Aussies advised to not pre-pay medical insurance

Aussies advised to not pre-pay medical insurance

The exterior of a Bupa health insurance branch.

A lot of the main medical insurance corporations have delayed premium rises. (Supply: Getty)

Aussies who’ve personal medical insurance don’t must rush to pre-pay to lock of their premium this yr, with many main well being funds delaying premium will increase.

Client advocacy group CHOICE has urged Australians to verify in with their well being funds earlier than pre-paying their insurance coverage.

“Over 80 per cent of funds are delaying their premium will increase as a result of COVID-19 pandemic, which signifies that most individuals need not pre-pay their premium now,” CHOICE insurance coverage professional Jodi Chicken mentioned.

“Well being funds and comparability websites will push you to pre-pay your premium now, however that solely helps in case your fund is rising its premiums on 1 April.

“Do not fall for the medical insurance promoting blitz … and maintain your cash in your individual pocket,” Chicken mentioned.

Greater than two dozen personal well being funds have introduced they are going to be delaying their 2022 premium improve as a result of pandemic. This contains among the massive medical insurance funds:

Some funds will even let you lock in your premium for as much as 18 months by pre-paying your cowl.

The right way to delay your improve

1. Verify in case your fund is delaying your premium improve this yr.

2. Learn the way lengthy you may pre-pay for, and what reductions for pre-paying and paying by direct debit are on provide, if any. Contact your fund straight for this data.

3. Be sure you pre-pay earlier than costs improve. Verify if a pre-payment date applies along with your fund and that your fee is acquired earlier than the deadline.

“Now can be a good time to evaluation your cowl and ensure your medical insurance really matches your wants,” Chicken mentioned.

“You may be capable of get monetary savings by downgrading your cowl in case your state of affairs has modified and even by switching to a brand new fund.”

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