Need to know
- An average health insurance premium increase of 2.9% has just been announced so now's the time to compare policies and make sure you're still on the best deal
- Big funds like Medibank, Bupa, HBF and NIB as well as a range of smaller funds are all offering sign-up deals to entice new members
- We've come across a range of discounts and promo deals, including 4–10 weeks of free cover and gift cards valued at up to $800
A health insurance premium increase of 2.9% on average has just been announced and health funds are trying to sweeten the deal by enticing you to join them.
We've seen offers of 4–10 weeks of free cover and gift cards valued at up to $800, as well as funds waiving some waiting periods for services such as dental, optical or physiotherapy if you switch your cover.
Some health funds like HBF will increase their premiums by 1 April while most others like Medibank, Bupa, NIB and HCF will raise premiums later this year. Read more about the upcoming premium hikes and find out how much your premium will go up by.
Now is the perfect time to compare health insurance policies to make sure you're not paying more than you need to for cover. We've gone through dozens of health insurers' websites to find out what they're offering, so read on to find out whether you can snap up a good deal. In March 2023 offers are available for:
- Australian Unity
- CBHS (this is a restricted membership fund)
- Commonwealth Bank (AIA)
- Doctor's Heath (this is a restricted membership fund)
- Health Partners
- Navy Health (this is a restricted membership fund)
- Teachers Health (this is a restricted membership fund).
- Union Health -TUH (this is a restricted membership fund)
When is a health insurance deal a good deal?
A health insurance sign-up offer is a welcome bonus when switching your health insurance. Conditions apply and the best offers are often only available if you take out a top cover hospital and extras combined policy, so make sure the policy meets your needs and budget. A few weeks of free cover can be very costly in the long run if you take out a bad-value health insurance policy.
When comparing these deals, keep in mind that a better-value option may be to drop your extras insurance altogether (especially if you're not using it as much as you thought you would). Read our advice on whether you need extras health insurance.
A few weeks of free cover can be very costly in the long run if you take out a bad-value policy
Many health insurers also offer to waive some extras policy waiting periods which is useful when taking out health insurance for the first time or when switching to a higher cover policy. If you currently have health insurance, you normally don't need to re-serve waiting periods when you switch.
Offers normally aren't available to current customers. Enter the promo code to receive the offer and be sure to take out the policy directly with the insurer, as policies taken out through commercial comparison websites often aren't eligible.
CHOICE tip: It never hurts to ask, even if the fund you want to join doesn't currently offer a deal. A CHOICE staff member was offered six weeks of free cover from a health fund even though this offer wasn't publicly advertised.
Health insurance deals from Bupa, HBF, Medibank and NIB
Note: These deals are based on information collected from health fund websites on 13 February 2023. Conditions and exclusions apply, so make sure you understand all terms and conditions before taking out cover.
Health insurance sign-up offers from Australian Unity, GMHBA, ING, Qantas, Suncorp and more
Note: These sign-up offers are based on information collected from health fund websites on 6 March 2023. Conditions and exclusions apply, so make sure you understand all terms and conditions before taking out cover.
Stock images: Getty, unless otherwise stated.