Health Insurance

How to Save Money on Health Insurance Premiums

Written by Julia Anderson

How to Save Money on Health Insurance?

With health insurance costs to rise an average 6% this year, families may struggle to find the extra $200 required for private health cover.

What options are there for people who want to save money in light of rising costs? Well there are a few:

Pay upfront – Avoid the April price increases and lock in the 2017 prices by paying your annual health insurance premium upfront. If you pay your entire 12 months upfront you lock in the prices that period, putting off the affects of an increase until next year (at which point you could lock in another 12 months)

Based on the average price rise across funds / products, this could equate to a saving of 5.78% over the year (a saving of around $170 for family cover)

Pay by Direct Debit  Many Companies offer a discount for paying premiums by Direct Debit. Nib give a 4% discount for direct debits paid from a cheque or savings account, ensuring that those who are not in the position to pay upfront can still take advantage of discounts and savings.

Shop Around  The average price increase is 5.78%, but some of the larger organizations have only increased their prices by 5.74%, whereas some smaller Companies have increased their premiums by a whopping 7%. Always check the level of cover you are receiving and shop around for an even better deal. By combining this with the other tips above, you could be saving big time!

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Julia Anderson

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