Steps To Better, Cheaper Private Health Insurance

Private Health Insurance in Australia… premiums have increased again! It probably will increase even more with the increased inflation figures. Does this mean that private health insurance is now a luxury? It shouldn’t be! Billy Explores is here to help everyday Aussies compare health insurance and see if they can get a better deal for their needs from our panel of health insurance providers.

Why do we think that private health insurance in Australia is important? Well, according to the Australian Prudential Regulation Authority (APRA), the number of Australians with private health insurance is going downhill. According to a recent Private Health Insurance Membership and Coverage report, just 44.6%* Australians hold private health insurance cover! This is actually the lowest percentage in eleven years. As Billy Explores says, rising private health insurance premium costs are probably a big reason, so how do you get cheaper health insurance but still get the best health insurance for your needs? Of course, you can compare health insurance through Billy Explores, but 

Paying Your Private Health Insurance Premiums

When it comes to paying your private health insurance premiums, there are many ways you can actually save on the overall cost of your private health cover. Many private health insurance providers provide a discount on your premium if you pay by direct debit monthly or quarterly. Alternatively, you can pay for your entire annual health insurance policy premium in one hit. Again, many private health insurance funds will provide a significant discount on annual payments. So why not get on the phone and comparing your private health insurance payment plans!

Try To Avoid Lifetime Health Cover Loading

Billy Explores has covered Lifetime Health Cover Loading many times already, but it’s always good to have a reminder! The crux of Lifetime Health Cover Loading is, if you join a private health provider before you hit the age of  31, you will be able to get much cheaper health insurance in the future. It also means that for every birthday after 31 years of age, if you don’t already have private health insurance cover, there is a percentage-based loading in your premium. This means you will pay more for your health insurance cover for ten years! So, join before you turn 31, and avoid the lifetime health cover loading and pay less on your health insurance premiums!

Only Pay For The Health Cover You Actually Need

This is a great tip: Get out your health insurance policy and understand what your health cover provides. For example, you may need private hospital cover, but you’re not really too worried about extras cover. So, there definitely is no point paying for optical or dental if you genuinely don’t need it. Or you could be an athlete or regularly participate in sport and need more inclusions in your private health cover.

It’s worth checking out the fine print, as many private health funds have a range of inclusions in their extras cover. Not all in the extras cover may apply to you. Health insurance is meant to cover you for the unexpected. However, you will have a good idea of what you realistically need and don’t need so you can save money by chopping out the things you don’t need out of your health insurance policy.

You Can Get A Cheaper Health Insurance Policy By Having A Higher Excess

If you’re searching for an option to pay less for your health insurance policy, or are looking for cheaper health insurance overall, a good way to do it is by increasing your excess. The excess is a one-off payment you make if you need to claim on your hospital cover or extras cover. You can set your excess at a higher level, and this will reduce your monthly private health insurance premium.

If you’re almost certain you won’t need to claim on your health insurance policy because you’re in good health, you can certainly save money here and get the best deal for your needs. If you don’t think you will be heading to hospital any time soon, then we recommend a higher excess.

Compare Deals and Get Cheaper Health Insurance

Billy Explores knows the best way to get a better deal on your health insurance, or indeed a cheaper health insurance policy is to shop around. But Billy! “We don’t have time to compare health insurance providers by shopping around for a cheaper health insurance policy, while still getting the best policy for my needs!”? Well – this is a great thing! Billy Explores has already done all the hard work for you so you can get a better deal on your health insurance policy! All you need to do is click here and let Billy help you find the best deal for your individual needs from our panel of health insurance providers.

 * Data sourced from Feb-2019 report – APRA website 

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  • How Can I Get Cheaper Health Insurance?

    There are many ways you can get cheaper health insurance.

    1. Pay health insurance premiums by direct debit or your health insurance premium annually.

    2. Avoid the Lifetime Health Cover Loading before you turn 31 years of age – this will save you on increased health insurance premiums.

    3. Have a higher excess on your health insurance policy.

    4. Only pay for the health insurance policy inclusions you need.

    5. Compare health insurance providers through Billy Explores and get the best value health insurance for your needs from our panel of health insurance providers.

  • What Is The Cheapest Health Insurance Right Now?

    The cheapest health insurance policy might not actually be the best life insurance policy for your needs. For example, by just getting the cheapest life insurance cover, you may be missing out on a lot of benefits and not be covered for specific things you do need, for example in your private hospital cover. The best way to make sure  you do have the best value private health cover for your needs is to compare health insurance providers through Billy Explores – our panel of health insurance providers will be able to get your the cheapest health insurance policy for your specific needs.