Hi all. Is there any benefit to being loyal to one private health insurer?
Background: Am 24 year old looking for hospital cover to avoid MLS. My family has been with Bupa for 20 years now and was wondering if I'd get any advantages sticking with Bupa (I would just have my membership transferred) or going for a different insurer for a (marginally) cheaper price with similar benefits.
There are no advantages to sticking to the same health insurance company, especially if you are not actively using the benefit schedule aside from extras.
Cycle every year and get the 6 weeks free promotions. Or free stuff.
Do you get loyalty based promotion? or is it cheaper than other? if not NO
No loyalty - you are just a number to them
my h.i. provider as letters in my member id
Some funds increase extras claim limits every year you are with them. However its not usually compelling IMO.
No loyalty unless they are really offering the best. I doubt Bupa is doing that.
Compare here - https://www.privatehealth.gov.au/dynamic/search/start
Don't forget you may have access to corporate plans if you're with an automobile association or closed plans if you (or your family) are police, ADF, teachers etc.
There are quite a few threads about this.
For so-called loyalty, some may increase the limits on extras. The benefits are nebulous.
If you have the time and patience, it's best is to follow the promo offers. The greatest discount is obtained from the 'stay one month get 6 weeks free' offers. This equates to about 58% discount if you follow these offers assiduously and churn to a new provider immediately after the expiry of the free period.
Cancelling will sometimes require you to speak to the provider's retention team, who will warn you of the perils of switching to another provider.
If you're just trying to avoid MLS, choose the cheapest health insurer, probably Frank Health Insurance.