Private Health Insurance premiums are always on the rise and the financial strain on your pocket might be causing you a bit of grief. It’s time to check your private health cover and make sure you’re getting the best value and benefits for your lifestyle. Healthcare is constantly on the rise, but that doesn’t mean you can’t save some cash.
We know that health insurance costs a small fortune and most of us don’t really think about the total yearly cost when we’re paying monthly (and it’s being deducted automatically), but the costs are considerable. Compare the Market advises that the current average cost for family private health insurance is around $4,040 per year whilst singles pay an average of $2,380*.
As of April 1, 2018, private health insurance premiums rose by an average of 3.95%. For singles the rise meant that you’ll be paying up to an extra $73 per year and for families, this rises to approximately $143 extra.
Overall, the accumulated rate rises for private health insurance from 2010 to 2018 total was a whopping 54.6%, as illustrated by the table below:
Not only are price increases constantly taking effect, if you’re over 30 you’ll also get slugged a further percentage for Lifetime Health Cover on top of your premium once you turn 31 and then for every year you go without hospital cover. You can calculate your loading at PrivateHealth.gov.au (trust me, if you haven’t got health cover yet the results are cringe-worthy).
You may ask yourself “do I really need private health insurance cover?” Well, in short, the answer is YES! The last thing you want is to unexpectedly end up in an ambulance and be left with a call out ambulance bill of $349. Ambulance costs do vary from state to state and depending on the distance to the nearest hospital the total ambulance bill could be even more. And if you have a family then the cost of private health cover is a small price to pay for peace of mind.
On the bright side, don’t forget that you can claim on a lot of expenses if you combine hospital cover with extras cover, so those physio visits or massages won’t hurt your hip pocket as much. And you do get a yearly tax offset as well.
So, how can you save money on your private health insurance, guaranteed?
Firstly, we suggest shopping around for the best option that suits you. Bupa has a great range of policies to suit singles and families. Once you’ve chosen your policy, there is a way you can earn 6% Cashback.
When you shop through CASHREWARDS you’ll earn 6% Cashback on selected Health Care Cover Policies with Bupa*.
Here’s all you need to do:
1. Join CASHREWARDS for free,
2. Click the ‘Shop Now’ button on the Bupa store page on CASHREWARDS,
3. Compare and purchase a combined hospital and extras health insurance policy from Bupa.
CASHREWARDS is Australia’s largest Cashback website and for referring your business to Bupa, CASHREWARDS will earn a referral fee. By being a member of CASHREWARDS, the majority of that referral fee is passed back to you – in this case, you’ll receive 6% Cashback simply by clicking through CASHREWARDS first.
CASHREWARDS not only offers Cashback at Bupa, but there are also over 1,200 Australian and international retailers on board in all major categories including travel, tech, fashion, food and liquor, and more. You can also save 5% on your petrol, groceries, liquor and more when you buy Woolworths WISH gift cards through CASHREWARDS.
Being a smart, savvy shopper and earning some Cashback for yourself and your family on the right private health insurance cover isn’t all that hard when you know where to look. Become the newest member of CASHREWARDS and start saving now.
*See Terms and Conditions on Bupa store page regarding Cashback.
Disclaimer: Some items in this article may not be eligible for Cashback. Deals, products, displayed prices, cashback rates and available retailers through CASHREWARDS mentioned above may change at any time without notice. This article has not been specifically sponsored in any way, by any retailer, although CASHREWARDS has ongoing partnerships with the stores mentioned above in order to provide you Cashback at these stores.