Health Insurance & Cashback - Is It Worth It?

LTairly-There on 16/03/2021 - 15:22

Hi all

Was hoping you could help me with working this out. I change health insurance every year, but instead of paying monthly, I typically pay annually in one big sum.

Like everyone else here I use shopback and cashrewards and bupa has no deals on cashrewards but when I searched health insurance compare club came up (4%).

My question for those that know cashrewards better than me is if I pay for annual cover will I be getting the monthly cost or annual cost back via cashrewards. nobody could answer this for me so hopefully you all can.

ie
New annual cost: $212.57 monthly or $2,550 annual, same price as direct.
Cashback: Is it $8.5, $102 or 90 days worth, which is $25?

Super confused. If it is $8.5 it probably isn't worth it but if its $102 ill do it.

Financial Health Insurance Insurance

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Comments

  • WookieMonster on 16/03/2021 - 15:37

    My presumption is that it would be 4% cashback on the amount you pay upfront when you sign up for the policy, i.e.:

    • If you elect to pay monthly when you sign up and pay for the first month upfront, you’d probably only receive $8.50 cashback.
    • If you elect to pay annually when you sign up and pay for the first year upfront, you’d probably receive $102 cashback.

    However, this is only my best guess. I’d reach out to Cashrewards support for clarification if I were you, just in case their website accidentally omitted key details regarding this cashback offer. If Cashrewards support are not helpful, you could also send TightArse (one of the Cashrewards reps on this site) a private message.

    • Tairly-There on 16/03/2021 - 15:55
      +1

      Ill report back. I asked compare club so probably makes more send to ask Cashrewards!

      • Tairly-There on 18/03/2021 - 18:45

        Please be aware that Cashrewards is only available on Compare Club Health Insurance products, at this point in time. The cashback paid is based on one months premium payment.

        Got an answer!

  • YesPleaseThankYou on 16/03/2021 - 15:42

    You are best off changing every few months, via the 6 weeks free offers. That gets you the greatest discount (up to 60%).

    Quibbling over a potential 4% hardly seems worth it.

    • Tairly-There on 16/03/2021 - 15:55
      +1

      That is too much effort, but I might look into that. I change energy every 6 months so maybe I do an all over cleanse on the same weekend.

      • YesPleaseThankYou on 16/03/2021 - 16:00

        Understood.

        My view is that the high cost of PHI makes it worth it. Also, changing funds is super easy and the old fund refunds any unused premium.

        • montorola on 16/03/2021 - 19:29

          I wonder if it'll come back to bite you in some way if you choose to claim and they see you've been effing around with all the other PHI lol

          • YesPleaseThankYou on 16/03/2021 - 19:42

            @montorola: No, this is completely acceptable.

            Portability between the PHI providers is part of government policy, designed to encourage competition.

  • screensaver on 16/03/2021 - 17:55
    +1

    Pay in advance before Mar 31 to save any increase on apr 1, even if you switch to get 6 weeks free (eg medibank(

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