Common Private Health Insurance Discounts

Insurance discounts are an ally to those that may be searching for health insurance, as well as those that are currently in a policy.  Perhaps you aren’t taking full advantage of your policy and other related options.  Follow along for a quick rundown of some possible health insurance discounts that may be available to you.

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The Joy of Bundling

Bundling occupies sort of a pinnacle in terms of health insurance discounts.  It is often the most impactful discount that you can find – and it is almost always present.

If you aren’t aware of bundling, it simply refers to when you combine two or more policies with the same insurance company.  Hence, you could combine your health and car insurance policies, your life insurance with income protection and disability, and so forth.

It is quite powerful.  You might want to see if your current health insurance company provides other insurance products, and certainly look out for bundling options when you compare private health insurance.  Sometimes a bundling opportunity can justify a switch to a different insurer – and that goes for any type of insurance product.

Paying for Private Health Insurance

Believe it or not, the way you pay for your health insurance can be related to a discount in itself.

Typically premiums are increased on an annual basis, around April by about 5%.  Hence, if you were to pay for the full year’s health insurance, you could obtain easy savings by locking in that rate for the full 12 months.  That would be an easy way to obtain discount-like savings – without an official “discount.”

You can also get a discount by the way in which you pay.  Direct debit is a common way to do this – and it’s applicable in many contexts, such as paying for a personal loan automatically.  A quick search online has found a company that saves you 4% when you set up direct debit.  Perhaps your company offers something like this.

Government Provides Options

If you aren’t aware of what is offered, you should certainly get up to speed. You’ll receive at least 30% off with the Private Health Insurance Rebate.

Avoiding Lifetime Health Cover and the Medicare Levy Surcharge are additional incentives to purchasing private health insurance.

The latter surcharge comes in at one percent, and the prior item will increase as time goes by for those who earn above a certain percent.  If you aren’t taking advantage of these benefits, you certainly should look into them and react accordingly.

Private Health Insurance Discounts Overview

There might not be that many options when you compare health insurance to other products.  It’s not as if you can buy the health equivalent of a security system or a defensive driving course to get an extra discount – though those parallels would be nice.

Regardless, there are some important discounts that might be available to you.  There may be some that don’t appear on this list.  You would do well to ask if this is the specific case with your insurer, or those you are considering.  Everyone loves a discount on insurance, right?

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