Monday, June 20th, 2011 - Your Money Magazine
The cost of private health cover has risen by an average 6% each year over the past five years, way above inflation and placing increasing pressure on already stretched household budgets.

This year alone, families faced an average annual increase of $288. As households struggle with rising costs, Your Money Magazine compared policies from all 37 health funds for basic, medium and high-level hospital and extras cover to identify the best-value plans. In what will be music to the ears of many, the results revealed that substantial savings are possible.

“We found that couples and families could potentially save over $2,700 per year by switching to Your Money Magazine’s gold medal-winning plan,” said managing editor Jackie Pearson. “Even singles looking for a less comprehensive level of cover can save over $1,200 per year, so there’s no reason to spend too much on private health cover.”

However, Pearson warned that many policies contain hidden exclusions and restrictions that can cost the unwary consumer.

“You need to be really careful and read the fine print before signing up to a plan,” said Pearson. “For example, most basic-cover plans we compared only offer restricted cover for cosmetic surgery or completely exclude it, and even some medium-cover plans don’t cover major dental.”

“The gold medal winners are not necessarily the cheapest plans but they offered all the benefits you’re likely to need without the nasty exclusions, all at a competitive price,” said Pearson. “We found some health funds rated consistently well across all the categories but there were also a few surprises.”

Pearson said the key finding was that private health cover does not have to be extremely expensive to offer good benefit levels.

“We found that you don’t have to pay top dollar to get a decent level of cover,” said Pearson. “If you want to shop around for a better deal, the best private health packages table in the current issue of Your Money Magazine is a great starting point for comparing funds.”

To find out which health insurance plans came out on top and other tips for saving on private health cover, pick up a copy of Your Money Magazine, on sale now at leading newsagents and online at www.yourmoneymag.com.au

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TwitterCue: save thousands on private #health #insurance – best-value policies in Australia revealed by @YourMoneyMag

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Your Money Magazine


Your Money Magazine is for all Australians looking to increase their personal wealth and achieve the lifestyle they desire. Your Money Magazine’s key focus is to educate the Australian public about money management by providing down-to-earth, easy to comprehend content, detailed product comparisons across a range of categories, and recommendations from some of the country’s leading industry experts.

Combining in-depth research and product comparison tools with shrewd financial education materials, Your Money Magazine takes a unique place in the Australian market allowing readers to not only compare existing products but to educate themselves and take decisive action all in one place.

Find us online: www.yourmoneymag.com.au
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Lisa Narroway
P: 02 8437 4726
W: www.yourmoneymag.com.au

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your money magazine private health insurance policy hospital extras fund value save

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