New offer from Medibank.
Be aware they had data leak before.
As per promotion
Join and maintain eligible Medibank hospital and extras cover to receive up to 150,000 Velocity Points plus 6 weeks free cover*. We'll also waive the 2&6 month waiting periods on extras.
Use promo code VELOCITY. New Medibank members only. Must be a current Velocity member. Offer ends 30 June 2023.
That save me from click in. Thank you.
Medibank Weekly Premium Range
Velocity Points _Earned
$130+ _150,000
$115 - $129 _120,000
$90 - $114 _95,000
$65 - $89 _65,000
$45 - $64 _55,000
<$45 _45,000
You will receive your Velocity Points after 90 days from your policy start date
(90 / 7) * $130 = ~$1672 for 150k points
Is that a good deal?
Definitely no
Need to factor in 6 weeks free
Need to also factor in if you needed insurance anyway (even if for tax purposes) - so its only the incremental difference in cost that really matters.
As for free 6 weeks, these are the conditions. You may only pay half if you are only looking for velocity points. 150K velocity worth over $1500 easily
6 weeks free: Must remain up-to-date with premium payments and hold eligible cover for 42 consecutive days from the policy start date to get next 6 weeks free. The 6 weeks free will not be issued if you change to an ineligible cover, terminate your cover or suspend your cover during this period.
Yeah, and it looks like you get your points after 90 days, so it looks like you'll need to pay for seven weeks
Ok, so 7 x $130 = $910 and for that you get 150000 points. Seems good at about 0.6c per point.
Does it come with data leak from the get go or that's a benefit for ongoing customers only?
That's just one of the many benefits of living in capitalism these days… So many options for your data leak provider!
I am looking for some dental works(filling and maybe Invisalign).
Will these kind of insurance help, specially with the waiting period waived? Does this mean I can get treatment tomorrow and it will be covered?
How do I find out, what do I need to read in fine prints to understand this?
I reckon you should figure it out for yourself.
Great insight Lois. Cheers mate.
You’re welcome.
Maybe create your own post in the forums but show that you've at least done some research
Easiest thing to do is to call them up and enquire. I find extras cover is only worth it if you use at least 2 or more services. If it's just dental you're after, probably just pay out of pocket. But do your own research.
Thanks @dopeederwee, yeah will definitely call then and enquire.
Does anyone actually cycle health insurers for promo's? I don't have extras and the bonuses are geared at those with both (tells me extras are where they make their $$)
Wondered if its really worth the effort
I do and it was good when they gave vouchers as opposed to 'free weeks'. Has become a pain to track now when you pay yearly to get the discount and then have to add 6 weeks. In a couple of years you're looking at insurance in September. I haven't quite worked out how to approach this yet.
Would like to hear from others.
I do, I cycle from Qantas Health to Velocity (Medibank). After getting those bonus, swap again and stay away for 12 months from those existing health insurance companies. If you keep on swapping, you actually save a lot more with these free weeks. I rather pay monthly to get benefits than yearly since I can't keep track of these free weeks in yearly payment. I think if you do yearly, they add at the end of your renewal date.
Do waiting periods still apply when you switch health cover? Or if you go from gold cover to gold cover you're all good to get an operation from day 1?
When you switch, Medibank will send a transfer request to your previous insurer. Your waiting period should then carry over to your new healthcare.
Online registration is a pain. Website keeps crashing after enter Velocity membership and validation
Never did a switch so far (yes, I need to handover my OzB badge).
Does anyone know how does limits on extra work when we switch over to a new provider? I know the wait period is waived usually, but how about the limit ? Does it rool-over or restarts with the new provider?
It depends, if your previous extra had only say 100 limit for spectacles, then it will transfer over 100 limit. Say, you get a better extra at 200, then you will get 100 transfer over and 100 wait listed. Now, if you get 2 and 6 months waiting period waived, then 100 transferred over and 100 additional limit waived.
