Don't Be An April Fool - How To Avoid Health Insurance Premiums Increase
Did you recently get the dreaded ‘your health insurance premiums will increase’ message from your health insurance provider? As part of the normal health insurance in Australia we have been trained to expect health insurance premiums to increase every year on 1 April 2022 (yes – it is always on April Fools Day!) However the last couple of years this hasn’t always been the case, and insurance insurance providers now are staggering their increases throughout the year, as well as not keeping increases consistent. Thankfully Billy Explores isn’t an April Fools, so has done all of the research for you. Read on to find out more how you can avoid the annual health insurance premium increase, all about the annual health insurance premium increases, and what you can do to compare health insurance providers!
Did All Health Insurance Providers Increase Premiums?
Over the last couple of years of the pandemic, most health insurance providers held off increasing premiums however that soon changed at the end of 2021.
Many larger health funds have announced they will be delaying their insurance premium increases until later in 2022. The insurance providers include NIB (1 September), Bupa and Medibank (1 October) and HCF (1 November). Find out more about which health funds are delaying their premium increases.
What Is The Average Health Insurance Premium Increase?
For this year, the average increase of health insurance premiums was 2.7% and the majority of health insurance funds increased their premiums. However, some of the larger health insurance providers increased premiums by above average.
It’s the second consecutive year of the lowest average annual increase since 2001, but some funds had or will have above-average hikes (we don’t like the sound of that – best get comparing to see if you can get a better deal on your health insurance through Billy Explores and our panel of providers).
How Can I Avoid Health Insurance Premium Increases?
There are many ways you can avoid the annual health insurance premium increases. You can review your policy with your current health fund provider and make sure it is still meeting your current needs. If you need to remove any specific hospital cover or extras from your policy (for example, you may no longer need pregnancy cover), this is a great way to do it to reduce your overall premium paid.
Another way is to make sure you’re getting the best deal and compare your health insurance cover through Billy Explores. This way you may be able to reduce your premiums paid, or find another health fund provider who can give you a better deal for your health insurance policy.
Why Annual Health Insurance Premium Increases Is Actually Good For Aussies
“What? We can’t believe you’re saying that Billy!” we’re hearing you say! Of course we’re not saying paying more for your health insurance is a great thing.
There is one benefit of knowing there will always be an annual increase – as soon as you receive that dreaded letter, it should prompt you to review your current health insurance policy and provider and compare health insurance in Australia to see if there’s a better deal for you.
Naturally the best way to compare your health insurance policy is through Billy Explores – we can help you save time, effort and potentially money on a better health insurance deal for your needs.
Don’t Be An April Fools – Compare Health Insurance Providers
There is a way to not be an April Fools each year on 1 April… compare private health insurance in Australia through Billy Explores today. You don’t have to wait until 1 April 2022 – you can do it any day of the year. Save time and effort and explore potential savings or a better hospital cover or extras for your needs now.