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Crunching the Numbers: Why I Decided Not to Switch Private Health Insurance

In my ongoing quest to explore what different insurance providers in Australia have to offer- particularly when it comes to life insurance and related benefits - I recently looked into switching my private health insurance.


The potential perks seemed appealing at first glance: no extra hospital costs if I hit my steps goal each week, a reduction in life insurance premiums, free membership to a rewards program, and even six weeks of free health cover for new customers. It certainly sounded worth investigating.

But as with anything, the devil is in the details. While this new health fund would cost me less than what I’m currently paying, there’s a reason for that. When I dug deeper, I found that they would offer $200 less in physio rebates each year, and here’s the kicker: to even get the full physio rebate, I’d need to see my physio more often. Physio is my most common rebate claim, so that immediately stood out as a downside for me.


The same story unfolded for other benefits, like dental and optical. In both cases, I’d end up spending more of my own money at the provider, just to get a smaller rebate back from the health cover. For someone who uses these services regularly, that didn’t seem like a good deal.


On the plus side, I found that orthodontic benefits would reset, meaning I could theoretically claim more work later for myself or my children. But realistically, how many kids (or adults) are going to sign up for double rounds of orthodontics? That structure seemed more like an odd quirk than a real advantage.


After speaking with an expert who helped me compare these highly regulated health funds in Australia, the decision became clear. Although the websites made them look incomparable, the specialist knew exactly how to break down the tiers and show where the value lies. And for me? I couldn’t see enough value in switching. Sure, the new fund was cheaper, but the long-term costs in terms of reduced rebates didn’t make it worthwhile.


In the end, the decision came down to numbers. No emotion, just simple math and a bit of research. For now, I’ll stick with my current health insurance - it’s not the flashiest, but it’s the most practical for my needs.

 

 

 

 

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