All,
As described in title. If you pre-pay 12 months of cover when taking out a new policy through iSelect, they'll send you a $200 giftcard.
Essentially this ensures they get their commission.
I was reviewing my cover so this was a nice added bonus.
Enjoy
You mean eftpos gift cards generally?
Or these iselect ones specifically?
both
Oh according to eftposgiftcards, Use anywhere eftpos is accepted
https://www.eftposgiftcard.com.au/why-us/
Got any links to where they're restricted too?
Just a FYI, iselect doesn't actually have all the policies that are available with individual companies (medibank bupa etc), so just keep that in mind, so you might find that a company has a policy that might suit you better, but i select doesn't 'stock' it, so to speak
EDIT: Also you could be better off paying the yearly premium just before the rate rise, i.e. pay it on the last day possible 31st march, that way u lock in your old rates. You'd have to work out if next year you end up paying more than $200 when your policy is up for renewal - 31st march
Just a FYI, iselect doesn't actually have all the policies that are available with individual companies (medibank bupa etc), so just keep that in mind, so you might find that a company has a policy that might suit you better, but i select doesn't 'stock' it, so to speak
This is a real issue as there are no health comparison websites that do them all and none should be able to advertise themselves as a comparison site. The biggest issue is that they take between 40 and 80% of the first years premium and can have an ongoing 5-15% as a commission, this drives up the prices for everyone.
In the computer world you have comparision sites like staticice that do all websites and others like shopbot that only compare between those that pay. IMO the only comparison site is in fact staticice, the others should be shut down or remove the comparision from their claims.
A $200 card when they are potentially make thousands and the worst part is that you will end up paying hundreds extra each year because of these so called comparison scam websites.
https://www.choice.com.au/money/insurance/insurance-advice/a…
See www.privatehealth.gov.au and go to the Compare policies area as a good starting point or additional comparison.
See www.privatehealth.gov.au and go to the Compare policies area as a good starting point or additional comparison.
Thats a good point, the issue is that that I never see that advertised but only those stupid commercial operations and iselect has something like 20% of the market for new health insurance.
http://www.privatehealth.gov.au/ is a government site. Agree that iSelect/comparethemarket etc are driving up prices and inefficiencies in this market for all ready high prices
Edit: beaten to it!
Keep in mind Privateheath.gov.au doesn't ask for any info to assign your government rebate.
So the quoted prices are way higher than iselect etc who apply the rebate amount in their quotes.
Long story short, if you're under 65, single earn less than 90k or couple/family on less than 180k…
Take 26.791% off the quoted prices on privatehealth.gov.au.
Then compare THAT price to anything on iselect etc.
Insurers are not allowed to charge different prices for the same policy. All policies for all insurers are listed on the privatehealth.gov website. Compare prices on privateheath.gov.au against each other and forget about any rebate or loading.
The only reason to use comparethemarket or iselect is when they're offering bonuses like this gift card. They can't get you a better or worse price for any given policy.
I didn't say the prices were different.
I said the prices on the government website dont take the government rebate into account, but the commercial websites do.
@chickenface:
That's in reference to comparing prices of different plans from different insurers.
Not the same plans from the same insurers across the different websites.
Maverick beat me to it. The hidden cost in our insurance premiums to fund the fees/commissions paid to companies like iSelect is surely much bigger than these $50-$300 inducements.
An ACCC report from a few years back said that in the private health insurance sector, commission payments are generally between 20 to 40 per cent of the first year’s premium, with a trailing fee also payable in some cases.
(edit due to Maverick's edit :P)
(edit due to Maverick's edit :P)
I edited that just after posting it.
An ACCC report(accc.gov.au) from a few years back said that in the private health insurance sector, commission payments are generally between 20 to 40 per cent of the first year’s premium, with a trailing fee also payable in some cases.
Problem is it's not disclosed anywhere and the smaller ones will pay more to attract more business and the percentages vary, the insurances like life etc will pay a lot more for the first year and ongoing due to very high margins.
If we got rid of these fake comparison sites I'm sure that premiums across the board could be cut by hundreds of dollars each year. The spending on advertising for the comparison sites is massive.
https://www.choice.com.au/money/insurance/insurance-advice/a…
FYI Hospital Cover only.
What is the cheapest policy?
Thanks for the direct link. I can't modify the youtube link. MOD: please amend as per James0360 comment please.
down from $300 to $200 and also one month earlier from last year
but might still worth
thanks .
Is there a wiki referral page for iSelect? I just changed my healthcare from NIB to AHM and received an email saying that if I refer a friend, both of us get $50. All you have to do is give them a call, mention "refer a friend" and quote the client number. Mine is (Mod: Removed) if anyone is looking to get an extra $50. :)
Edit: Was told that the offer ends this saturday.
Then you don't get the $200
a. The Giveaway cannot be claimed in conjunction with any other offer, giveaway or promotion offered
by iSelect or any related body corporate (as that term is defined in the Corporations Act 2001 (Cth),
“Related Body Corporate”) of iSelect
I spoke to a rep there and they confirmed that you can get both. The $50 voucher is a coles & myers giftcard.
Sweet then
Referrer and Referee both get a FREE $50 Coles Myer Gift Card after you sign up
Is there a wiki referral page for iSelect?
i made you one. you could have done the same
Anyways, i just got off the phone with iSelect and was told that the "refer a friend" promotion ended on Sunday, and its was for Combined Hospital + Extra's cover
@easternculture:
Their email says ended 8/2/17. Though upon calling I was told the promotion will be on till this Saturday.
@easternculture:
Also, had never made a wiki so just thought I'd ask. Guess I know what to do next time.
funny I just called iSelect, their cheapest option (Frank) is about 4% more then I'm paying with GMHBA (which owns Frank). ALthough the $200 eftpos card makes it much cheaper. But since they've been given the OK to increase premiums by 5% this year, it's a good time to lock it in.
Here's a list of the health fund increases since 2010 -
http://www.health.gov.au/internet/main/publishing.nsf/Conten…
GMHBA has averaged 6%/pa or
if my premium was $100/mth in 2010, I'd be $150.10/mth now.
ALthough interestingly he suggested that I should consider dropping our cover since unless we earn over $180k/family there's no tax penalty any more (except of course when you re-join).
NB it takes ~90days for the eftpos card to be sent.
I personally wouldn't be taking ANY financial tax advice from the guy in the call centre at iselect.
of course not, I was amused he was basically telling me think about cancelling my cover altogether (which would mean they don't get a sales commission). If the Govt hadn't of mandated it, I would, it's a waste of money for us.
Tip: Prepaying your health insurance policy doesn't lock you in like a mobile phone contract. You can cancel your policy after you receive your gift card and the health fund will refund your remaining prepaid premium.
Of course, this means you lose the benefit of the ~5% lower premiums from locking in the rates before they go up.
Plus you'll have to re-serve waiting periods
Do I sit waiting periods again when I switch insurers?
When you switch health insurance policies, any waiting periods you’ve already completed will be waived if you’re moving to comparable (or lower) cover.
From https://www.comparethemarket.com.au/health-insurance/waiting…
I just called HCF directly and told them iselect will give me $200 EFTPOS card if I pay a year in advance. I said I would do it through them directly if they matched it - they couldn't give me an EFTPOS but did give me a $200 discount on the policy. Much better in my opinion and it means I don't have to deal with the iselect guys.
Prepay one year in advance…. How about cancel or switch to another provider within a year? Do you still get the gift cards?
EFTPOS Cards are only usable at selected stores which accept them, most may not.