Health insurance premiums are going up every year and in 2022, are rising at an average of 2.70 per cent*.
Although 2.70 per cent* might not seem a lot, our data suggests Aussie couples aged 65 could see an average increase in premiums ranging from at least $155^, depending on your policy.
So how do you keep your health insurance affordable while still making sure you’re covered for everything you need? It’s simple: compare and if you get a better deal, switch.
How much does loyalty to your health insurer cost you?
Staying loyal to the same health fund could really cost you, especially if you’ve put switching policies on the backburner.
If you haven’t changed your cover in the last five years, premiums on average have gone up by 15.56 per cent^.
Based on our internal data, that means If you’ve got a couples policy, you’ve paid, on average, around $794^^^ more for the same cover. Ouch.
It’s easy to get a better deal
It’s surprisingly easy to miss the letter from your health insurer and end up paying hundreds of dollars more.
Health Insurance Comparison’s CEO Andrew Davis says that there’s some demographics who are sometimes hit harder than others:
“We’ve found that older Australians are especially vulnerable to falling victim to the common health insurance traps like staying on an outdated policy, being talked into a higher level of cover, and fund loyalty incentives.”
Fortunately thousands of smart Aussies have already beat the system by switching with Health Insurance Comparison. You can join them too in just a few clicks and beat the health insurers at their own game.
Over the last 5 years, we’ve saved our customers an average of $320** on their annual health insurance cost when they switched policies through us.
What are you waiting for? Make sure you’re saving on your health cover today and speak to our specialists now.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions. We do not compare all products in the market. The availability of products compared may change from time to time. Not all products available from our partners are compared and not all products are available to all customers.
References:*Health.gov.au, List of historical premium price changes by insurer – 1997 to 2022,**Based on 111,658 policies sold Jan 2017 – Nov 2021^2.70 per cent premium increase applied to the average premium of policies purchased through Health Insurance Comparison by singles and couples aged 65+ years in 2021^^^5 years of average premium increases applied to the average premium of policies purchased through Health Insurance Comparison by couples in 2018.
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