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Health Insurance
Use the moneytime comparison engine to find the right health insurance for you
Frequently Asked Questions
Moneytime and Me
- Will using your service cost me anything?
- Which Health Funds do you represent?
- What if I already have health insurance?
- How do I know your information is accurate?
- Why should I shop with you rather than buying my insurance plan elsewhere?
- Will my premium ever be higher than the cost indicated by Moneytime?
- Do I have to provide my private information?
- How do you protect my private information?
- Who do I contact if I haven't heard from the Fund I've joined?
Private Health Insurance
Related Links
Participating Health Funds
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FAQs: Moneytime and Me
Will using your service cost me anything?
None of the moneytime services will cost you anything to use. The Health Funds that we represent pay a commission for our services, so you can compare health insurance options as frequently as you want completely for free.
We also guarantee that the price you pay for joining a health insurance plan through Moneytime is the same as you would receive if you applied online directly to the Health Fund – our prices are directly from the Health Funds to you.
Which Health Funds do you represent?
We represent a number of leading Australian Health Funds, who have chosen to partner with us to present their health insurance policies to you. We provide a quality channel through which different health insurance policies can be compared side by side to help you find the one that suits you best.
Moneytime's partner Health Funds include:
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We are also working to partner with other major Health Funds, not yet represented on our site, to further broaden the range of options available to you on Moneytime.
What if I already have health insurance?
If you already have health insurance, it's recommended that you review your policy to make sure it still suits you. Not only do you need to review your health insurance during major lifestyle changes, such as getting married, having children or when your children have grown, but also, as each of the funds review their policies and prices each year, you should also review your policy to see that you still have the best deal available for you.
What many people don't know is that there is no penalty for switching policies or Health Funds along the way – all waiting periods that you've already served will be credited to your new health insurance policy, and the only additional waiting period will be for extra features or higher benefits. In addition, your Lifetime Health Cover is not affected as long as you maintain continuous hospital cover. Of course, benefits claimed on your old health insurance and lifetime benefit limits will be taken into consideration by your new Health Fund.
You can start comparing now on Moneytime to find a better deal on your health insurance, and you can transfer to the new health insurance plan by joining online with us. Simply provide the details of your current health insurance policy on your Moneytime application form, and the Health Fund you are applying for cover with will send you a form to finalise the transfer – it's that easy. The only thing you may need to do is contact your financial institution to stop any regular payments you have in place to your old health fund.
How do I know your information is accurate?
All our information is sourced from a database that our partner Health Funds keep up to date for regulatory purposes, ensuring that the information on our site is accurate and current. The product brochures available for download from our website all come directly from the Health Funds themselves.
Why should I shop with you rather than buying my insurance plan elsewhere?
There are several reasons why we believe Moneytime is the choice for you:
Range: we are not a Private Health Fund ourselves, so are able to offer a broad range of choices from multiple leading Health Funds around Australia. Our health insurance comparison engine also makes it easy to focus on the cover that suits you, so you can make the right decision about which health insurance policy to take out.
Transparency: we ensure that we provide enough information on the health insurance covers that suit your requirements so you can make an informed decision. Our system is completely impartial, and we do not try to influence you with recommendations or interfere with your natural process of selection - we simply make it easy for you to find the cover you want.
Price: our health insurance rates are direct from the Health Funds to you, exactly the same as buying from the Health Funds themselves. We also ensure that you get special deals and discounts from our partner Health Funds from time to time, so you get the best deal possible.
Will my health insurance premium ever be higher than the cost indicated by Moneytime?
The premium we show on our website – as with most Health Funds and other related sites – is the monthly health insurance rate you can expect to pay including the Federal Government 30% Rebate and no Lifetime Health Cover loading.
Your actual health insurance premium may be higher if you choose to claim your rebate a different way or if you have a Lifetime Health Cover loading. Your health insurance premium may also be lower if you are aged over 65, as you will be eligible for a higher level Federal Government rebate.
Do I have to provide my private information?
You can browse around our site and compare different health insurance policy options without disclosing any of your personal details. The only time you'll need to provide any information is when you want to apply for a health insurance policy or register for mymoneytime.
How do you protect my private information?
At Moneytime, we take security seriously. We use industry standard sockets layer (SSL) to protect all your personal and transactional information by ensuring it is encrypted before transmission. All data is processed on a secure server designed to safeguard your privacy. For extra peace of mind, the security of our website has been certified by web security experts, Thawte. See our Privacy Policy for more information.
