How You can Get Ahead and Beat the April 1st Health Insurance Price Hike
This year April 1st won’t be all fun and games for those with private health insurance premiums as the average cost will rise by 6.18% or over 3 times the inflation rate. These increases in premiums are part of the health insurance companies plan to accommodate the removal of the 30% health insurance rebate no longer provided by the government which means the coming years could see similar yearly price hikes.
However, there are a number of ways you can beat this increase in the cost of private health insurance premiums and end up coming out on top.
Firstly, it is important you review your policy against your needs to assure that you are only paying for what you use or are likely to use in the foreseeable future. If you review your policy and discover you are paying for extras and benefits that you don’t use or are unlikely to use then it may be a financially sound decision to select a cheaper policy.
However, if you do review your existing policy and find that it does cover your needs without any unused or unwanted benefits then you may benefit from comparing health insurance providers. The private health insurance industry is extremely competitive which is fantastic for consumers as generally this will allow you to find a provider who is offering a comparable or identical policy at a more affordable price.
The final method you can use to come out on top of April 1st is locking in your current premium by paying in advance. Many Private health insurance companies allow their policy holders to pay premiums up to 12 months in advance. This essentially locks in your premium repayments as if the advanced payment is processed before April 1st the cost will be calculated on the pre rate rise premium level.