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Why You Should Regularly Review Your Health Insurance

Reviewing your health insurance every year can save you money and give you peace of mind.
3
minute read

Health insurance has always been a hot topic in Australia, and the introduction of a global pandemic has obviously ramped up people’s questions and concerns about what’s covered, what’s not and how much health services will cost. While every insurance provider, product and policy will differ when it comes to the fine print and COVID-19, one thing remains certain – pandemic or not, you really should review your health insurance every year.

When is the Best Time to Review Your Health Insurance?

Generally, insurance companies increase their premiums on 1 April each year so it’s worth revisiting your policy before this occurs. It was announced on 29 March 2020, however, that health insurance premium increases will be put on hold for 6 months as a result of COVID-19.

This means you now have more time to review your policies, make sure that you are with the right health insurer and that you’re covered for what you need. This may be something to look at while you’re home on the weekends...and every day!

What Factors Should You Consider When Reviewing Your Health Insurance?

There are a few important considerations when it comes to assessing your health insurance for the best fit. Firstly, your existing cover may include services that you simply aren’t using or, on the flipside, will soon need but aren’t covered for. It’s important to match your policy to your immediate needs. 

For example, do you have cover for remedial massage, but hate being touched by other people? Are you starting a family or seeing kids move into independence? Getting the right cover helps dramatically with balancing your premium and ensuring peace of mind.

Also understand the tax implications of your cover and the Federal Government incentives options available, including:

  • Private Health Insurance Rebate
  • Medicare Levy Surcharge
  • Lifetime Health Cover Loading

These incentives can be affected by your age and your income, and given that these change every year, it’s worth revisiting your policy for this reason alone.

Finally, insurance providers update their policies and introduce new products to market all the time. There may be a better policy for you that wasn’t previously available. There may also be a rewards program associated with your insurance provider, which rewards you with discounts and vouchers for being healthy. This is great on so many levels!

How Much Does Health Insurance Cost?

While the average hospital policy in Australia costs around $2,000 per year, every policy is obviously different. Chatting to a specialist is probably the best way to ensure value for money and peace of mind.

Keep in mind that premiums do go up each year as a result of the increased costs of health research, technology and the wages of health, medical and hospital staff. 

It’s also important to note that all health insurance providers increase their premiums by the same amount each year, so make sure that you’re checking what rate increases are on the horizon and are tracking these year-on-year.

How to Choose the Right Health Insurance

Now is a great opportunity to review your current health insurance and make sure that you have the best cover for your health needs and aren’t paying too much.

BlueRock partners with AIA Health Insurance and so we recommend a discussion with one of our AIA Health specialists who will review your existing health insurance policy and compare it to the options they have available. The AIA Health Insurance team focuses on educating you to make an informed decision about which option is best for you, rather than creating a sense of obligation around particular policies.

The risk of change and any waiting period waivers can be discussed and confirmed during this review process.

AIA Health Insurance has just recently announced that they have updated their policies to cover Covid-19 related hospitalisation, from their basic policies to the top hospital cover.

If you decide to switch to AIA Health Insurance you will get access to AIA Vitality, a program that rewards you for being healthy.

Book your free Health Insurance Review with an AIA Health Insurance specialist.

Please note: as an Authorised Referrer of AIA Health Insurance with AIA Vitality, this referral is not a recommendation, nor do BlueRock Private Wealth provide warranty on the accuracy or suitability to your individual needs of the information and health insurance options provided by AIA Health Insurance with AIA Vitality.

Blue Rock Private Wealth Pty Ltd is a Corporate Authorised Representative of BR Advice Pty Ltd (AFSL 488655).

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