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Join & Maintain Hospital and Extras Cover & Earn up to 140,000 Velocity Points, 2 & 6-Month Waiting Waived on Extras @ Medibank

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Join & Maintain Hospital and Extras Cover & Earn up to 140,000 Velocity Points, 2 & 6-Month Waiting Waived on Extras @ Medibank
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HunterxHunter9000 on 07/10/2022 - 13:57 medibank.com.au (1795 clicks)
Last edited 07/10/2022 - 14:25 by 1 other user
VELOCITY

Earn up to 140,000 Velocity Points

There are so many ways to live better, and we think taking a well-earned holiday is one of them!

So, do your health a favour - join and maintain eligible Medibank hospital & extras cover and you could earn up to 140,000 Velocity Points. Plus, we'll waive the 2 & 6 month waits on extras*. Use promo code VELOCITY and enter your Velocity member number. Offer ends Nov 30.

Medibank Weekly Premium Range Velocity Points Earned
$130+ 140,000
$115 - $129 100,000
$90 - $114 75,000
$65 - $89 45,000
$45 - $64 35,000
<$44 25,000

*Must be a new Medibank member who has not held Medibank or ahm hospital cover in the last 12 months and hold the same eligible cover for 90 consecutive days to be eligible for the Velocity Points. Minimum direct debit period fortnightly.

Health & Beauty Frequent Flyer Health Insurance Insurance Reward Points Velocity Frequent Flyer

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closed Comments

  • sanglt on 07/10/2022 - 14:10

    I'm with BUPA atm. Not sure if BUPA do the pro-rata refund because my current policy is valid until June 2023.

    • HunterxHunter9000 on 07/10/2022 - 14:11
      +2

      I went out of Bupa last deal to join Qantas last month and got the refund within 2-3 weeks, which was for 2 months as I pay every 3 months.

      Edit: you just advise new health insurance as your signing and it should automatically roll over waiting periods and refund old insurance premiums.

      Edit 2: Also if you play hard to get they should give you extra points.

      • warmfruit on 07/10/2022 - 15:35

        So if I join a new fund, I don’t need to inform my old fund that I need to cancel with them? The new fund will take care of the cancellation and I’ll be refunded by my old fund on a pro rata basis?

        • HunterxHunter9000 on 07/10/2022 - 15:42

          That's correct as long as you inform your new fund when joining. I got my bupa refunded and cancelled within 2-3 weeks of first payment given to new fund being qantas health as they inform the old fund, move over the details etc.

          They also refunded me from the day I joined the new fund/made a payment to new fund.

          • warmfruit on 07/10/2022 - 15:55

            @HunterxHunter9000: Thanks. That makes it much easier to switch funds then. I’ve been looking at switching but part of why I couldn’t be bothered yet is having to line to the dates of when my old fund expires so I know when I should start joining the new fund. I pay by the month, but still, I wanted to line up the dates so I have cover but not overlap and have cover from both funds.

            Since the new fund can organise cancellation and refund like you said, it makes it much easier. Also I don’t have to call my existing fund and go through the cancellation process and be talked into not quitting with them etc.

      • googoogaga on 09/10/2022 - 19:27

        how would you get extra points? Do you mean to request a callback from medibank and be hesitant to switch over from BUPA?

  • MBix on 07/10/2022 - 14:37
    +1

    Thanks OP, I'm not eligible as I left Medibank earlier this year for GMHBA, and obviously the rules for this one state no Velocity points for those who were members in the last 12 months but as a result of your deal I stumbled across this deal instead which apparently only has a 60 day rule!

    I'm still in my 12 month waiting period so besides differences in premiums/inclusions I'm not sure if there are any negatives to doing a bit of a dance and netting myself some freebies in the meantime?

    • HunterxHunter9000 on 07/10/2022 - 14:56

      From what i know there shoudn't be any negatives, id have to ask thu on stuff like extra's where I am waiting for a 12 month one and have been for 3 months if I swap to another does it reset or continue from 3 month I spent waiting, id believe that would be only negative.

      • MBix on 07/10/2022 - 15:07

        Yeh I thought as much regarding the negatives. When I switched Medibank to GMHBA all waiting periods I had already served, including those on extras that have the 12 month wait were honoured. I'll double check everything with Medibank that the same will go for them before switching back as it's always handy to have some sort of proof to fall back on.

  • lost1thong on 07/10/2022 - 14:55

    Can you stack promo codes? 6WEEKSPLUS

    • HunterxHunter9000 on 07/10/2022 - 15:00
      +1

      Good question, waiting on them to give me a callback to ask.