Now let say same scenario as above, but you used 100 already, then 100 transfer over as used and additional 100 limit is given to you with waived waiting period.
This is bit vague - "The level of Velocity Points is determined by referring to the weekly premium quoted for a policy, (before any adjustment for the Australian Government Rebate on private health insurance and excluding any Lifetime Health Cover loading, Youth Discount or any other discount or promotion)."
What is the default Government Rebate for the velocity point calculation? 24.608% or 0%
It doesn't say "default"? It's just whatever % applicable to your or family income
Waiving just for Extras? What about Hospitals?
start your own health insurance company and offer that… you'll be broke in no time, but at least your members will be happy right?
OK. Signed up for family this morning. I got 170k point offer + 6 weeks free on top of that. 150k point promotion + 20k point for direct debit. Need to sign up via chat. Pay ~133$/week for 7 week = 931$. Will claim massage for me and wifey. New pair of glass + dental check up for family of 4. All together should worth at least 500$ + 1.7k$ value of point (1c/point). Not to mention that you got 6 weeks free. Not a bad deal actually
where did you see the offer of 20k points for direct debit. i can choose between credit card or direct debit but no point bonuses are listed
Ask on chat, they confirmed it
i can't seem to find a chat option, may i know where it is pls? I'm not an existing medibank client so i don't have access to their app
@WhatsTheBigDeal: I called today and asked about 20K direct debit bonus and they said it's been pulled. Need to find it in writing to get it but can't find it atm
@mshark: So if we signup just online with direct debit won't we get the extra 20k? I'd rather signup online with a record of the offer for 150k than over the phone for 170k verbally going through all the information lol
@WhatsTheBigDeal: That's right. Managed to sign up via chat today and extra 20K for direct debit worked.
@mshark: When today did you sign up? I've tried both phone and chat in the last hour and they've all said that the 20K for direct debit is incorporated into the 150K
@mshark: Hey did you receive the 20k points immediately? Wondering what are the terms for these (and if I can update my cc details without losing the offer)
@mshark: Ta. Just relying on a screenshot from the chat to claim them along with the others when the time comes 🤞
would you happen to know how they treat the extras spend, e.g. if I sign up for the top cover and spend all the inclusions, and terminates within a few months or downgrade to a cheaper cover within a few month, would they ask me to prorata the extra spend?
When does the 6 weeks free start exactly?
6 weeks free: Must remain up-to-date with premium payments and hold eligible cover for 42 consecutive days from the policy start date to get next 6 weeks free. The 6 weeks free will not be issued if you change to an ineligible cover, terminate your cover or suspend your cover during this period.
Just signed up as a singles cover, paying top Gold $109/wk after youth discount but the T&C says 'excluding' means I'm qualified for the 120k points as it falls between $115 - $129 tier. Signed up via direct debit with another extra 20k points. And with the 6 weeks free, this is beyond a bargain (i.e. roughly $750 for 140k points in total; 0.53c/point).
Hi, how did you signed up direct debit to get 20k points ? like after joining the medibank or have to explicitly ask agent for that ?
You have to chat with them online or you can call them
I still don't see a chat option
@WhatsTheBigDeal: Maybe a different browser if you haven’t already, I have this issue with Firefox sometimes.
Hey mate, I have just posted a question in the comments below. Can you confirm my understanding is correct?
Ok so seems you have to have not had cover in last 12 months with them. I have, but my partner hasn't. If I sign up with her as the lead member, will we still get the points (into her VFF account is fine)
Gah, just reached my free weeks with current provider… to be eligible need to have Medibank cover on/before 30th June.
I need hospital cover anywho, would it be worth skipping 2 weeks free for this promo hmm! Quite tempting.
Hmm top cover is $149.25/week and the next one down is $82.27 (these are without rebates)
My current spend is approx $45 a week so kinda stuck what to go for. I could afford top cover but seems a waste if I don't intend to use the benefits.
