So I am currently with Medibank on Hospital and Extras with Medibank Bronze Plus.
I'm trying to work out the following:
1. If I change my insurer, can I get most of the limits back? It seems like this information gets shared across.
In your experience, is there a good time of year to change?
Which private health insurers would you recommend?
My main use of extras are for dental, opto and massages.
I already have it, and do need it. Trying to figure out if there are ways to further maximise limits and amount paid.
www.privatehealth.gov.au for the govt's comparison site. Pick the categories you need and don't need.
Your existing provider will share your served wait times for each category if you change but you'll still have to wait for the higher limits if your new provider has a bigger amount. You can still claim at your existing limits with the new provider until you've served your wait times.
GMHBA has their 85% refunds which can be great value if you claim regularly; I've not seen other providers with a similar percentage-based rebate system.
If you're affected by tax and you're using it as a vehicle to minimise tax then take it out (i'm on the bare bones and i'm like $2.5k ahead because of it.
If i was under the private health cover tax threshold then i'd avoid it at all costs.
As for me i'm with Qantas basic for around $700 a year.
Its a trash policy though
Hi @Drakesy, I'm same like you, need to minimise tax, Would you mind sharing the link for getting Qantas policy? Tried Family and Couples cover, getting quotes more than $2700/annum.
If I change my insurer, can I get most of the limits back?
For each like for like category, the claimed amount is carried over, and any limits you have served waiting period. If your new policy has limit of $1000 and your old policy has $600, then you will need to serve waiting period for that extra $400 limit
In your experience, is there a good time of year to change?
Check when your old and new policy reset their limits. Most i have dealt with change at 1 jan. i think the best time is march, if you pay up front yearly. Otherwise, change in april so the new price is reflected in the quote.
I've been with GMHBA for several years. I do compare policies every 12 - 18 months looking for a better deal however GMHBA still works out to be the cheapest with best coverage. I work in finance where there are corporate 12% discounts with BUPA and Medibank. GMHBA still works out better even without the discount.
Thanks! A couple of you guys vouching for GMHBA, I'll look into it. I found the same with my corporate discount.
Personally got good quotes from phoenix and latrobe health. I’m currently with a fund that’s restricted to the industry I work in, but probably will switch when it expires.
If you want good balance between price and benefits, look for the non-for-profit funds. They are not that much more than ‘junk’ policies. If it’s purely for tax purpose and you don’t care for actual private coverage, NIB was one of the lowest for ‘junk’ policies.
Definitely not just for tax purposes
hey damster, what did you end up with? i use australian unity which was about 1300 for a year last year, with an additional 6 weeks coverage. However, I use the same extras as you, and just wanted to know if you ended up finding a cheaper one :)
Been a bit lazy and put this one on a pause to see any rate changes coming through. Going to analyse indepth this weekend! Will keep you updated.
Rate changes usually come through 1 April, however, some places seem to have pushed it off until Sept
- If I change my insurer, can I get most of the limits back? It seems like this information gets shared across.
Are you trying to:
For a limit of $1000
Go get something need.
Exhaust limit so you have $0 for this year
Change insurer
Are you asking will your new insurer give you $1000 for this year?
(I'm making up the $1000 amount)
looking to join phoenix health and after a referral code please
I ended up calling medibank and telling them im leaving to HCF. They upgraded me with no waiting time for extras benefits + 24% discount for 6 months.
We were with Medibank premium went up to something ridiculous.
Ended up narrowing it down to GMHBA and Mildura Health
Decided on Mildura Health as their extras benefits were much better in our situation. Call centre is based here and anyone who i have spoken to are more than happy to help with queries.
Mildura health had better benefits and coverage that our previous Medibank plan and it works out to be $140 cheaper per month so was a no brainer to switch,
first consider if you need it.