5 Steps to Double Your Heath Fund Benefits and Pay Less

Long story short – AHM Health Insurance. Steps below.

This is a trick I’ve kept secret and only shared with friends, but I think its finally time to share with the Australian public.
Especially when prices keep going up annually and the health fund quality keeps going down with removal of services such as Homeopathy.

Here we go.

Most health funds run on a calendar year period, January to December. Your fund benefits reset on January 1 and will last you ’til December 31.

AHM Health Insurance however runs on a financial year period. So the benefits reset on 1st July and last until 31st June the next year.

So these are the steps to suck the blood of the blood suckers:

  1. Sign up to a health fund other than AHM in January (NIB, HIF, Bupa, Frank etc). You can compare prices on ISelect.
  2. Use your benefits by July. As much as you can!
  3. On July 1st, sign up to AHM. This will reset your fund limits as AHM runs from July to June.
  4. Use your benefits by December 31. As much as you can!!
  5. Repeat Step 1

This gives you the full year worth of benefits of both funds as they have restarted when you change.

(Note: You don’t need to switch funds on a specific date, just as long as its within the fund’s benefit period. For the highest benefit, switch as early as you can)

As long as you have already served the waiting periods in your current fund, once you switch funds; you will not have to wait any longer. Unless of course the fund offers something you didn’t have in the last one, then you’ll need to wait.

Please be careful when switching funds so you don’t miss out on anything you need.

if you call Iselect, comparethemarket, canstar etc – they will schedule your private health fund switch and call you in January and July. They will fill all the paperwork and all you need to do is sign. Iselect is a free service.

The reason I share this is because in a country where we are promised health care, we don’t really get much at all. Anyone that can afford private health would never imagine cancelling it for themselves or their family.

My peace of mind comes from Private Health providers, why is my tax not providing that same peace of mind? I understand Medicare provides access to doctors, public hospitals and so on. But there are a host of health amenities that we need today. Hospital fees, operation costs, dental, optical, physio, massage, chiro, podiatry, mental health services – should I keep going?

And since these can only be made affordable through private health – we shouldn’t be bullied by oligopolies and be forced to cancel our health insurance because of high prices. When I first signed up, my extras cover costed me $35 monthly, that same fund today is $58.

I hope this helps you all.

Stats:

  • Average hospital cover costs $2000 per year, Extras costing $850 per year
  • Between June and September 2018, 5200 people cancelled their hospital cover
  • Benefits paid for main items such as Dental and Optical have decreased by 1-2%
  • Private health industry is worth $14 billion, increasing by $500 million in the past year
  • Monthly prices are set to increase by up to 5.53% in 2019.

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