiums at a lower rate, many funds offer discounts for people who pay their premiums up front. Add on the deals funds offer at this time of year and it just makes sense to compare your options and if you find a better deal, switch.

Compare your health insurance options today

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Picture: Shutterstock

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