On April 1st, the cost of your health insurance
will rise again, but this time there are a
few changes that might impact you.
Here are the five things you need to know.
Change #1: Health insurance prices are going
up
Every year on April 1, health insurers raise
the price of your health insurance to offset
the rising costs of healthcare. This year
the average increase is going to be 3.25%,
which is actually the lowest in 18 years but
it still means that your monthly premium will
be increasing. But here’s a tip, if you
prepay this years cover before April you’ll
dodge the price rise and pay last years rate.
Change #2: There are brand new tiers - Gold,
Silver, Bronze and Basic.
In an attempt to make health insurance a little
less confusing, the government has introduced
four tiers of hospital cover to help you compare
your options.
For example, a gold hospital policy will cover
you for 38 treatments, where a bronze policy
will cover you for only 16. There can still
be major differences within each tier, so
compare each policy carefully because it’s
not always apples to apples.
The 3rd change: Some natural therapies are
getting the axe.
In another move to keep health insurance premiums
down, a number of natural therapies will be
cut from your extras. 17 natural therapies
are getting the chop this year, including
- aromatherapy, yoga, kinesiology and pilates.
Click below for the full list.
Change # 4: There’s a new discount for young
people
If you're between 18 and 29, you are going
to have access to a range of brand new discounts.
If you're 18 to 25, you'll be able to save
10% a year on your hospital cover, but watch
out because that figure will decrease by 2%
every year you get closer to 30. Be aware,
not all health funds will offer this discount,
so make sure you compare your options. If
you’re under 29 it’s definitely worth
checking this out.
Change # 5: You can make your hospital excess
higher in return for cheaper premiums.
In the past hospital excess was capped at
$500. But from April 1st a new $750 option
is also available, at a lower monthly cost.
Should you ever actually need to visit a private
hospital - you would end up with a higher
bill. Before deciding your cover, think about
the tradeoff.
Remember that these changes will come into
effect on April 1st. So now is the perfect
time to review your cover and make sure you
are getting the best value for your money.
Head to Finder to compare policies and learn
more about these changes. Link’s below!
