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Frequent flyer health insurance

Some health insurance comes with a frequent flyer bonus, but there are other ways to earn points with your cover.

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By

Tim Bennett

Updated

Fact checked

What you need to know

  • Qantas, Velocity, flybuys and Everyday Rewards points can be earned with some health insurance policies.
  • Some funds, including Qantas, offer bonus points with a new health insurance policy.
  • Some funds also let you earn points with your regular premiums.

Qantas frequent flyer deal for May 2024

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Join and earn up to 120,000 Qantas Points

Ends 28 May 2024

Plus, get 60-75% back on Extras (up to your annual limit) for things like dental, physio and glasses costs. Eligibility criteria and T&Cs apply.

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What types of points are on offer?


Health insurance customers can earn points from 4 different reward programs through either sign-up offers or premiums:

one

Qantas Frequent Flyer points

You can earn Qantas Frequent Flyer points by taking out a Qantas Health Insurance policy. These points can be used on domestic and international airfares with Qantas.

two

Velocity Frequent Flyer points

You can earn Velocity Frequent Flyer points from some health funds. Some funds offer points on sign-up, while others offer bonus points through their benefit and wellbeing programs. These points can be used on airfares with Virgin Australia.

three

flybuys points

Some health funds allow you to earn points as part of Wesfarmers' flybuys rewards program, Australia's largest loyalty program. flybuys can be exchanged for Velocity points and used on Virgin Australia partner airlines.

four

Everyday Rewards points

Bupa have a unique way for you to earn bonus Everyday Rewards points for 60 days. If you link you Bupa account with your Everyday Rewards account, you'll earn 3X points on fresh fruit and vegetables from Woolworths for 60 days.

How can you earn frequent flyer points with health insurance?

There are a few different ways you can earn points on health insurance in Australia.

  • Sign-up bonuses. In an effort to entice new customers, many funds offer sign-up bonus points to new members. For example, Qantas Health Insurance give new policyholders a point bonus based on the cost of their premiums.
  • Collecting points with your premiums. Some programs, like HCF's exclusive deal with flybuys (as of October 2021), let you earn points with your premiums, no matter how you pay. This is just like the way you earn points at the grocery store.
  • Paying your premiums with your credit card. If your credit card allows you to earn frequent flyer or other reward points on purchases, you can boost your points balance by using your card to pay for your health insurance premiums. For example, you may earn one frequent flyer point for every dollar you spend on your card.
  • Wellbeing and benefit programs. Many health funds, including Qantas and AIA, give bonus reward points as part of their ongoing member benefit or wellbeing programs.

Redeeming points earned through health insurance is exactly the same process as with points earned any other way.

Pros and cons of choosing a fund based on points offers

Pros

  • Earn frequent flyer points. You can earn frequent flyer points to help pay for your next holiday.
  • Earn other reward points. You can also earn points in loyalty programs that offer a variety of other rewards. For example, you could get rewards such as shopping discounts, gift cards, travel, entertainment and much more through the flybuys program.
  • You're still covered. You would still purchase health insurance regardless of whether there was a points offer available, but these offers allow you to enjoy the peace of mind of health insurance cover and earn a reward at the same time.

Cons

  • Not necessarily the best cover. Just because a health fund offers reward points does not mean it offers the highest level of cover.
  • Not necessarily right for you. Just because you can earn reward points for purchasing cover does not mean that a particular policy provides all the benefits and cover you and your family need.
  • Credit card interest rates. If paying your health insurance premiums with your credit card to earn frequent flyer points, remember that unless you pay your balance before the interest-free period ends, you'll accrue interest charges on your card.

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