If you’ve ever faced a prolonged illness or injury, you understand that health truly equals wealth. Being unwell not only restricts your lifestyle but also can be costly. With GP visits averaging $74.66 and the Medicare rebate covering only $39.75, and Australians visiting a GP 5.6 times a year on average, maintaining good health is a worthwhile investment of your time, energy, and money.
Healthy choices can lead to significant financial savings. A Victorian study found that families adhering to the Australian Dietary Guidelines can save $150 a fortnight on groceries. Additionally, if you smoke a pack of cigarettes daily, quitting could save you over $10,000 a year, according to the Australian Government.
Did you know that staying healthy might also lower your Private Health Insurance costs? And since Private Health Insurance can help you stay healthy, it’s a win-win situation. Use CheckYourBill to compare policies and find one that best supports your health and financial goals.
Earn rewards by staying active and well
Being active is one of the best things you can do for your health, giving you benefits such as better sleep and improved mood. In the longer term, exercising regularly is proven to reduce your risk of heart disease, cancer and type 2 diabetes. So it makes sense for Health Insurers to support their members in staying healthy because better health means fewer Insurance claims. In fact, some insurers will even reward you for it.
If you’re exercising at the gym as a form of treatment for a health condition or rehabilitation, most insurers – including Bupa, NIB, Medibank, AHM and HCF – will reimburse your gym costs, up to a certain limit (provided you have the required level of cover). You’ll need to fill out a form with your insurer and get it signed off by a relevant healthcare professional, such as a GP, physiotherapist or exercise physiologist. Ask your insurer about their incentives.
Some insurers also offer specialised programs to reward you for moving your body regularly. For example, AIA has AIA Vitality, where members earn points for healthy actions such as going to the gym or taking 7,500 steps a day, which add up to shopping rewards or a discount on your premium. Medibank offers Live Better, where you can complete set health activities linked to physical activity, diet and emotional health, and collect points that add up to gift cards. Remember: always read the fine print before you sign up to health programs, as there may be joining fees, and the rewards might only add up in small increments.
Insurer programs for health conditions
Some Health Insurers offer support for members living with certain health conditions. For example, HCF offers a Healthy Weight For Life program to members living with osteoarthritis who have a BMI of 28 and over, which includes nutrition and fitness advice.
NIB provides a Mental Health Care Support Program to members who’ve been hospitalised for mental health conditions, with a mental health nurse giving one-on-one support via phone.
Make sure you read the fine print and chat to your insurer about what’s involved before you sign up.
Saving money on health Insurance
If you’re healthy you might opt for a lower tier of Hospital Cover, then upgrade to a higher tier as you get older or as your health needs change. Having a lower tier means you’ll pay lower premiums but will only be able to claim on a limited range of clinical categories. Keep in mind that if you do need a procedure or treatment unexpectedly, you’ll have to upgrade your cover then serve a waiting period before claiming.
Speaking of health Insurance costs, if your insurer doesn’t reward you for being healthy, consider changing to a new policy. Our CheckYourBill Calculator makes it easy to compare your existing policy (and unlike other Private Health Insurance comparison sites, we show you every insurer and every single policy available on the market).
Compare your existing health Insurance using CheckYourBill.
Want to know more?
If you’re looking for additional support to achieve your health goals beyond what your current Private Health Insurance policy offers, use our CheckYourBill platform to compare your current fund with other policies that better suit your needs. This comparison could potentially save you money while helping you improve your health, making 2024 your best year yet.
If you haven’t already got Private Health Insurance, now is an excellent time to consider getting a policy to support your health aspirations. Whether you’re aiming to run a marathon or lose weight, having the right Private Health Insurance can significantly impact your journey. Start your journey today.
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*All content and media found on the CheckYourBill Blog are created and published online for informational purposes only. They are not intended to be a substitute for professional medical advice and should not be relied upon as health or personal advice. Always seek the guidance of your doctor or another qualified health professional with any questions you may have regarding your health or a medical condition. Never disregard professional medical advice or delay seeking it because of something you have read on this website. If you think you may have a medical emergency, call your doctor, visit the nearest hospital emergency department, or call emergency services immediately.
