How looking after your health could save you money 

If you’ve ever been sick or injured for a long period of time, you’ll know all too well that health equals wealth. Being sick not only limits your lifestyle, it can be expensive, with GP visits now $74.66 on average, with the Medicare rebate only covering $39.75, and Aussies visiting a GP 5.6 times a year on average. So it stands to reason that keeping yourself healthy is a worthy investment of your time, energy and money. 

There are lots of ways healthy choices can add up to financial wins. A Victorian study found that families who eat according to the Australian Dietary Guidelines can save $150 a fortnight on groceries. And if you currently smoke a pack of cigarettes a day, by quitting smoking you could save more than $10,000 a year, according to the Australian Government. 

But do you know that being healthy might actually save you money on health insurance? And when you consider that health insurance can help you stay healthy, that’s a win-win.  

Earn health insurance rewards by staying active and well  

Being active is one of the best things you can do for your health, giving you benefits such as better sleep and improved mood. In the longer term, exercising regularly is proven to reduce your risk of heart disease, cancer and type 2 diabetes. So it makes sense for health insurers to support their members in staying healthy because better health means fewer insurance claims. In fact, some insurers will even reward you for it. 

If you’re exercising at the gym as a form of treatment for a health condition or rehabilitation, most insurers – including Bupa, NIB, Medibank, AHM and HCF – will reimburse your gym costs, up to a certain limit (provided you have the required level of cover). You’ll need to fill out a form with your insurer and get it signed off by a relevant healthcare professional, such as a GP, physiotherapist or exercise physiologist. Ask your insurer about their incentives. 

Some insurers also offer specialised programs to reward you for moving your body regularly. For example, AIA has AIA Vitality, where members earn points for healthy actions such as going to the gym or taking 7,500 steps a day, which add up to shopping rewards or a discount on your premium. Medibank offers Live Better, where you can complete set health activities linked to physical activity, diet and emotional health, and collect points that add up to gift cards. Remember: always read the fine print before you sign up to health programs, as there may be joining fees, and health insurance rewards might only add up in small increments.  

Insurer programs for health conditions

Some health insurers offer support for members living with certain health conditions. For example, HCF offers a Healthy Weight For Life program to members living with osteoarthritis who have a BMI of 28 and over, which includes nutrition and fitness advice. 

NIB provides a Mental Health Care Support Program to members who’ve been hospitalised for mental health conditions, with a mental health nurse giving one-on-one support via phone.  

Make sure you read the fine print and chat to your insurer about what’s involved before you sign up. 

Saving money on health insurance 

If you’re healthy you might opt for a lower tier of Hospital Cover, then upgrade to a higher tier as you get older or as your health needs change. Having a lower tier means you’ll pay lower premiums but will only be able to claim on a limited range of clinical categories. Keep in mind that if you do need a procedure or treatment unexpectedly, you’ll have to upgrade your cover then serve a waiting period before claiming. 

Find out more about Hospital Cover tiers. 

If you don’t get health insurance rewards for being healthy, consider changing to a new policy. Our healthslips.com.au Calculator makes it easy to compare your existing policy (and unlike other Private Health Insurance comparison sites, we show you every insurer and every single policy available on the market). 

Compare your existing health insurance using the healthslips.com.au Calculator. 

Trudie McConnochie

Writer and Researcher

Knowledge is power – that’s the guiding principle behind everything Trudie writes, and it’s a philosophy she brings to her work at healthslips.com.au. By breaking down complex information into easy-to-understand blogs and stories, she aims to empower Australians to make the best choices and an informed decision around private health insurance.

Trudie understands firsthand some of the complexity of private health insurance having moved to Australia from New Zealand and having to navigate a vastly different public healthcare system and health insurance structure.

Trudie holds a Bachelor of Communication Studies (journalism major) from the Auckland University of Technology.

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