Why now is a good time to switch health insurance

It's always a good time to review your health insurance policy and there are plenty of potential benefits to switching. Just take a look!

Health insurance can sometimes feel like a set-and-forget task - but it shouldn't be. Regularly reviewing your cover, and switching when you find a more suitable policy, is the best way to ensure you have health insurance that really fits your evolving needs.

Take a look at some of these potential benefits you could be missing out on by blindly sticking with your current insurer.

Not-for-profit perks

If you're currently with a for-profit health insurer, it's worth checking whether you'd be better off switching to a member-run not-for-profit. According to health insurer HIF's Chief Data and Proposition Officer Nikesh Hirani, there can be benefits to making the move.

"Being a not-for-profit helps us give more value back to members," says Hirani. "We are able to pay more back to members when they claim because we prioritise our members, not shareholders."

Better premiums

Comparing different policies and providers on a regular basis can help you score better premiums. Even if your current policy was the best value at the time, insurers typically raise prices every year so that may not be the case anymore.

For example, the average price increase for 2026 was 4.41% across Australian private health funds but HIF increased by an average of just 2.60%.

Broader cover

Regularly comparing policies is also an effective way to find more comprehensive cover, or benefits that are better suited to your current life stage, at a reasonable price point.

For example, HIF's Basic Plus hospital cover starts at less than $17 a week¹ and covers ambulance services, hospital accommodation, and six clinical categories - three of which are restricted. For lots of people, this cover is an excellent entry-level option. However, if you find you're interested in more comprehensive cover, it might be time to compare your options. For just over $3 more a week², you could upgrade to HIF's Bronze hospital policy and get all of the above, plus an additional 15 clinical categories covered.

Extra perks

Some insurers have started offering additional perks that can add significant value to a health insurance policy, including membership programs, exclusive partnerships, and discounts on health-related products. If you're not seeing those supplementary benefits with your current provider, it might be time to look elsewhere.

For example, eligible HIF members can access 100% back on up to two dental check-ups and cleans every year³ via their Choice network.

Some other popular perks include no gap consultations at St John urgent care centres in WA, additional benefits on medicinal cannabis prescriptions, and access to Mental Health Navigator, a confidential service that provides an expert review of your mental health diagnosis and treatment plan.

Embracing change

Don't let your health insurance become another forgotten subscription - regularly review your coverage and make sure it changes as often as your needs do.

The potential rewards are significant - not-for-profit insurers prioritise member benefits over shareholder dividends, better premiums could save you hundreds annually, expanded coverage could better meet your needs; and additional perks can provide tangible extra value.

Remember, health insurance isn't meant to be a lifetime commitment to one product. It's a dynamic service that should adapt to your changing circumstances.

Learn more about switching to HIF

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NB: Video originally released in May 2025. Details may have changed. Please consult the HIF website for the latest information on health insurance policies.

Sources
Australian Government - Average annual price changes in private health insurance premiums

Footnotes

1. Price is based on a HIF single policy in Western Australia which has the highest hospital excess applied (where applicable). It includes a 24.288% Australian Government Rebate on private health insurance. This also excludes any Lifetime Health Cover (LHC) Loading.

2. Price is based on a HIF single policy in Western Australia which has the highest hospital excess applied, and deducts 24.288% Australian Government Rebate on private health insurance.

3. Eligible HIF members with Extras cover can get 100% back for up to two check-ups and one mouthguard per year at a HIF Choice Network provider from 1 January 2026. Members on Basic Extras, Basic Starter, and Vital Options can get 100% back for one check-up and one mouthguard per year. Waiting periods, annual limits and service limits apply.