https://www.finder.com.au/health-insurance/extras/health-ins…
PHI Churn Info
OZBMate8911 on 07/03/2024 - 22:28 — Public
Just a heads up that they dont apply the free weeks immediatly. They apply them approx 1 to 2 weeks after you qualify and delay your points by another 2 weeks. You end up paying extra 3 to 4 weeks (which is a loss if you churn regularly)
That's the usual process.
What people are talking about here is switching to a fund, eg, Peoplecare, which resets extras mid-year, then again claiming in the previously exhausted category.
I don't cancel extras. Just follow the 1 month + 6 weeks free offers.
HCF resets extras limits on 1 January.
You could claim your full extras on 31 December then again on 1 January.
Very few funds reset limits based on Date of Joining. (I think Doctors Health Fund is one.)
A smaller number of funds reset limits on 1 July (eg, Peoplecare). You could switch to that fund on 1 July and use your full new extras limits.
Yes, I set the start date to be the day after the 'To date' of the old policy.
Usually, I get the new policy ready a couple of weeks prior to the old policy ending.
I have found, lately, that the 'old' fund issues the transfer certificate at the time of requesting closure of the policy. A replacement transfer certificate is issued if you make any claims between that date and the end date of your policy.
No, not until the new insurer next resets limits.
Tip: find an insurer that resets limits on membership year or financial year.
It's incredible that people find this promo attractive when you can get 6 weeks free immediately (without serving any qualifying period) with Queensland Country Health Fund.
Add to that the low payout percentage from NIB, it's a fund well worth avoiding: https://www.privatehealth.gov.au/dynamic/Insurer/Details/NIB eg:
Benefits as % of contributions 73.5% (industry result 83.1%)
Let me understand your question.
Are you asking whether you should move from the fund during the free period (the same fund you moved to for the free period)? If that is your question, the answer is no.
Further, you can't get a refund for the period you didn't pay for.
You move/churn after you have become entitled to and/or exhausted all elements of the promotion that are of interest to you.
Their gift cards are very limited so you’re probably best to redeem for a $200/$400 premium payment which is effectively giving you a few extra free weeks. That is why I put $200/$400 in the title and not $250/$500 which you could get from their poor selection of gift card providers.
Ahm resets extras in July instead of Jan
You keep harping on about this promo. Why don't you go and post it as a deal?
It's just an example. For regular churners, the best promo are the ones with the smallest qualifying period. This promo, unusually, has no qualifying period. Of course, the churner should also look at what the benefit is in relation to the premiums that are required to be paid for the duration of the qualifying period.
There are endless health fund promos. It would be a full-time job posting these.
FYI Bupa, like most other promos in excess of 6 weeks free is
8 weeks free over two years: 6 weeks free applied 30 days from policy start date (year 1), and a subsequent 2 weeks free applied after 13 months of continuous cover (year 2)
Not a good idea for most people. AIA vitality policies have a higher cost, which is not offset by the ~$500 gift cards a year. It would be better to just churn the best deals as soon as each free-week-period is completed.
I usually churn between GMHBA and AIA as both give access to the AIA vitality program. If you’re pretty active you can achieve platinum AIA status within 3-4 months which gives a total of $500 gift cards or Cash (if you hold a CBA bank account). The $500 is in addition to the 4-6 week free sign up bonus GMHBA and AIA give. AIA vitality also give a range of other benefits such as 50% gym memberships and up to 50% off 2* Virgin Flights a year. Usually have 12 month wait until you’re eligible for any sign up bonus so I’d churn another fund in between GMHBA and AIA. Haven’t done the calcs yet, but should save a fair bit each year if timed properly
Yes correct. They are effectively NiB in disguise. The policies, cover, call centre etc and everything is Nib, just badged as each brand to trick people into signing up
I assume this also applies to health insurance issued by NIB? e.g. Qantas? Qantas is offering a slightly lower premium for a bit more than my existing provider. I was looking into possibly moving to Qantas (not as a churn).
100% WHAT THIS MAN SAID!
I’ve worked in healthcare for 20 years. Nib is the SINGLE WORST HEALTH FUND IN AUSTRALIA.
They are the only fund that is still under a “no Gap policy” which means that if your specialist charges even $1 more than the pathetic low rebate that Nib pays then Nib automatically drops their rebate back to MBS rate (so effectively a 50%+ drop) so the patient ends up with a MASSIVE OUT OF POCKET bill. Like poster above also said, you’ll also be expected to pay the ENTIRE bill not just the gap as Nibs terms are that the bill can’t be split.
And we won’t even discuss all the unethical money hungry things Nib likes to partake in.
Please, please, PLEASE just do your research and run in the opposite direction. No amount of savings is worth being with these guys.
Beware NIB if you're actually looking to use your hospital cover.
They are notorious for giving customers low rebates, leaving you with a larger out of pocket cost on your hospital admission and elective surgery compared to other insurers. E.g. the surgeon and anaesthetist set the same fee for everyone, you get back less from NIB, so you end up paying more. You may even be asked to pre-pay the full amount up front due to NIB being so difficult to deal with.
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No. Churn immediately after the churn benefit (eg, 6 weeks free) ends.
Whenever you like.
These are usually a 6 to 8% ongoing discount. This is of little benefit to a churner. You can save ~58% per annum by churning through '6 weeks free' offers.