Health insurance hacks: How savvy Aussies stretch their cover further
With premiums continuing to climb, Australians are being urged to rethink how they use their private health insurance.
New Finder research has found that 1 in 3 (35%) Aussies with private health insurance no longer believe they are getting the best value out of their policies.
The research also found 2 in 5 (41%) believe they're getting the same value they were 5 years ago, which, personal finance and insurance specialist Taylor Blackburn believes, could be the reason for lacklustre cover.
"Sticking with the same fund year after year can quietly erode value. If you haven't reviewed your policy recently, there's a real risk you're overpaying," he said.
"Insurers rely on apathy – and that complacency can cost hundreds, even thousands, over time."
How savvy policyholders are finding ways to maximise their cover
Though there may be a handful of Aussies struggling to squeeze out value from their health cover, other policyholders are discovering simple "hacks" that help them guarantee it.
16% of Aussies revealed they pay for their whole year's premium upfront to "lock in" in the total cost and avoid the April 1 hike.
Our research also found that 11% of Aussies skip extras cover while 8% skip hospital cover and opt for extras only.
But according to Blackburn, while these are brilliant short-term strategies, it's important to not overlook the biggest saving hack.
"The Australians paying the least are the ones who treat their policy like any other subscription – they review it, renegotiate it and aren't afraid to switch," he said.
Fortunately, there are some regular switchers out there, with 16% of Aussies claiming to do so regularly.
"Health insurers compete hardest for new customers, which means the best deals rarely go to people who stay put."
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