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Participating Health Funds

COUPLES HEALTH INSURANCE: CASE STUDY

How a couple saved $1,400 a year on health insurance using moneytime

Profile:

Sue and John live in sunny Brisbane and have been married for three years. They took out a comprehensive hospital and extras couples health insurance policy with one of Australia's top private health funds when they first got married, with the plan in mind to start a family soon. However, the longer they waited to get pregnant, the more they found that the cost of health insurance was blowing out their budget. Their health insurance policy had an Excess of $250 and their payments were $314.67 per month. They decided to review their health cover to find another couples health insurance policy that would cover them for things they needed, without having to pay for things they would not use.

Sue & John's health insurance review:

After some research on the moneytime website, Sue and John decided to switch to ahm Family Hospital Level 5 & Lifestyle Extras at $198 per month. They kept the same excess and also chose extras features they were likely to use.

Sue and John saved $116.67 a month - a total of over $1,400 a year!

They kept obstetrics cover and other features that were important to them, but eliminated some hospital and extras features they weren't likely to use. How much could you save?

Benefits:

Sue and John save $116.67 per month, or $1,400.04 a year on couples health insurance - money they can use to pay off their mortgage faster.
When Sue gets pregnant and goes to hospital, they'll pay the same excess ($250 in this case), but in the meantime their health insurance premium is much cheaper.
They still get the cover they need (pregnancy and assisted reproductive services) but have eliminated health insurance features they don't need, like shoulder and elbow joint replacement. They opted for partial cover for some items they doubted they'd need, like cataract, dialysis and psychiatric.
They eliminated some extras they didn't need at this stage in their lives, such as hearing aids, glucose monitors and podiatry benefits.
Although they receive less benefit for general dental, they receive $450 in benefits more per person for major dental, as well as higher limits on other health care practices they might like to use, such as naturopathy and remedial massage.

Note: it's a good idea to review your private health insurance policy at least once a year, but the above case study is a guide only. Your personal circumstances should be considered when reviewing your health cover, as individual needs can vary greatly.

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