      • ltwo on 07/10/2022 - 15:03

        please keep us updated :)

        • HunterxHunter9000 on 07/10/2022 - 15:15

          OK just found out, does not stack only 1 offer/promo code.

    • HunterxHunter9000 on 07/10/2022 - 15:15
      +2

      Does not stack only 1 offer/promo code found out via phone with medibank.

  • GeneralKeen on 07/10/2022 - 15:12
    +1

    With all the rising cost, I'm wondering anyone actually churning Private Health Insurance providers like how they switch Credit card, mobile provider, energy provider or mortgages to take advantage of the perks

    • MBix on 07/10/2022 - 15:18
      +2

      See my comments above!

      The only real caveat I've come across so far is you gotta really look at the terms and conditions - a lot of the providers are underwritten (is that the word) by the same insurer, AHM is the same as Medibank for example, and Qantas is NIB. They generally put at least a condition stating you can't have been member with the same underwriter for 6 or so months. Though this one says 12 months so they may just be catching on.

  • groook on 07/10/2022 - 15:12

    Has something changed in the health insurance space? Used to be tonnes of deals with either gift cards or 6 weeks free on sign up, now there's hardly anything going around

    • Miss B on 07/10/2022 - 16:06

      There are a few things happening. The gold products are getting pretty expensive to offer, givebacks/benefits are being provided to existing members due to less claiming during covid, funds have been pushing back premium increases. So the marketing budgets/efforts may be going to retaining members. I haven't really been paying attention to the amount of offers around, but if there are less offers this stuff may be contributing.

    • xsacha on 08/10/2022 - 10:47

      Not sure why you say that because literally every provider still does gift cards or 6 weeks free. Even Medibank has a 6 week free promo simultaneously with this velocity points offer.

  • PeeDee on 07/10/2022 - 15:12

    If I am comprehending it correctly, you need to hold it for 90 days until you receive the points right? What can you get out of the points currently? What's their value nowadays?

  • PeeDee on 07/10/2022 - 15:20

    Also, the weekly premium range it doesn't seem that achievable to reach the top tiers if you are single right? A single weekly pay is around $25, whereas family is $100 sounds way beyond reach.

    • HunterxHunter9000 on 07/10/2022 - 15:21

      That's correct for me on gold hospital and basic extra I fit in the middle of the 35k category which is why churning and switching to get the most points from different providers/deals is a way to accumulate.

      • PeeDee on 07/10/2022 - 15:22

        Do you really need insurance to be churning? I churn on CC

        • HunterxHunter9000 on 07/10/2022 - 15:23

          For those that need insurance anyways, it's an easy way to churn without being subject to credit agencies declining you for cc which happens a lot.

        • Tleyx on 07/10/2022 - 15:50
          +4

          Why not both?

  • IT2816 on 07/10/2022 - 15:20

    Any velocity point offer for existing members?

    • BargainMe on 07/10/2022 - 15:25
      +4

      Lol

    • ilikeblue on 07/10/2022 - 15:33
      +2

      Same. Been a member for 2 years at this point. Should start churning private health insurers like everything else.

    • neshy12 on 07/10/2022 - 17:12

      I wonder if calling and threatening to cancel would work?😳

  • keepingitreal on 07/10/2022 - 15:26
    +1

    Perfect timing as I am about to sign up with Medibank today. Thanks OP

  • ltwo on 07/10/2022 - 15:44
    +1

    I assume the weekly premium range applies after any discounts (e.g. aged based and govt rebates) have been deducted?

    • [Deactivated] on 11/10/2022 - 23:46

      if so just don’t claim the rebate, you get it back at tax time anyway

  • SimAus007 on 07/10/2022 - 15:54
    +2

    I'm far too tight for health insurance but a great deal for those that already have it and swap to this :)
    That's potentially several flights.

    • netjock on 07/10/2022 - 16:00

      Depends on whether if benefits outweigh the cost. For most people it doesn't. Just get an ambulance membership and pay up for yearly dentist and if you don't have 20/20 vision there is a lot more low cost options than those health funds will only pay into (Australian companies with high market ups).

      • Miss B on 07/10/2022 - 16:27
        +1

        A better option for extras is to sign up with something like this I wouldn't bother hanging around for the points. Only do it if you know you'll cancel though.

        Book in for a free eye test somewhere before you start your cover if you need a prescription, book in your dental appointment with one of their dentists where they cover 100% of the cost of a check up.

        Sign up for extras cover to start on the day of your dentist appointment (just in case you need a bit more work done). Set it up for fortnightly payments. Cancel at the end of the 2 weeks, you can let them know before that. You can use your card in the app, so it doesn't matter if you don't get your card in time.

