3 reasons why it pays to sort your Health Insurance by April 1

Ways you can still save money in the next few days

April 1 is fast approaching. And while the first half of the day is synonymous with pranks, jokes and tomfoolery — there’s also a more serious side to April Fools Day. This year, Health Insurance premiums are set to rise by around 4%.

But there are still a few days before your weekly, fortnightly or monthly payments rise. So why not take a look at how you might be able to save?

Read on for 3 reasons to sort your Health Insurance before April 1.

1. Reviewing your cover can prevent unnecessary spending

It pays to review annually: Our lives change, and so should our cover. Are you well past having children but still paying extra for obstetrics? Are you paying for top notch extras cover when you’ve never claimed on some of the items that are available to you – for example, physio treatments or major dental work?

However, do keep in mind that the cover you choose is often down to how much risk you’re willing to live with. If you don’t like risk, a more comprehensive cover is likely to be the best option for you.

2. Paying annually means you avoid the premium increase

Clearly this is not something that everyone can afford, but if you can pay annually before April 1, when all health funds raise their Premiums, you pay the old price for the coming year and you effectively postpone the price rise for 12 months.

3. Special offer season can save you money

Because most of the switching activity happens in March, that’s when the health funds increase their incentives to switch. Last week we shared  a round-up of the special offers available for those who choose to switch before April 1. Some of these offers extend past April 1, but switching ahead of the price hike will get you a better price if you choose to pay annually.

Keep in mind that the alternative offers may put you in a good bargaining position with your current fund.

* In highlighting particular offers we are not making specific recommendations as this article does not cover all available products and may not compare all features relevant to you. Any advice provided is general in nature and does not take account of your needs, objectives or financial situation. Individuals should consider their own circumstances, and if in doubt seek appropriate advice, before proceeding.