Who do I contact if I haven't heard from the Health Fund I've joined?
Immediately after you have submitted your application for health insurance, we provide you with the details of what happens next, on a page that includes a Moneytime reference number. If you are concerned that your new Health Fund has not responded in the time that is indicated on this page, please call Moneytime on 1300 88 26 36 or email us at help@moneytime.com.au
FAQS: Private Health Insurance
Am I eligible for the Federal Government Rebate?
All Australians eligible for Medicare receive a minimum of 30% rebate on their health insurance from the Federal Government, provided that their chosen Health Fund is registered. All of Moneytime's partner Health Funds are registered. People aged between 65-69 receive 35% rebate on their health insurance and those over 70 years old receive 40% rebate.
A 30% rebate amount is included in the health insurance quotes that you see on Moneytime, as it is the most commonly-used figure amongst the Health Funds themselves, and also the Government database held by the industry ombudsman, PHIO. Even though it may not match your own circumstances exactly, it provides a common starting point for comparing Health Funds and health insurance policies.
You may prefer to pay the full health insurance rate without the rebate, then claim it when completing your tax return or as a cash amount from your local Medicare office. It's your rebate, your choice.
Do I have to serve a Waiting Period?
The Waiting Period, usually indicated in months, is the initial period from the time you take out your health insurance policy to when the benefits for particular features become available to you. For example, if the Waiting Period for Pregnancy/Birth Related Services is 12 months, that means you will need to wait until 12 months after you start your health cover before you are eligible to receive benefits for Pregnancy/Birth Related Services.
If you are transferring from one private health insurance policy to another and have already served your waiting period, then you do not have to serve it again as long as the level of cover is comparable. However, if your new health insurance policy has new or higher level benefits, then you may need to serve a new waiting period before the increased benefits become available to you.
What is a Pre-Existing Ailment and how does it affect me?
A Pre-Existing Ailment is any illness or condition that you had signs or symptoms of during the six months before you purchased health insurance – this includes conditions that had not yet been diagnosed by yourself or your doctor prior to taking out your health insurance plan. As a general rule, most Health Funds have a Waiting Period of 12 months for Pre-existing Ailments, except for psychiatric care, rehabilitation or palliative care, which each require a two month wait only.
What’s the difference between an Excess and a Co-payment?
Both Excess and Co-payment options are designed to lower your health insurance premium. In both cases, you are agree to make an out-of-pocket payment for hospital admittance, in exchange for a lower up-front premium.
An Excess is the amount of money you pay towards hospital treatment, regardless of the number of days you are in hospital. Some Health Funds charge the Excess for your first admission to hospital while others charge the Excess every time you are admitted, so be sure to read the policy details.
A Co-payment is the amount of money you agree to pay for each day that you are in hospital, up to an agreed amount. For example, a Co-payment agreement of $50 means that you pay $50 for each day you are in hospital. There is usually an upper limit to the total number of Co-payments you will be required to make in a year, or for each stay in hospital.
Should I take out a health insurance policy with an Excess or Co-payment?
That depends entirely on your personal circumstances and requirements. If you are interested in lowering your health insurance rate in exchange for paying an agreed sum for any hospital visits you may need to make, then it is worthwhile checking out your Excess or Co-payment options. It's easy to see the trade-off with Moneytime - each time you click on a different Excess or Co-payment option in either the results table or the comparison table, the premium will change instantly to show you the difference.
How do I know if I have Lifetime Health Cover?
If you took out private health insurance before 1 July 2000 or before 1 July following your 31st birthday, and have had continuous hospital cover since then, you will retain a Lifetime Health Cover age of 30 for as long as you continue to be covered. That means you receive the lowest health insurance premium possible and no age loading.
If you joined after 1 July following your 31st birthday, then a 2% loading is added for each year you delayed taking out hospital cover after turning 30. For example, if you take out hospital cover at 35 years of age, you pay a 10% loading on top of the usual premium. The maximum loading is 70%, and special circumstances apply for those who were overseas for part of the time that they were not covered.
10 years of continuous hospital cover under private health insurance is rewarded by the removal of all age loadings, so you can start afresh with a Lifetime Health Cover age of 30 - no matter what your actual age.