Saw this when googling for promotion on health cover, tried getting a quote using the code only to realise starts 1/7/2021
Current HIF promo is upto $200 gift card upto 30/06
HIF June
For existing Medibank customer, better to use this offer/Bupa offer to negotiate with retention team for a free 6 week to apply onto your current policy.
Extra love from Medibank giveback program to rebate member during FY20/21 period
medibank giveback
Referrer gets $150 EFTPOS card. Referee gets $50 EFTPOS card.
As someone who used to be in the PHI industry, I would recommend taking up any health fund with these kinds of offers and then churning to the next fund offer after you've reaped all the benefits.
Legally, PHI are allowed to offer a 12% discount or promo for existing customers, plus an additional 12% for new customers (24% total) so while you can potentially get 12% from your existing fund's retention team, you can potentially squeeze double out of a new fund when they offer bonus things on top of the 6 weeks free (which is already worth the 12% discount)
You typically don't need to worry about waiting periods resetting, as long as you transfer onto the same level of cover or equivalent with your new fund, because it all carries over from the your last fund (within 2 months)
How often should you switch health funds to get the most benefits, is it yearly?
As long as you exhaust the free period that is given to you (they usually only provide the 6 weeks free after you have paid for the 1st month)
If they are offering you a discount instead, don't take it, because that implies you stick around for the full 12 mths to equal that discount. Instead look for those 6 week free periods + bonus gifts offers from other funds.
I would say switch as often as you can (as long as the new fund is giving some sort of bonus), but make sure you claim the signup bonus.
If you go through a 3rd party comparator, typically they can only offer a monthly discount (not worth it).
The 2 easiest periods for switching funds is June/July (EOFY) and April, and thats when most health funds will throw out the 6 weeks free + waiting periods waived(irrelevant if you already have insurance since it's already waived).
But if a health fund is offering free weeks outside of those periods, don't hesitate to look into it and make sure they have similar levels of cover.
Wouldn't this make tax time painful when you have to input each insurer and the relevant code for every plan you have churned through?
Was kind of thinking those that actually kept their private health insurance should get something extra, just like all those that left and being enticed back with all these deals (ie 6 weeks free, $400 vouchers etc).
Don't they carry your yearly claim limits from one provider to another as well?
Each time I've compared other private health deals they aren't better than what I'm on (Bupa corporate), but worth checking every so often - just like it is worth churning NBN providers every 6 months for the cheaper plan ($10 per month, although didn't check when i was paid up till and they don't pro rata so it was pretty much pointless).
You'd think that would be the case, but in the PHI legislation, that 12% discount for existing customers is the max you can go without breaking the community risk rating model that's been set up.
that's if they even give it to you, cause PHI margins are razor thin, because healthcare inflation is like 3x regular CPI
In terms of your cover, I'm quite familiar with it and it is a solid product that's structurally cheaper than most things on the market (and it's not offered anymore as a result) I would probably stick to it, unless you find you don't need all the things listed in there, and can find something on a lower tier that covers what you reasonably need in the future.
Health funds should absolutely be able to pro-rata you. For example, if you get cover with another fund starting from 1July, and you were paid up with your old fund until 20 July, then what happens is that the new fund should send your old fund a request to cancel that old policy, and you will get a refund for the remaining 19-20 days worth.
Yes will probably leave as is, but may be worth getting a quote.
As far as the pro-rataed comment, I was more talking about extras claim limits/usage. I didn't think you'd be able to use it up then move to a new provider and have full claim limits again?
Don't think most providers would offer existing customers any incentives to be honest, so getting that additional 12% would be lucky.
Does the hospital waiting period reset every time you churn to the next PHI?
Only for the below situations:
* New cover that you haven't had previously (i.e. now Gold, instead of Bronze)
* You "forget" to say you've got existing cover to reap extra $$ for Extras again….
Is it okay to wait til 1st of July to get cover for the medicare surcharge for next FY?
The MLS is pro-rata'd for the financial year depending on how much of it you had Hospital cover for (not extras)
So assuming you had 6 months of the FY with Hospital cover, then you only get charged extra tax based on that 6 months
So assume you earnt 90k and get slapped with the 1% MLS which equates to $900 of extra tax.
If you held hospital cover from 1 July > 30 June, then you don't need to pay any of it.
But if you only held hospital cover from 1 Jan > 30 June, then you'd need to pay 50% ($450) since you were only covered for half the financial year.
Thanks! Makes sense
This or the $400 gift card from HCF?
Where is this deal?
Can someone please suggest which is better? This or Medibank?
Mbf
MBF?
You mean Medibank?
Old-school ha
Currently with ahm and spoke to them about applying the 6 weeks free to my policy and no luck. I'll hold off to see if there's better offers until end of the month.
Now Bupa is offering 6 weeks free. There are people obviously asking them on Facebook if existing members are eligible. Their standard response is that they cannot apply the deal to existing members due to the strict government legislation. I guess the only way is to move around.
I would still like to know if your extras reset when you change funds as I've used up all my optical for example.
medibank is offering 6 weeks off too now.. 5 days to go! confused to which insurance to go for in wa to chose. currently with cbhs, thanks to my dad. i got family now and under 180k income.
Wow, my wife and I just signed up with them literally yesterday.