As a Remedial Massage Therapist I am often asked which is the best health fund. Whilst I can’t tell you what is best for you as there is a lot to consider, I have put together what I know that can help you find the right cover, right fund and hopefully save you money.
In April 2018 the average cost of health fund premiums is set to rise by 3.95%.
Whilst this is inescapable, you can delay this increase by paying for your policy for a year in full by March 31st. Some funds will also give you additional discounts by paying an annual sum as opposed to monthly payments.
Comparing private health funds
There are many policy comparison sites available, who will be advertising heavily soon. Many of the free sites only work with a limited number of health funds as the sites earn commission from these funds. Others will be less biased but have an upfront fee.
The Australian Government offers its own free online comparison tool, which is the most comprehensive.
Compare your fund through the goverment comparison tool here
Please note: The prices shown do not take in consideration the government rebate. See below to find out how to calculate what the actual cost will be.
The Australian Government private health fund rebate
The government offers a means tested rebate on private health funds which is often referred to as the 30% rebate. Each year this percentage is adjusted and if your circumstances change this could affect your rebate.
The ATO has a calculator you can use to find out if you are entitled to a rebate and what percentage that will be.
You can calculate your rebate here
Once you have found your rebate percentage, add that to your current monthly payment for your health fund. Use this figure to compare against what has been shown on the government comparison website.
Contact your health fund and any other you are considering,
- Your health fund may offer you additional incentives to stay often in a reduced premium or by waiving your next monthly payment. A new health fund that you are looking to switch to may offer waived waiting periods and possibly fees.
- Paying via direct debit is generally given a small discount compared to other forms of payment.
- As with all insurances, higher excesses will reduce your payments.
- There are many restricted membership health funds available including those for Teachers, Police, Defence, Bank employees etc. If you feel you may be eligible for a restricted membership fund it is worthwhile to contact them.
- You may be eligible for a corporate discount, check with your HR department.
- If you are a single parent and have had your policy since before 2007 check with your health fund as previously single parents were charged the same rates as families, this has now been adjusted to a reduced premium.
- From time to time some modalities can have their eligibility removed from the health fund scheme so it is worthwhile to check if what modalities you are using will be covered.
We are covered by all Australian health funds for Remedial Massage and we also have options for those not covered by their health funds.
I hope this has helped you with sorting out your health fund questions.
Diploma of Remedial Massage