Money Hack: Health insurance that covers gym membership
Looking to get more out of your health insurance? Find a fund that offers subsidies for gym memberships.
Do you have an active gym membership? Do you have health insurance that covers extras? If you answered yes to both, you may be paying more than you have to for your gym membership.
One of the little-known benefits of having extras cover is that many funds cover some of the costs associated with gym memberships. So, consider switching to a health insurance provider that offers gym membership benefits – it can help you save hundreds on membership costs.
Depending on who you have your extras cover with, you may be able to claim roughly $200 towards the cost of gym memberships per year.
Alternatively, many funds have agreements with gyms and can provide you with access to memberships at a discounted rate. For example, HCF has a health insurance and gym membership benefit that provides its customers with a 10% discount when they take out a new membership with Fitness First.
Since 2007, health funds have been offering their members access to health services such as discounted gym memberships through broader health cover. The services available through these programs are not limited to gym memberships, and people can claim for a great many other health benefits including chronic disease management and weight loss programs.
The broader health programs initiative was introduced to private health funds by the government to not only provide Australian consumers with better value for money from their health insurance policies but to provide policyholders with access to private health facilities offering these services and thus reducing the burden on the public healthcare system. And as more funds offer cover for gym memberships, so too this benefit grows as a point of comparison when looking for policies.
If you're looking to get more from your health insurance, trying to find one that covers the cost of gym memberships is a good place to start but should not be the be-all and end-all. Health funds in Australia offer a range of member benefits ranging from discounted movie tickets and eyewear to sign-up bonuses with free gadgets or waived premiums.
Create a checklist of all of the health benefits most important to you and go with the fund that checks all the right boxes and represents the best value for money.