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Health insurance hacks: Get the most out of your cover in 2024

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Maximise the benefits you get from your health insurer with these tips.

Sponsored by ahm. This year, ahm is rolling over most remaining extras annual limits from the 2023/2024 financial year. New and existing members are eligible, provided you have unused extras on June 30, 2024 and you remain on the same extras product after this date. Terms and conditions and some exclusions apply, so make sure you visit the ahm website to find out more.

Finder research has found that health insurance costs have increased by 204% since 2000. So you want to ensure you're getting as much value as possible.

Today, we show you some hacks to enhance the value of your health insurance in 2024.

Learn more about rolling over your extras with ahm

πŸ‘‹ Hey there! We've partnered with ahm for this article, so we'll be using some examples of its products throughout. However, you should always do your own research and obtain your own advice about what product is right for you. Make sure that you read the relevant product guides before signing up for any private health insurance product.

1. Keep note of when your extras annual limits expire

Keeping an eye on your extras annual limits expiry date is crucial for getting value out of your health insurance policy. If you don't use them, they're gone for the year!

Of course, life can get in the way – and if your expiry date doesn't align with the calendar year or financial year, it can be easy to let it slip by.

But this year, ahm is allowing most unused extras annual limits to be rolled over into the next financial year. This offer applies for current and new policyholders.

To qualify, all you need to do is have an ahm extras product on 30 June 2024 and have eligible unclaimed extras annual limits from the 2023/2024 financial year.

You'll need to maintain the same policy into the 2024/25 financial year, too, or you will lose your rolled over annual limit. You can find the specific terms and conditions on the ahm website.

Offers like this can help ensure you don't miss out on extras. In tandem with ahm's flexible limits, it's an opportunity to look at the way you use extras services to get the best cover for yourself.

If you're looking for more information on ahm's health insurance, you can also access a review of ahm right here on Finder.

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2. Skip the waiting period

One of the ways you can score additional value on your extras is by looking for a provider that skips waiting periods.

Most health insurers have some kind of waiting period on their extras services. However, by shopping around or potentially even switching insurers, you may be able to find a provider that reduces waiting times or removes them altogether.

Some of ahm's covers do not have waiting periods for certain services like optical, general dental and physio (lifestyle, family and super extras cover only).

With this in mind, signing up with a new health insurer can be a great opportunity to get on top of your healthcare needs. It's also an excellent way to ensure that you're not letting this year's unused extras limits go to waste.

3. Check your ambulance cover

You may not have been aware, but Medicare doesn't actually cover the cost of an ambulance! If you live in Queensland or Tasmania, the state government covers certain costs, though not necessarily all of them.

ahm's ambulance cover is included with all ahm Extras products. It's got a one-day waiting period, but otherwise it can be used almost straight away.

Looking for inclusions like this can be an excellent way to enhance the overall value you're getting from a policy.

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4. Look at existing expenses you can claim

We tend to think of health insurance as being for covering costs for procedures. But some insurers will also pay towards, or provide discounts on, other expenses, particularly if they're intended to keep you healthy.

Let's take a look at ahm as an example. Some of ahm's membership perks include discounted gym memberships, savings on prescription glasses and a range of other benefits.

So it's always worth looking at what kind of health-related expenses you have, and then checking your policy to see if they're currently covered or discounted. This can add up to significant savings over time.

5. See where you can score discounts or rebates

Aged 18-29? You could get a Youth Discount of up to 10% on your hospital cover or the hospital part of your packaged cover. Lots of health insurers offer this, including ahm and it's a great way to make health insurance more affordable for young adults.

If you're under 31, you can sometimes benefit from cheaper premiums than if you take out health insurance for the first time after you turn 31. This affects hospital cover specifically; the cost of extras won't be affected.

Additionally, when you take out health insurance, you may be eligible for a rebate to reduce your premiums or that is payable at tax time. This will vary from person to person, so make sure you consult the ATO website and your finance professional for more information.

Learn more about extras with ahm

Name Product Treatments Price Apply Hide Compare
ahm logo
  • General dental
  • Major dental
  • Optical
  • Physiotherapy
  • Chiropractic
  • Psychology
  • Remedial massage
  • Hearing aids
  • +3 other treatments covered
$12.97
per month
Go to Site
All treatments
black 50 saver
Extras cover
ahm logo
  • General dental
  • Major dental
  • Optical
  • Physiotherapy
  • Chiropractic
  • Psychology
  • Remedial massage
  • Hearing aids
  • +1 other treatments covered
$14.17
per month
Go to Site
All treatments
ahm logo
  • General dental
  • Major dental
  • Optical
  • Physiotherapy
  • Chiropractic
  • Psychology
  • Remedial massage
  • Hearing aids
  • +4 other treatments covered
$37.28
per month
Go to Site
All treatments
ahm logo
  • General dental
  • Major dental
  • Optical
  • Physiotherapy
  • Chiropractic
  • Psychology
  • Remedial massage
  • Hearing aids
  • +7 other treatments covered
$38.04
per month
Go to Site
All treatments
ahm logo
  • General dental
  • Major dental
  • Optical
  • Physiotherapy
  • Chiropractic
  • Psychology
  • Remedial massage
  • Hearing aids
  • +4 other treatments covered
$38.30
per month
Go to Site
All treatments
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