If you’re over 65, you could be paying more for your health insurance than necessary.
That’s because it’s more likely that you’ve been with your current health insurance provider for more than 5-10 years. Loyalty is admirable when it’s with family and friends, but when it comes to your health insurance, loyalty doesn’t always pay off.
Loyalty doesn’t pay
Loyal customers often get stuck overpaying for outdated policies. New policies get offered to new customers, who actually end up getting a better deal with lower premiums than older, more loyal customers. Seems unfair, doesn’t it?
Plus, the type of health cover that was sold to you when you first signed up may no longer be right for your lifestyle, health needs, budget, and family situation.
You can still get bang for your buck
From 2014 to 2020, the average annual increase in Health Insurance Premiums in Australia was 4.7%. This has significantly impacted older Australians, many of whom don’t have spare cash to splash on a health fund that isn’t serving them.
But price increases don’t necessarily mean you can’t get good value or even cheaper health insurance. If you choose wisely, you can pay less by choosing a policy that only includes the services you need.
Saving money on their health insurance could make a real impact on your weekly budget. It could mean more money to put aside for a rainy day or enough leftover to do something fun like see a movie with the grandkids or support the local cafe.
If seniors want to get more bang for their buck, they should start by asking an important question:
Is your current health insurance policy relevant?
Life can change quite suddenly – from having kids at home to an empty nest, to changing family dynamics, budgets, and health needs. It’s important to keep on top of your health insurance and change it as often as needed to make sure that it’s 100% relevant to you.
Once you know what kinds of inclusions are relevant for you, it’s time to compare your options.
Seniors who want to save need to compare
Comparing health funds is the key to all Australians getting a better deal on their health insurance. But navigating all the different health funds, policies, and inclusions across hundreds of different websites is time-consuming. It can be especially overwhelming for older Australians who aren’t tech-savvy, leaving them at an unfair disadvantage compared to younger generations.
Fortunately, seniors can easily compare the best health insurance options on CompareHealthInsurance.online. It’s a single website that gives you access to a whole range of options, with comparisons clearly laid out. That way, you can quickly see what you can save, what’s included, and how to make the switch to a better value health insurance policy.
