5 health insurance deals to help you save at tax time
Be quick, most of the time-limited offers below expire after 30 June.
Tax time is a good reminder to consider taking out health insurance or switching policies.
Why? There are 3 reasons:
- The government offers a rebate on premiums. This rebate – which can return up to 24.608% on a policy at tax time – goes to anyone with private health cover earning less than $144,000 as a single or $288,000 in a couple. This reflects new threshold rates, which apply from 1 July this year.
- Mid-to-high earners can avoid paying more tax. The Medicare Levy Surcharge (MLS) is an added tax of 1–1.5% that applies if you earn more than $93,000 (as a single) or $186,000 (couple) and don't hold hospital insurance. You can avoid the MLS with a policy with an excess of $750 or less. Again, we're showing new income thresholds for FY23/24.
- Just turned 31? You can keep a lid on premiums in the future. A 2% Lifetime Health Cover (LHC) loading gets added to your health insurance premium for each year you don't have hospital cover after turning 31. By taking out private hospital cover before 1 July, you can avoid the loading completely.
Here are some of the top health insurance deals we've seen this month:
1. ahm: Get 6 weeks free after 60 days + 6 weeks free after 13 months
ahm is offering new customers up to 12 weeks free on combined cover (hospital and extras). This is one of the strongest sign-up offers we've seen in recent years.
ahm offers decent policies and the fund ranked second for customer service – out of 8 health funds – in Finder's 2023 Customer Satisfaction Awards.
Get up to 8 weeks free
1 ahm policy to consider
starter flexi basic. This is the lowest-priced plan from ahm on Finder and costs around $24 per week. It'll get you around the MLS.
Keep in mind this policy is very basic. The hospital insurance has emergency ambulance cover; the extras policy will cover you for general dental, root canal treatment, physio and chiro.
2. Bupa: Score up to 10 weeks free on hospital and extras
In addition to its 10-week saving, Bupa waives 2- and 6-month waiting periods on extras cover as part of its offer. A waiting period is how long you need to wait before you can claim on your insurance.
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1 Bupa policy to consider
Bupa's Basic Plus Starter Hospital and Budget Extras 60. The Basic Plus Starter Hospital policy was highly commended at the Finder Health Insurance Awards 2023.
The hospital policy on its own costs around $21 per week and covers treatments such as lung and chest conditions, tonsils, adenoids and grommets and joint reconstructions.
Budget Extras 60 is a competitively priced extras policy that was also highly commended at the 2023 Finder Awards. The policy covers a range of out-of-hospital services including dental, optical, physio, chiro and massages.
3. HBF: Get 4 weeks free and a $100/$200 gift card
You can access 4 weeks of free cover after 3 months of holding cover with HBF. Again, you must take out a combined policy. There's a $100 gift card available – after 31 days – for single and single-parent policies, while couples and families can get a $200 gift card.
HBF won Best Health Fund of the Year at the 2023 Finder Awards. Our extensive research found the not-for-profit had some of the best-value policies on the market.
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1 HBF policy to consider
HBF's Basic Hospital Plus Elevate policy includes cover for 15 treatments – far more than most offer in the same tier. That means HBF customers can get procedures like joint reconstruction, dental surgery and chemotherapy.
Its Flex 50 policy, which won in the Medium Extras category, offers up to $1,000 in benefit limits per year. As its name suggests, it's a flexible product that lets you pick and choose the service you'll actually use. For example, you could use an $800 limit on physiotherapy or $400 on psychology and $400 on dental implants.
4. Qantas: Earn up to 140K Qantas Points and skip waiting periods
Avoid the MLS and get up to 140,000 Qantas Points – based on your cover level over 6 months – if you sign up to a policy by 30 June. Plus, skip the 2- and 6-month waiting periods on extras with a combined hospital and extras policy.
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1 Qantas policy to consider
Qantas Silver Hospital and Extras. If you're willing to pay more for your cover (and secure a more comprehensive policy), you could include Qantas Silver Hospital with your combined cover. It comes with a strong range of in-hospital treatments including heart and vascular system, digestive system and dental surgery.
This policy was highly commended in the Best Silver Hospital category at this year's Finder Awards. Find more Qantas policies.
5. AIA: Get 9 weeks of free cover
With AIA, you can access 9 weeks of free cover in your first 2 years as a policyholder. You'll need to take out a combined hospital and extras plan by 30 June.
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1 AIA policy to consider
Basic Plus Hospital Starter 750 and Lite Saver Extras. This is the lowest-priced policy from AIA on Finder. The combined policy costs around $27 per week.
The hospital policy covers the basics such as dental surgery, hernia and appendix and joint reconstructions. AIA's extras cover goes a bit further than other entry-level policies. Its 8 services include psychology and exercise physiology.
If you choose standalone hospital cover, you can access up to 4 weeks of free coverage.
See more of the latest health insurance deals for June 2023.
