Renegotiating Private Health Insurance

Corza000 on 07/08/2022 - 14:51

I’m currently on Bupa Hospital and Extras including Obstetrics at $490 a month with $500 excess. This covers my partner and I.

I don’t know if this is reasonable or not but I know that I’m looking to get my expenses down as we family plan.

I’m wondering if I can negotiate a better rate. I haven’t tried yet and not sure the best Avenue so I thought I’d see if anyone else has had any success in getting a better deal? Ive heard mixed things with PHI- some getting cashbacks while others not getting any discount whatsoever.

Thanks.

Financial Health Insurance Insurance

Comments

  • thatonethere on 07/08/2022 - 15:19

    Ask about them removing things. If you are done with kids or have no plans then remove obstetrics.

    Don't use extras then remove it or minimise it. Or use it.

    switch to their no gap dentist if they have one.

  • brendanm on 07/08/2022 - 15:20
    +1

    $6k a year? What do you get for that?

  • poboy on 07/08/2022 - 15:32
    +2

    Legally, private health insurers are limited to offering no more than a 12% p.a discount. This usually translates into 6 weeks for free.

  • screensaver on 07/08/2022 - 15:56
    +2

    change your excess to 750. Switch funds 3 times a year to get sign up bonuses. This will enable to find out others prices. Qanats gives Qantas points plus extra points on the welbeing app. Medibank has a Livebetter app which eans points to redeem for premium ($200 per year) plus chemist gift cards $160 per year. Ditch extras except for sign up deals

    • YesPleaseThankYou on 07/08/2022 - 17:45

      Screensaver is on the money. Everything else is just fiddling around the edges.

      Best deals are 1 month (4 weeks) (paid) followed by 6 weeks promo (free). Approximately 60% discount.

      Rinse and repeat.

      • YesPleaseThankYou on 07/08/2022 - 17:47

        In the absence of a 6 weeks free offer, calculate the discount over the minimum period required to hold the policy to be eligible for the promotion. Sign-up to whichever deal at the time comes out with the biggest discount.

    • eclaw on 08/08/2022 - 19:35

      Do PHI reject repeated applications like CCs if you dance around companies?

      Or I guess there are TCs on their bonuses

    • T-man on 08/08/2022 - 22:37

      Do you have to wait again for 12 months pre-exist condition period?

      • screensaver on 09/08/2022 - 03:14

        no, but keep an eye on the categories covered, as it has to be continuous

      • YesPleaseThankYou on 13/08/2022 - 09:50

        No. We have portability rules in Australia to encourage competition.

  • screensaver on 07/08/2022 - 16:07
    +1

    Qantas is offering 100000 points for gold cover with top extras til aug 28, plus more points for preminm payments and 12000 points a year for wellbeing app. I think you have to hold that level for 60 days, not sure. Less extras also have points, just a few less points. There may be an extra 5000 points available under a referral

    • MrThing on 07/08/2022 - 16:26
      +1

      qantas (nib) has just about the highest premium of any private healthcare provider

      • screensaver on 07/08/2022 - 16:30

        no they dont, I usually get bronze and its one of the cheapest, got a quote uesterday

      • StingyJoe on 07/08/2022 - 16:54

        Nope. We've just reviewed recently, Bupa came top of the charts. Might be per family circumstances!

        • screensaver on 07/08/2022 - 17:00
          +1

          People need to get their own quotes. Some dont know what they are missing out on, 18 free weeks per year and up to $360 worth of free money (Livebetter app) This is what I am getting, plus knowlefge of who is cheapest and includes more categories, who has accident boost, and no excess, things like that. For example the bronze I am in now includes back, neck and spine, which is rare for bronze

          • leeroys_dad on 12/08/2022 - 06:23

            @screensaver: Which fund and policy is that for back neck spine?
            Which policy with no excess (mypwn via vitality?)

          • screensaver on 12/08/2022 - 14:22

            @screensaver: Bronze Plus Progress, I see it also includes Palliative Care, Insulin Pumps and Sleep Studies, Back Neck Spine (Medibank), as for No Excess, I think HCF has no excess for accidents, but cant recall the others at present. someone had no excess for kids

    • YesPleaseThankYou on 07/08/2022 - 17:48

      The minimum holding periods for NIB-related promotions are usually (at least in my opinion) too long to be worthwhile.

      • screensaver on 07/08/2022 - 19:26

        qantas is a little different, eg you get bonus without having to add extras

        • YesPleaseThankYou on 08/08/2022 - 19:28

          Sure. I was referring to the minimum holding period for the promotion, not to the type of policy required for eligibility.

  • Benoffie on 07/08/2022 - 20:11

    Try HCF corporate plans via your State auto association

    • YesPleaseThankYou on 08/08/2022 - 19:30

      A corporate plan might save you 8% per annum. Switching regularly will save you approximately 60% per annum (depending on offer availability).

  • Corza000 on 07/08/2022 - 20:19

    Thanks everyone. Great advice!

  • esq on 08/08/2022 - 14:43
    +2

    Switching for offers is good value, just really need to be diligent in following up that your transfer/clearance certificate has been sent and waiting periods have been waived. I have switched quite a few times and it's saved so much.

    Also, if you don't have kids currently, the male partner does not need to be on Gold cover, which will save a decent chunk of money (yes this means 2 separate policies).

    Would not recommend excess to 750 unless the price difference is significant (has been extremely minor in my experience e.g. $60 saved each year).

    • YesPleaseThankYou on 08/08/2022 - 19:32

      I find that the new insurer often does not correctly apply waiting periods. I have stopped following up unless I need to claim under that category — otherwise the follow-up wastes too much time.

  • omguleh on 08/08/2022 - 20:42
    +1

    Call them up and tell them you’re thinking of moving as another company is doing a deal. They may get back with an offer of 6 weeks free. Medibank made that offer when I called to cancel so give it a go with Bupa.

    • YesPleaseThankYou on 13/08/2022 - 09:51

      Yes, they do offer this. However, best advice is just to keep moving around to whoever has the best current promotion.

  • 17833 on 09/08/2022 - 05:17

    This may or may not affect you, but if you plan to use a Ramsay Health Hospital in the near future and are covered with Bupa, you may have out of pocket charges https://www.bupa.com.au/find-a-provider/ramsay-health-care
    https://www.ramsayhealth.com.au/Protect-Your-Cover/Bupa-Nego…

    • Miss B on 10/08/2022 - 16:24
      +1

      Bupa and Ramsay are both pretty big, they should work it out soon as neither will want to be without the other too long. No guarantees of course.

      • 17833 on 13/08/2022 - 23:49

        Yes, good prediction, looks like they have reached an agreement.

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