I don't need Velocity points per se, but am looking to get good value out of this offer. What to pick!
The T&C's say the Velocity points applicable is calculated on the weekly premium paid excluding government rebate. So the criteria to receive 150k velocity points is not that you have to pay $130+ as the weekly premium as that is the calculated value after the govt rebate, meaning if you pay about $100 as the weekly premium, your actual premium excluding govt rebate is about $130+. Have I got this correct?
This how I read it too, so it is basically the initial quote it shows before you tick the LHCL declaration, but after entering your incomes, divided by (1- gvt rebate according to your bracket)
So your $100 is correct for someone getting 24% rebate, for someone getting 16% rebate it needs to be approx $110 pw
Medibank confirmed via chat it is $130 pw + EXCLUDING rebate.
So with 6 weeks free, in my case the closest I can get to $130 pw with $0 rebate
=
$102.09 pw (with rebate) * 7 = $714.63 for 150,000 + 20,000 = 170,000 velocity points.
or $0.004 per point. Not bad.
Thanks for confirming, the table for weekly premium with velocity points is a bit misleading as ppl would think they would need to actually pay $130 per week to get the 150k points if they don't read and understand the T&C's thoroughly. I almost fell for it yesterday while on the call with Medibank and later realised about my mistake. They should have clearly stated against the table that the $ value is before the govt rebate.
dont quote me on the exact values, i found it to be a bit off when you get to the last page you can select whether you need the rebate upfront or not, and i was told it is just short of weekly payment of $130 needed for 150k points.
Edit: Easier method would be to select over 280k income on the first page to see the values prior to government rebate (as it is 0% for that bracket) and prior to any LHCL additions.
Edit2: it wasn't off but spot on even at the last page, i just had my math wrong.
Yes, thats what i did as well, selected no rebate to check if the weekly premium was above $130 without rebate and then worked backwards to calculate the weekly premium to be paid with the rebate.
If you value velocity points this actually looks pretty good as long as you churn away within a few months.
I joined Medibank under their LIVEBETTER promo for 50000 Live Better points. It wasn't clear that you can't claim more than one of the $200 premium payment for 25000 points per year and they wouldn't let me swap to this promo, so I'm cancelling and returning to my previous provider (who offered 6 weeks free). Medibank's website says I get a full refund if I haven't made a claim. I haven't, but I have made over 5000 Live Better points by giving them my fitness tracker data. Does anyone know if I can redeem the 5000 points prior to the cancellation going through, and not risk missing out on the refunded premiums?
45,000 velocity points is better than the $300 Woolies points/30,000 Qantas points in the other Bupa offer, no? Why is the Bupa deal much more popular (upvotes)?
Less people interested in Velocity and the Medibank plans appear to be a little inferior / more expensive from what i can see. Plus they had a storm over a data breach and privacy etc. I've done this Medibank though as im keen on more Velocity and will churn away in a few months, but made sure i went on a high enough plan to not lose degrade coverage compared to my old HCF plan.
Went for the top most cover because all other combinations were less than required for the max bonus points. Sadly at a cost of $150/week!
The joys of being single lol
Not too sure about the extra 20k points via direct debit - chat mentioned that it's already included in the 150k points.
Does anyone know if they offer pro-rata cancellations of membership if you're in middle of billing cycle?
Their direct debit billing cycle is fortnightly, but we only need to pay for 7 weeks (+6 weeks free) for this deal, would like to stop paying ASAP.
What do people plan on doing>?
Offer has been reactivated until 31 July 2023 but not as enticing. 20k fewer points for each premium bracket and no 6 weeks free it seems - compare to https://www.ozbargain.com.au/comment/13832620/redir
Medibank Weekly Premium Range
Velocity Points Earned
$130+ 130,000
$115 - $129 100,000
$90 - $114 75,000
$65 - $89 45,000
$45 - $64 35,000
<$44 25,000
Key point missing from title is up to. Have to spend over $500/month on health insurance to get that.