More Australians save money by searching for a better deal

Rising living costs are persuading many Australians to batten down the hatches on their finances. In times like this it is imperative you have adequate insurance to cover you for life’s unexpected expenses.

Don’t pay a premium price for policy inclusions you are unlikely to use or for cover you can get elsewhere cheaper. If you are one of ten million Australians with private health insurance now is as good a time as any to see if a better suited and lower priced option exists, advises popular health insurance comparison website HelpMeChoose.com.au.

CEO Justin Hanka said, “In this environment of rising costs across many products and services, you should be comparing your health insurance in search of a better deal.”

“It’s about being proactive and regularly assessing the policy to ensure it covers your current requirements and doesn’t cost extra for things you are unlikely to need.

“Recent Roy Morgan research shows the use of the internet to obtain private health insurance policies, either through an insurer’s website or by using an insurance comparison website such as HelpMeChoose.com.au, has increased by nearly 50% since September 2009.

“Further, 80% of customers we helped switch private health insurance policies in August and September saved money. Of these, 78% are now saving more than $200 per annum!*

“Habitually comparing and updating your cover can lead to significant savings. For example, if a couple with hospital and extras cover who was no longer considering having children removed pregnancy and birth related benefits, their average month policy premium could drop by between 17 and 19%.

“If this same couple shopped around they may also find a different insurance provider offering exactly the same cover for an even better price. It’s worth getting a second opinion.”

HelpMeChoose.com.au offers five top savings tips for those looking review their private health insurance:

1. Tailor the policy to suit your needs and lifestyle by considering whether to go with hospital cover, extras cover or a combination of the two. However, carefully review it to ensure you know what you are covered for and shop around as policies vary between providers.

2. There are certain types of conditions that people are more likely or less likely to require treatment for, and thus insurance cover for, depending on their age and current lifestyle. To help reduce your premium, select the treatments you are more likely to need and exclude others.

3. Consider restricted benefits for the treatment of certain conditions for an agreed period of time, whereby if you need such treatment the health provider pays less and you contribute more.

4. Depending on your fund and policy you may be able to agree to pay a higher excess and/or a co-payment towards hospital treatment costs, which reduces your premium.

5. Premiums often rise annually so get in beforehand and pay your insurance in advance, ie. for the next 12 months at today’s rate. Note this doesn’t guarantee your provider will not make changes to policy rebates, annual limits on spending for covered benefits or the services covered.

HelpMeChoose.com.au is offering a free check of your insurance policy. If they can’t save you at least $50 off your annual policy premium by switching, they will give you a $50 Coles Group & Myer gift card.

Get a second opinion on your insurance policy.

Call 1300 232 884, request a call back from one of our health insurance experts or use our free online comparison.

*Based on a survey of 193 customers who switched cover during August and September 2011 and saved money on their annual premium (including the 30% federal government rebate). Note some customers may have switched to a lower level of cover or opted for a higher excess. This excludes customers who were upgrading their level of cover.