As we are all wringing out our wallets to find the money to accommodate the increased prices across all industries, the pressure is not set to steady out any time soon.

One felt by many occurs on the 1^st April every year. Private health insurance premiums are set to  increase on average by 2.9% compared to 2022 of 2.7%. We are certainly feeling fooled.

There are ways you could look at assisting with the burden, which are listed below:

1. Keep your details up to date
2. Change your excess level – the higher your excess the lower your premiums will be
3. Review your policy every now and then to see what services are/are no longer required – e.g. pregnancy.
4. Level of cover on each service – some expenses may be fully covered while others you may still have further out of pocket expenses.
5. Compare different insurance companies for a better price – ensure you note that there are waiting periods for some services when changing over with insurance companies.
6. Check if you are eligible for any discounts with your chosen Insurer
7. Pay for your premiums 12 months in advance – some insurers will lock in the price on the day you pay upfront.

Rebates on insurance premiums are also provided to taxpayers from their insurance company. However, in some instances you may need to pay some of these rebates back when you lodge your personal tax return depending on the income you have earnt. A table is shown below on the percentage an individual/family are eligible to receive depending on your taxable income brackets.

It is best to review your/your family’s taxable income and advise your insurance company on your combined income so that they can adjust your premium accordingly and you are not hit with an unexpected tax bill at the end of the year paying these rebates back.

Written for you, by Jade McKee