There are 3 steps to find your cheapest health insurance price and it is important to understand how each step impacts the price you pay.
Steps to calculating your cheapest health insurance | Impact on premium | |
Step 1 | Calculate new policy | Government-approved premium |
Compare existing policy | Government-approved premium | |
Step 2 | Calculate Government Rebate | Decreases your health insurance premium |
Calculate Age-based Discount | Decreases your Hospital Cover premium | |
Calculate Lifetime Health Cover Loading | Increases your Hospital Cover premium | |
Step 3 | Consider insurer promotions | Decreases your premium |
Confirm adult dependant variations | Increases your premium | |
Your final price |
Start by finding the best policy based on your health needs and budget. To do this, you need to compare every Australian health insurer (including restricted insurers) and every policy available. Choosing a lower tier of Hospital Cover (Basic, Bronze, Silver, Gold) will help reduce the cost of your health insurance premium. The healthslips.com.au Calculator will show you policy details and government-approved premiums for every policy that fits your search criteria, listed from cheapest to most expensive. You can edit and filter your results, including adjusting the tier and adjusting the premium to weekly or yearly payments, and compare multiple policies and premiums.
The premiums quoted are the government-approved monthly premiums, which come from the Private Health Information Statements (PHIS) that health insurers create for every policy they offer. However this may not be the final price you pay. To calculate your final price, you need to complete steps 2 and 3.
When you have chosen a policy that suits your requirements you need to work out if and how government incentives and penalties will affect the price you will ultimately pay. These are known as the Rebate, Discount and Loading.
There is one more step to finalise your price.
There are 2 final aspects that may affect the price you ultimately pay for your health insurance policy: