If there’s one time of the year to think about your health cover, it’s now, according to the experts at Doctors’ Health Fund.
Finding the time to attend to personal insurances, bills and subscriptions to ensure you’re getting the best value can be difficult in the busy life of a doctor. These daily expenses can sometimes be put aside to make time for your profession, spending time with family and friends, and all the other important things that make life busy enough.
But if there’s one time of the year to think about your health insurance costs, it’s a good idea to do it now. Here’s why, according to Doctors’ Health Fund:
Health funds will be increasing premiums soon
Health insurance premiums go up every year to meet rising health care costs and to ensure members have access to quality health care.
These increases traditionally occur on 1 April each year. However, since 2020, many health funds including Doctors’ Health Fund have delayed these increases to later in the year to give back savings and support members throughout COVID.
Soon you should receive word from your health fund as to whether your premium will go up on 1 April. This is a great time to see if there’s any action you can take to save and check you still have a level of cover that’s meeting your needs.
You can save by paying the year in full by 31 March
If your premium is increasing on 1 April, pre-paying before this increase comes into effect can help you save. Most health funds allow you to pay up to a year’s worth of premium in advance and if you pay before the date of your increase, you will lock in an entire year at a lower premium. If you have the funds available, it may also suit you to get into a rhythm of paying a year in advance each year and be one year behind the increase.
Some health funds also offer a discount for paying annually, which can reduce your premium even further. At Doctors’ Health Fund, you’ll receive a 2.5% discount on your premium for paying annually.
If your premium is increasing on 1 April, pre-paying before this increase comes into effect can help you save. Most health funds allow you to pay up to a year’s worth of premium in advance and if you pay before the date of your increase, you will lock in an entire year at a lower premium.
Your health fund could be changing their products
In line with increasing premiums, many health funds also take this opportunity to make changes to products – by adding or removing benefits – and in some cases introducing brand new levels of cover. If it’s been a while since you looked into the details of your health insurance policy, why not take this opportunity to review what you’re covered for to understand any changing benefits and ensure you’re on a level of cover that continues to meet your health needs.
Joining bonuses aplenty
If you’ve been considering switching health funds, doing it around 1 April can be beneficial with joining rewards aplenty. Free weeks, vouchers or points-based promotions are offered by many health funds and can be a nice extra financial bonus, all while securing that perfect cover for you.
Looking beyond price, what else does your health fund offer?
Just looking at the price of a policy doesn’t always give you the full picture of what you are receiving, or not receiving, as part of a health fund. Delving deeper can help you to understand whether you have policy that ensures quality and value, and whether the fund you are with is operating in your best interests.
If you are eligible, it may be worth considering a restricted health fund, like Doctors’ Health Fund. These funds offer health cover to a specific industry or group and therefore put the interests of their members first. They are often not for profit or without shareholders.
Finding the time to review your health insurance can be difficult, but thinking about it at this key time once a year can help you save, ensure you are getting value for your money and give you peace of mind that your health is sufficiently protected for the year ahead.
About Doctors’ Health Fund
Established by the AMA in 1977, Doctors’ Health Fund provides health cover designed for doctors. We understand the unique demands on your time, which is why we do the hard work for you and offer a comparison report with your existing health cover.
To view cover options or get in touch with our expert team, visit our website www.doctorshealthfund.com.au. AMP
IMPORTANT: Private health insurance products are issued by The Doctors’ Health Fund Pty Limited, ABN 68 001 417 527 (Doctors’ Health Fund), a member of the Avant Mutual Group. Cover is subject to the terms and conditions (including waiting periods, limitations and exclusions) of the individual policy, available at www.doctorshealthfund.com.au/our-cover
