If you’re considering changing your cover, switching to a new fund is easier than you think. In many cases you won’t need to worry about re-serving hospital or extras waiting periods. [read]
Today switching health funds has never been easier, and there are no penalties. With the cost of many health insurance premiums on the rise, it’s worthwhile checking the amount you’re currently paying is justified based on what you’re receiving in return.
The benefits of switching health funds
The main reason for most people considering switching health funds is to save money, but while that’s a great benefit it’s not the only one.
- Your healthcare needs change. Throughout life our health needs and risks change, and so do our family circumstances. Perhaps you’re now considering having kids, or want to change your policy now your kids have left the nest. Maybe you want to consolidate your health care with your partners, or take out a more extensive extras package due to changes with your health.
- The health insurance market changes. The insurance market has expanded significantly in recent years, providing consumers with greater choice of who looks after their health care needs. By switching to another health fund you could be saving plenty in premiums, or at the very least take advantage of benefits that suit your current lifestyle.
- When you switch, waiting periods are usually waived. The thought of having to endure further waiting periods may have put you of switching health funds in the past. However, any waiting periods you’ve already completed are waived for comparable features when you make the switch. If you haven’t completed your waiting period entirely, you’ll only need to complete the remaining time before claiming. For example, if you’ve waited 9 months for speciality dental, you’ll only need to wait three more months with your new provider. If you’re upgrading your cover entirely to include say, obstetrics, you’ll need to need to wait the full waiting period before receiving these benefits.
- Your Government rebates stay the same. If you’re claiming Government rebates to reduce the premiums of your current health insurance policy, this will still apply on the new policy you take out. The rebate will remain the same provided you’re still the same age and your income hasn’t changed. Click here to find out the information needed to understand health insurance rebates.
- Your Lifetime Health Cover loading is unaffected. If you’ve decided to switch health insurers and continue to hold hospital cover with your new health fund, your Lifetime Health Cover loading won’t be affected. Lifetime Health Cover loading ends after 10 continuous years, meaning you don’t have to pay it anymore, so this is good news and a really important one if you’re currently paying it.
- Any premiums you’ve already paid will be refunded. When you decide to switch health funds, any contributions you’ve paid in advance to your old fund should be paid back to you. Depending on the insurer, there may be a small fee to do so.
The easiest way to start the switching process is to compare your other options
Members Own offer an easy way for you to compare your options from our panel of not-for-profit/mutual health funds before you decide to make the switch. This can be done online, or on the phone with the help of one of our team members.
Our service is totally free to you, so you can rest assured you’re being offered the same prices as you would if you went to the provider directly. The only difference is, we do all the work for you!
The switching process
Once you’ve decided on a policy from one of the Members Own funds that matches your health needs and lifestyle, all you need to do is let us know. We’ll organise the paperwork and when you’ve submitted your application, we’ll make the rest happen. This includes cancelling your cover with your old provider, so you don’t have to.
We’ll also ensure your new cover starts when the old health insurance is cancelled, so there is no overlap. All you need to do is sit back, and enjoy the savings and new benefits.