If you’re looking to purchase private health insurance for the first time or wanting to switch funds, you might want to review the promotions currently on offer.
One of the most important steps to finding affordable health insurance is first to determine what you require in terms of coverage and what you can afford. After that, you’ll want to compare similar policies from major health brands available in Australia.
We’ve compiled a list of health insurance sign-up offers, available until 31 October 2019, to help you save a few dollars.
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How new members can save money on health insurance
Select health funds offer sign-up incentives (discounts and promotions) to new members purchasing a combined Hospital and Extras policy. Some providers even waive specific waiting periods when you’re a new join.
Best health insurance deals for October 2019
| Health Fund | Health insurance specials | Offer ends |
| AHM | New members get 1-month free cover when purchasing a Hospital and Extras policy. You’ll receive your free month after you’ve continuously held cover for 60 days. | 31 October 2019 |
| Bupa | 6 weeks free cover, after your first month of payment, when new members take out a selected combined Hospital and Extras policy. Additionally, a waiting period waiver (2- and 6-months) will apply to selected Extras. | 31 October 2019 |
| CBHS | Choose either 4 weeks free coverage (applied after your third month) or a waiting period waiver for 2 and 6 months on selected Extras when taking a Hospital and Extras policy. | 27 December 2019 |
| CUA | CUA will waive the standard 2- and 6-months waiting periods on Extras when new member’s purchase a Hospital and Extras policy. | 31 October 2019 |
| GMHBA | Receive your second-month cover free, when newly joining a combined Hospital and Extras GMHBA policy. | 31 October 2019 |
| Frank | New members can get a $100 pre-paid visa gift card when taking Frank’s combined Hospital and Extras cover. You’ll need to hold coverage for 30 business days after the insurer has received your first month’s premium. | 31 October 2019 |
| KoganHealth | New joins can get one month free, plus $60 Kogan.com credit when purchasing and maintaining a Hospital and Extras policy for 60 consecutive days. | 31 October 2019 |
| Medibank | When a new member joins an eligible Hospital and Extras policy, you could get a $200 Specsavers gift card for singles and $400 for couples/families. Medibank will also waive their 2- and 6-month waiting periods on Extras. | 2 December 2019 |
| nib | Save up to $300 on your policy when joining nib for the first time and choosing a Hospital and Extras policy online. | 31 October 2019 |
| Teachers Health Fund | Get 6 weeks free cover when newly joining Teachers Health Fund and buying a combined Extras and Hospital policy. Plus, the insurer will waive the 2- and 6-month waiting period for certain Extras services. | 31 October 2019 |
Source: Based on online promotions advertised by Health insurance companies’ respective websites as of 1 October 2019. There might be other health fund discounts on offer, not listed above.
You must read the company’s terms and conditions. Generally, you’ll need to join online using their promo code and be 18 years or older and a permanent Australian resident. The sign-up offer usually requires direct debit payments and can typically not be combined with any other offers provided by the insurer.
Other health insurance discounts that can help you reduce your premiums
- Age-based discount: If you’re between the ages of 18 and 29, you can save up to 10% on your premiums.
- Health insurance rebates: The Australian government generally refund you a percentage of your premiums. However, your rebate depends on your taxable income, age and family structure.
- Annual and direct debits: Select health funds offer a discount on your premiums when setting up a direct debit on your account. Other providers will generally reduce your premiums when you choose to pay annually.
Do private health insurance companies give discounts to seniors?
Health insurance for Senior Australians might be cheaper because your rebate tends to increase as you get older. You can generally claim this rebate as either a premium reduction on your policy or as a tax refund on your tax return.Can you pay your health insurance upfront for a discount?
Yes, some health funds generally offer customers a discount of up to 4% for paying premiums annuallyIf I belong to a gym, do I get health insurance discounts?
While you won’t save money on your health insurance when you belong to a gym, you might receive a gym membership reimbursement when buying an Extras policy from a health insurance company offering discounts or rebates on certain gyms and exercise classes.
