This time last year, sweeping reforms were introduced to change the landscape of the health insurance industry.

The health minister claims these reforms have made private health insurance “simpler and more affordable,”* but are Aussies actually seeing their costs go down?

This year’s rate rise will again see an average premium increase rise above inflation, while increases over the last 5 years have outstripped wage growth. Year on year, more of your budget has been going to private health insurance.

The good news is that averages don’t tell the full story. And while most households are paying more, you could be paying less. The key to paying less is knowing where the deals are.

Here's how you do it:

Step 1: Select your current life stage below.

Step 2: Once you select your preferred coverage options, you will have the opportunity to compare quotes from multiple health funds.

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The award-winning experts at Health Insurance Comparison will not only help you compare funds to find the best deal, they’ll also help you take advantage of the recent reforms to make the system work for you.

Here are 3 ways you can make the most of the new system:

1. Increase your excess

One of the simplest ways to cut the price of your premiums is to increase your maximum excess for hospital admission.

Those opting to pay an excess of $750 instead of $500 for a top family policy in NSW, will typically save around $100-$150 a year**.

2. Discover a discount

Another easy way to save is to switch to an insurer that offers an age based discount.

For 18 to 29 year olds, certain health insurers are offering discounts of up to 10% on hospital cover that you can keep until you turn 40.

3. Traverse the tiers

This step requires a little more work than the others, but the pay-off has the potential to be far greater.

With health cover now organised into Basic, Bronze, Silver and Gold tiers it should be simpler than ever to compare like-for-like cover.

But while the cover available at each tier is roughly equivalent, for example a Silver policy with Insurer A will closely resemble a Silver policy with Insurer B, the price you pay can vary significantly.

A recent investigation by Canstar found that there was over $400 difference between the most expensive and cheapest options in the market for Silver tier family hospital cover***.

And the price gap becomes even more pronounced at the higher cover tiers, with the cost of Gold tier policies ranging between $2,900 and $5,500 a year****.

Considering that 50% of Australians with private health cover earn under $50,000 a year, a difference of $2,600 is worth a few minutes of anyone’s time.

And a few minutes is all it takes to start saving.

All you need to do is tell us about your current cover, then our team will get to work helping you find the appropriate cover tier and maximising the value you get from your insurance.

With their expertise, customers are saving an average of $356.70 on their annual premium*****.

It really is that easy to get better value health insurance. Get started now and start paying less today.

Get started now:

Step 1: Select your state below.

Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

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The Guardian

*The lowest private health insurance premium change in 19 years, Department of Health,

Department of Health

**Based on Gold Hospital only cover from the three top insurers by market share.

*** Big price differences for identical private health cover: Canstar research, Courier Mail,

****Average savings based off 15178 customers during FY18/19

This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.

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