        If you think you'll need some dental beyond the check up, like a filling or something, it's probably worth getting the Top Extras 90%. I've only done it for Single cover not family, so the maths/covers may be different for families. But for single it's ~ $50 for $250 optical, plus your entire dental check up, plus it covers 90% of the cost on general dental, just be aware it doesn’t cover major dental as there is a 12month WP.

        • ltwo on 07/10/2022 - 17:05

          consider also lifetime health cover loading if you intend to purchase in future… can be costly.

          • netjock on 10/10/2022 - 08:42

            @ltwo: I am double checking. I think it is for extra only which is not hospital cover and no subject to lifetime time health cover loading (I might be wrong).

            LHC loading is what most people don't think about. If you are consistently on $100k+ as a single person (if you find a partner just double it as an assumption) you'd be better off maintaining at a least a junk policy to avoid MLS (also you income is expected to increase and bracket creep catch up with you). Even at retirement age and you find you are in the best of health just buy an extras only policy.

        • netjock on 10/10/2022 - 08:39

          But this is extra only and middle to high income earners will still need to pay Medicare Levy Surcharge?

          • Miss B on 10/10/2022 - 10:11

            @netjock: Yes, most of your comment was about extras services. If you get health insurance for two weeks it's not going to be much help with MLS even if it's hospital. If you want hospital cover you can still get hospital cover.

            Extras is very different, unless you need something that has a 12 month waiting period, it's not really preventative. It's usually only worth getting if you know for sure you will get more value than what you pay. I sign up for 2 weeks once per year with Medibank and get what I need, much cheaper than paying out of pocket for my check up and glasses.

            Depending on the circumstances it may be worth getting with hospital for a discount/points, using the extras services you need, then dropping it after you receive the offer. Having said that, there are some people who use a lot of extras services and claim more than they pay.

            • netjock on 10/10/2022 - 15:09

              @Miss B:

              I sign up for 2 weeks once per year with Medibank and get what I need

              Good deal.

              Unfortunately I'm in the MLS camp but fluctuating income means bare bones is worthwhile to take care of LHC loading until more clarity on income.

  • j0hnd0e on 07/10/2022 - 16:13

    13 weeks × $130 = $1690, add another week for points to post, $1820 minimum cost.

    Approx 1.3c per points. That's pretty good value.

    • HunterxHunter9000 on 07/10/2022 - 16:47
      +1

      I am also not sure if its like qantas but for qantas I heard if you, for instance, get a lower tier then on 54th day go max tier you should be able to get max points as well on 60th day but idk if its same for velocity.

      • robhung on 11/10/2022 - 22:18
        +1

        Wait, this seems like such a good hack, why has nobody else jumped to clarify this?

        • robhung on 11/10/2022 - 22:22
          +1

          Must hold the same eligible cover and maintain direct debit for 90 consecutive days from the policy start date to be credited Velocity Points in the fourth month.

          54th to 60th seems like 1 week before, if the same logic is true, then 84th to 90th day inclusive would be the strategy here. Worth the gamble? 🤷‍♂️

  • coduge on 07/10/2022 - 16:16

    If you’ve used up your limit this year, then switch to another provider. Would you be able to have the limit renewed to the full or it is still used up and have to wait for next year?

    • ak147ak on 07/10/2022 - 16:52

      keen to understand this too. Looking to switch if so then i could get another pair of glasses :-P

    • ltwo on 07/10/2022 - 17:07
      +1

      all depends how they assess your continuity of cover. your previous insurer will send the information to your new insurer. then it's up to the new insurer to decide whether you've used the $ for the calendar year.

    • xsacha on 08/10/2022 - 10:52

      I did this: switch to a provider that resets at July 1 just before June 30 and your benefits reset.
      Then switch before December 30 to a different provider and they reset again.
      So you can actually reset twice a year.

      I haven't tried this but if you say you weren't with a provider before, it should also reset as long as you don't mind losing any waiting periods > 6 months.

  • j0hnd0e on 07/10/2022 - 16:21

    How do you get your premiums to be $135+ per week for singles? The most i could get it up to is $69.
    Edit: made it a couple and it went up to $138 ;)

    • ltwo on 07/10/2022 - 17:07
      +5

      where'd you find a partner that quickly?

      • j0hnd0e on 07/10/2022 - 17:08
        +1

        A partner can be anybody, even a friend. As long as you don't claim on the policy ;) that works only if you're planning to churn.

