Top 3 ways to save on your health insurance premium

You may be surprised to know there are ways you can save on your private health insurance premium without having to compromise what you’re covered for.

1. Pay ahead before your premium increases

Health funds review their premiums each year due to the rising cost of healthcare and to ensure they can cover the health events of their members. As the increase approaches, you can pay ahead before the increase occurs and lock in your lower premium for longer. Most health funds allow members to pre-pay up to 12 months in advance, sometimes longer. You may also receive a discount for paying annually, which can help you save more for the year ahead. Options to pay do vary so it’s important to check with your health fund and what they offer.

2. Claim the private health insurance rebate

The Australian Government provides an income tested rebate on private health insurance to help cover the cost of premiums. If you are eligible to claim the rebate, it can be claimed either as a premium reduction (that is, you pay less upfront to your health fund), or, as a tax offset when lodging your annual tax return. More information about the rebate and the application income tiers can be found at privatehealth.gov.au.

Not sure if you are currently claiming the rebate? Contact your health fund to find out your rebate tier and how it is or could be applied to your premium if you’re eligible.

3. Have an excess on your hospital policy

Having an excess on your hospital policy will reduce the cost of your health insurance. It means you agree to paying an out-of-pocket amount before your health insurance starts to pay for your hospital costs, in the event you are admitted to hospital. If you are fit and healthy, with no plans for near-future elective surgery, an excess can be a way to save day-to-day. However, you should consider whether you will be able to manage the cost of the excess if you go to hospital. Speak to your health fund about what options are available to you, as excess amounts and how often they need to be paid vary per health fund.¹

With competitively priced Gold hospital cover, industry leading medical gap cover and no preferred providers for extras, Doctors’ Health Fund is made for doctors, their families, and the medical community. We offer the option to pay your premium up to 12 months ahead and you’ll receive an additional 2.5% discount for paying annually.

¹ If you change your mind, waiting periods can apply when reducing the excess on your policy. Please refer to the advice from your health fund.