April 1st is coming - time to check in on your health insurance
In this episode, I sit down with Sally Tindall, Director of Data and Insights at Canstar, to unpack what the premium hikes mean and explore your options as you head into this next chapter of life.
This week on the show, we’re putting health insurance under the microscope for Prime Timers. From 1 April, premiums are set to rise by an average of 3.73%, but depending on your policy, the increase could be even higher.
To help make sense of it all, I’m joined by Sally Tindall, Director of Data and Insights at Canstar. We unpack what these increases really mean, how the pricing system works, and what your options are—especially if you’re heading into retirement or already there.
We also cover how to figure out if you're still getting value from your cover, what to watch out for in your policy, and tips to reduce costs without losing the benefits that matter most.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Highlights of this episode:
Private health insurance premiums will rise 3.73% on average from April 1st—the steepest increase since 2018.
Not all policies are affected equally: some gold-tier covers have been known to rise by over 11% in previous years – despite the average rise being lower.
Why health insurance is rising really - and whether it still represents ‘good value’ for those who hold it.
An explainer of how health insurance pricing really works and how our community rated system actually helps to ensure you aren’t being discriminated against for your age, health or prior claims history (in contrast to other policies)
How tiering makes it easier to evaluate the features and benefits of policies fairly and what the tiers are, and mean.
The average price of policies for singles and couples today, running up to the first of April when pricing changes.
How to evaluate your policy – using government websites and other tools
Shopping around can save up to 44% for the same level of cover—comparison is key.
Many people are unaware they may be eligible for a government rebate of up to 32% depending on age and income. Sally explains how it works.
We discuss the Medicare Levy Surcharge, Lifetime Health Cover Loading, and how ‘junk policies’ work in the tax equation.
A hack that you can use to secure lower pricing for the year ahead in advance of 1st April price rises.
How extras policies really work and a chat about how popular they really are.
Some features and benefits of private hospital cover that you might never have thought about – that really can help you recover from big health issues.
Sally shares tips on what to check before downgrading cover and how waiting periods may apply if you later want to upgrade.
How to compare extras claims against extras premiums—you may be paying more than you’re getting back.
Having those big conversations with your partner or family: what do you actually need and want from your health cover as you get older?
Our next Epic Retirement Flagship Course is kicking off on April 10
The 25% off earlybird deal for the How to Have an Epic Retirement Flagship Course for April 2025 is coming to an end this weekend. We’ll be packing the welcome packs for kickoff and getting them into your hot little hands next week. So be sure to get your bookings in. The course goes for six weeks and is jammed to the brim with value, including:
Six weeks of well-structured online learning, delivered in 14 modules
Six live Q&A events with some of Australia’s leading retirement experts, held chiefly on Monday evenings (except over the Easter break)
150 page exclusive workbook for participants - professionally published (not sold separately)
A signed copy of How to Have an Epic Retirement
And plenty more…
And it gets rave reviews. 100% of people who’ve completed this latest course have said they’d recommend it to their friends. They also said that their retirement confidence had improved thanks to the program!
You can download a brochure – here
Or book your place now – here.
Important note: This content is intended to provide general information only and does not constitute financial, legal, product or tax advice. It has been prepared without taking into account your personal objectives, financial situation, or needs. Before acting on any information, you should consider whether it is appropriate for your circumstances and seek professional advice from a licensed financial adviser or relevant professional.
While we aim to ensure the information is accurate and up to date, we make no guarantees and accept no liability for any loss or damage arising from reliance on this content. All figures and examples are for illustrative purposes only and may not reflect current legislation or tax rules.
That was a really interesting insight into health funds and has helped me to know l am staying on gold hospital. I changed to silver for a year and then had to wait 12 months for cataract surgery after switching back to gold. Not worth the risk.
Hi Bec, thanks for the private health check reminder. I just locked in another year at the same rate prior to the 1 April 2025 increase. Happy Friday.