What's everyone's thoughts on OzBargaining Health insurance?
This may include:
Lots of offers for up to June 30 right now for switching. Considering taking up NIB's $200 prepaid eftpos card offer, getting extras bonuses (new glasses probably), and then downgrading to hospital only.
Any good/bad experiences around this realm?
Which can result in tax penalties…
Only if adjusted income for medicare levy is over $90k as a single or $180k as a couple.
What you're proposing is not really ozbargaining …as the costs just get passed on to other members in terms of higher premiums! So, whilst you may win in the short term, we all lose in the long run! Insurance is not designed to lose money!
insurance companies don't want to lose money
Ozbargainers don't want to lose money either ;-)
Do you have the same philosophy with credit card sign up bonuses?
Credit card companies don't employ the same business model as health funds. For example, health funds that are registered as 'mutual' corporations, use the premiums they receive from members to pay claims and also cover its operating costs. Under this model what you propose simply means that other members pick up the cost of your scheme.
Credit card companies do not operate as 'mutual' corporations, they are primarily for-profit organisations. Having said this, there are also a few for-profit health funds as well, so maybe apply your 'hit-and-run' scheme there?
Fair enough. I admire your stand, and I do get your point.
Do you know of any for-profit health funds with sign up bonuses at the moment?
I think you are missing the point.
We all pay more but I pay less than We.
there are also a few for-profit health funds as well
Medibank is a for profit health fund and has almost one third market share.
Taking advantage of a company's marketing strategy is absolutely Ozbargaining.
If you don't want to do it, that's your problem. If enough people do it that the mutuals/companies find the offers no longer find the offers viable, then we are back to a more straightforward model.
The best ozbargain I did on my health insurance was cancelling the policy. Now I have nearly $400 a month in the bank.