The easiest way to get a discount on your health insurance is to prepay your premium and pay by direct debit. Some funds give you a discount of up to 4% if you pay by direct debit or pay your annual premium in advance. Of the big five funds, though, only HBF and NIB give a discount.
HBF – 4% for direct debit and 3.85% if you prepay your annual premium, which adds up to a total discount of 7.85% if you pay your annual payment by direct debit.
NIB – 4% for direct debit.
HCF, Medibank and Bupa do not give a discount for direct debit or prepayment of
Less well known are corporate discounts offered by a range of funds
You could easily qualify for a discount without knowing it. Private health insurance legislation allows health funds to give up to a 12% discount under agreements with companies. The company can then offer cheaper policies, for example, to their staff, members or customers.
Discounts from health funds could be available through:
Your employer: Many companies have arranged corporate policies or discounts for their staff with health funds. Ask your employer whether they offer this.
Your super fund: A number of super funds have arrangements with health insurers.
Associations and clubs: Some offer health insurance discounts to their members.
Your mutual bank: Some credit unions and mutual banks have negotiated a discount for their shareholders or customers.
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Have you been able to get a discount for your health insuance? Please let us know.