The health insurance habit costing Aussies hundreds every year
Key takeaways
- According to new Finder research, 2 in 5 Aussies have never or rarely reviewed their health insurance policy.
- Only 40% of Aussies said they reviewed their health insurance policy once a year.
- What's next: Make the switch to a better value health insurance policy and take advantage of EOFY deals.
When was the last time you checked your health insurance policy? If you're scratching your head, rest assured, you're not alone.
According to recent Finder research, 2 in 5 Aussies admitted to never or rarely reviewing their health cover, potentially missing out on a better offer.
Approximately 19% of respondents said they check their cover every six months or more and 40% review once a year.
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Insurance expert at Finder, Taylor Blackburn, believes it's time for a wakeup call.
"Too many Australians are paying their health insurance premium month after month without stopping to ask whether they're still getting value for money.
"If you haven't looked at your policy in years, there's a very good chance you're overpaying or incorrectly covered."
Blackburn mentioned one of the reasons households could be turning a blind eye to their health cover is due to a lack of understanding of what makes a standout policy.
"Millions of Aussies have little clue whether their health cover still represents good value. That's a lot of households paying for a policy they've essentially never questioned."
Why right now is the best time to switch your health cover
EOFY is the one time of year when insurers genuinely compete for your business, with health insurance deals ranging from weeks free to gift cards and more.
And right now, Aussies have their pick of the lot when it comes to our exclusive Finder Rewards.
Depending on the insurer and policy you opt for, you could score a whopping $500 digital Visa gift card.
So, why not do yourself and your wallet a favour as well step into the new financial year by switching to a better value health insurance policy.
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