Why couples could be wasting money on joint health insurance policies
Health insurance premiums are set to rise on April 1 but these are the things you must do to ensure you don’t get ripped off, particularly if you have a couple’s policy.
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Being coupled up for health insurance could end up being more expensive than flying solo.
Private health insurance premiums are set to jump by 3.25 per cent on April 1, resulting in many members reassessing their cover before this month ends.
A new analysis by financial comparison website Finder has found about 3.5 million Australians are on couples policies, and it could be wasting them money.
For a couple with top cover including pregnancy it costs around $370 per month, compared to $280 per month for one top policy and one basic policy, the analysis found.
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Finder spokeswoman Kate Browne urged members — particularly couples — to reassess their cover because they could be missing out on savings.
“If you’re planning a family and have top cover as a couple you are paying for two people’s pregnancies when only one of you are giving birth,” she said.
“Having a single policy means you can pick a policy that’s specific to your needs and save money.”
Lisa Ondaatje, 37, and her partner Michael Kassar, 36, are expecting their first child in June and have separate insurance policies to save money.
She pays $228 per month and he pays $170.
“I have top hospital cover including obstetrics and I looked at changing health insurance cover about one year ago,” Ms Ondaatje said.
“Michael and I have stayed on our own policies and will reassess it again down the track.”
Ms Ondaatje said this proved to be cheaper than going onto the one policy for now.
CUA Health product manager Harmeet Saini said couples could save with separate policies but there was a catch.
“It’s really important the person taking out the lower level of cover understands the exclusions of their policy,” he said.
“They need to also be aware of the waiting periods that may apply to them if they include those excluded services at a later date.”
Before the price rises start next month, Mr Saini said members should be proactive in checking up on their cover given the health system was undergoing significant reform.
“Some people may end up with a couple of extra services that they were previously not covered for; others may lose some minor services or there may be no change,” he said.
Originally published as Why couples could be wasting money on joint health insurance policies