Health insurance premiums are going up every year and in 2022, are rising at an average of 2.70%*.
Although 2.70%* might not seem a lot, Compare Club‘s data suggests that Australian couples aged 65 could see an average increase in premiums ranging from at least $155^, depending on your policy.
So how do you keep your health insurance affordable while still making sure you’re covered for everything you need?
It’s simple: compare with Compare Club today and if you get a better deal, switch to a better value policy in minutes.
How much does loyalty to your health insurer cost you?
Staying loyal to the same health fund could really cost you, especially if you’ve put switching policies at the bottom of your to-do list.
Compare Club’s experts have crunched the numbers for you, and if you haven’t changed your cover in the last five years, premiums on average have gone up by 15.56%^.
If that number isn’t shocking enough, Compare Club’s internal data shows that if you’ve got a couples policy, you’ve paid, on average, around $794^^^ more for the same cover.
It’s easy to get a better deal with the help of Compare Club’s experts
It’s easier than you think to miss the letter from your health insurer and end up paying hundreds of dollars more.
Compare Club’s CEO Andrew Davis says that there’s some demographics who are sometimes hit harder than others: “We’ve found that older Australians are especially vulnerable to falling victim to the common health insurance traps like staying on an outdated policy, being talked into a higher level of cover, and fund loyalty incentives.”
Fortunately, thousands of Australians have seen significant savings in their pocket once they’ve spoken to Compare Club’s experts#.
Over the last 5 years, Compare Club has saved their customers an average of $320** on their annual health insurance cost when they switched policies through them.
So what are you waiting for? Make sure you’re saving on your health cover today and speak to Compare Club‘s experts now.
This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.
*Health.gov.au, List of historical premium price changes by insurer – 1997 to 2022, accessed 30th August, 2021.
**Based on 111,658 policies sold Jan 2017 – Nov 2021
^2.70% premium increase applied to the average premium of policies purchased through Health Insurance Comparison by singles and couples aged 65+ years in 2021
^^^5 years of average premium increases applied to the average premium of policies purchased through Health Insurance Comparison by couples in 2018.
#Compare Club compares selected products from a panel of trusted insurers. We do not compare all products in the market.
This is a sponsored article produced in partnership with Compare Club.