        • ltwo on 07/10/2022 - 17:09

          partner in crime perhaps?

          • j0hnd0e on 07/10/2022 - 17:16
            +1

            @ltwo: Not a crime if you don't make any fraudulent claims. What's wrong with me throwing my money at them ;)

    • LegoLexus on 08/10/2022 - 23:30

      for the couple, what if one person is a new member and other person was with medibank about 10 month ago. are this couple still eligible for this deal?

  • adahobart on 07/10/2022 - 16:31

    Hi Compare to 6WEEKSPLUS which is better? my quote only 102/week only can get 75000 point. 6WEEKSPLUS offer 6weeks free + $300 giftcard as"Want 6 weeks free and up to $300 in gift cards? Get 6 weeks free and your 2&6 month waits waived on extras when you join and maintain eligible Hospital and Extras. Plus - you could get 30,000 Live Better Points (couples and families) or 15,000 Live Better Points (singles and single parents) to redeem on rewards like gift cards. Offer ends Nov 30. New members only.‡ Use promo code: 6WEEKSPLUS"

    • HunterxHunter9000 on 07/10/2022 - 16:52

      Well that would be (912 saving for you on 6weeksplus) or 75k points which say on average at 1 cent a point = 750 or flights wise either Melbourne to London 75k + $99.67 in taxes or around 11 one way flight from sydney to Melbourne. it really comes down to if your flying or cash/gift cards which would be better for 6weeks + 300 gift card offer.

      • j0hnd0e on 07/10/2022 - 17:15
        +1

        140k points would get you ~90k krisflyer miles. You could fly SQ first class from Sydney to most of south east asia for 93.5k miles. That's potentially $5k in value. Alternatively you can fly from the east coast of Australia to Turkey for 99k miles in business class which is potentially $3-4k in value. But yeah that's more of a want than a need.

      • overlook on 07/10/2022 - 18:16

        so this promo is better than 6weeks plus + 300? what if i am only 63/week and only get 35k points?

        • HunterxHunter9000 on 07/10/2022 - 18:31
          +1

          Very valid point, id say unless you can get the 75k points and use them exclusively for flights then 6 weeks plus 300 is better as long as you'r not locked behind a long period of time for rewards.

  • edisonAU on 07/10/2022 - 17:20
    +1

    I got the quote from Medibank and found their price is about $40 per month more expensive than my current BUPA premium. I will skip for now.

    • xsacha on 08/10/2022 - 10:55

      They have to pay for the velocity points somehow.

  • alz on 07/10/2022 - 17:20

    How many points for Extras only?

    • OzBestDeal on 07/10/2022 - 17:32

      Join and maintain eligible Medibank hospital and extras cover to receive Velocity Points.

      I don't think Extras only would be eligible

  • alan737 on 07/10/2022 - 17:46

    I am with Medibank for about 2 years now, any chance I can get the velocity points?

    • ltwo on 07/10/2022 - 17:47
      +1

      No way. You should start churning unless you want to be cautious about waiting periods etc.

    • HunterxHunter9000 on 07/10/2022 - 17:50

      Unfortunetly its " Must be a new Medibank member who has not held Medibank or ahm hospital cover in the last 12 months" you can however always call them and ask for some incentive, points or discount otherwise you'll move to another provider and usually they give you a 10-12% customer retainer discount if they are like bupa who did that to me.

  • sicaboy on 07/10/2022 - 17:51
    +2

    I’m a poor existing Medibank customer who couldn’t get all of these deals. What’s the best practice for jumping from one private insurance to another?

    • ltwo on 07/10/2022 - 22:10

      Find best deal on equivalent cover if you want continuity of cover. Then churn like you would an NBN plan.

  • ndftz on 07/10/2022 - 19:24

    Churning from Medibank today to an equivalent but employer sponsored health provider (that I wont pay for)

    Buhbye to this expensive waste of money.

    • ltwo on 07/10/2022 - 22:09
      +2

      It's insurance after all.

  • EyyBanane on 08/10/2022 - 08:13
    -1

    Medibank is ~$80 expensive compared to Bupa with no choice of extras. :(

  • LegoLexus on 08/10/2022 - 22:28

    anyone know how much does 140,000 velocity points worth?

  • LegionRug61 on 30/11/2022 - 13:15

    Does anyone know if I can have two lots of Extras Cover and be able to use it?
    Example - Used my $300 Limit on 1 Extras Cover. - early year

    Now I want to use my Remaining $250 Limit on 2 Extras Cover. - end of year time
    As long as I've served both waiting periods and have both paid and open.

    Essentially dual cover?//

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